“Pesananmu telah sampai di lokasi sortir Cakung DC.”

 

For those of you who love shopping on Shopee, this phrase must sound familiar.

 

But let’s be real, how many times have you felt frustrated because your package got stuck there forever?

 

It happens to so many people that DC Cakung has almost become a “package graveyard” for some time.

 

Ever wondered what it’s really like at DC Cakung?

How come our packages end up “trapped” there?

 

Look! This is why it can get so chaotic.

 

 

Packages are piling up, and the sorting process is super hectic!

 

This inefficiency might just be one of the reasons behind the Behavioral Change Integrity Pact related to Case Number 04/KPPU-I/2024. Yup, Shopee is under the spotlight!

 

The case emerged from alleged violations of Article 19 (d) and Article 25 (1)(a) of Law No. 5/1999, involving discrimination against certain business entities.

 

Some even argue that Shopee is limiting consumers from accessing more competitive logistics services, both in terms of price and quality.

 

The lawsuit started when Shopee was suspected of monopolizing its logistics services by forcing consumers to use specific providers, without allowing them to choose other options when shopping on Shopee.

 

In the end, it only made their operations even more chaotic—and our packages? Well, they got stuck again at DC Cakung.

 

This is probably where Shopee and AnterAja, a subsidiary of ASSA, have different stories to tell.

 

While Shopee is facing issues with the “package graveyard” at DC Cakung, ASSA is busy building an end-to-end logistics empire.

 

They’re not just focusing on delivering packages quickly but also on managing large-scale goods distribution through their various logistics platforms like Cargoshare and AnterAja.

 

 

With this end-to-end strategy, ASSA is no longer just another player in the logistics space.

 

They’ve built a comprehensive warehousing and logistics management system, making them an attractive partner for major clients looking for more advanced distribution solutions.

 

The goal? To attract more clients, deliver top-notch services, and—of course—give competitors a real headache.

 

What’s even more interesting is that ASSA’s management isn’t just chasing massive delivery volumes. They prefer to focus on profitability.

 

For example, AnterAja currently processes around 500,000 packages per day, ensuring efficiency and healthy margins.

 

So, even though they’re not handling millions of packages like Shopee, AnterAja still targets steady and realistic revenue growth.

 

For 2024-2025, they’re projecting AnterAja’s revenue to increase by 5% and 3% respectively, reaching IDR 1.50 tn and IDR 1.55 tn.

 

It’s not explosive growth, but it’s consistent and on point.

 

 

ASSA isn’t just playing in the logistics field—they’re expanding into the food supply chain through KedaiPangan.

 

With a 23.7% stake in KedaiPangan, ASSA is serious about making moves in the food sector.

 

KedaiPangan itself already handles the distribution of everyday essentials, staples, fruits, vegetables, eggs, poultry, and seafood.

 

 

This strategy gives ASSA strong bargaining power, especially in the B2B and retail sectors.

 

Plus, with KedaiPangan in the mix, ASSA can optimize its logistics services like Cargoshare, AnterAja, and Coldspace.

 

It’s not just about boosting volume—it’s about building a solid ecosystem that covers logistics, automotive, and food distribution.

 

But logistics isn’t their only game. ASSA has another ace up its sleeve in the automotive auction business.

 

Meet JBA, the auction platform managed by their subsidiary, Autopedia, which has become the largest automotive auction marketplace in Indonesia!

 

How did they do it? JBA’s revenue grew at a CAGR of 32% over the past five years.

 

In fact, in 1Q24, JBA contributed 5% of ASSA’s total revenue. That’s no small feat for an auction business!

 

 

In 2024, JBA is expected to accelerate even further.

 

Auction sales are projected to reach 115,000 units, up 15% from the previous year.

 

What’s driving this growth? One of the key reasons is the increasing number of consumers turning to used cars due to skyrocketing prices of new cars.

 

Instead of waiting forever for a new car that’s on backorder, they’d rather go for high-quality used cars.

 

This trend is set to boost JBA’s auction revenue significantly.

 

We’re projecting a 21% yoy growth in revenue for this segment, reaching IDR 237 bn in 2024.

 

With this in mind, we’re upgrading our recommendation to BUY for ASSA with a target price of IDR 1,210.