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Notes on the rise of Southeast Asia super apps

This is from a Morgan Stanley client report. Not sure if I’m allowed to share it publicly but if you want to read it, please email or twitters me.

5 Tips for Safe Winter Driving
Wednesday October 21, 2020

As the winter weather approaches, the roads will quickly become more hazardous to cars and trucks on the road. Whether you live in the alpine forests of Grand Rapids or the mountains of Albuquerque, icy pavement and flurries can make it dangerous to be out on the highway. It doesn’t take long for conditions to […]

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How to Get an Auto Loan After Filing a Lawsuit
Tuesday November 03, 2020

Being involved in a car accident is a very unfortunate scenario that no one wants to find themselves in. However, when it eventually happens, you need to be able to know the things that you need to do to ensure that you can get by right after the accident. In this case, make sure to […]

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We estimate the ASEAN Super App market will be worth up to ~US$99bn in Enterprise Value by 2025. We see E-commerce (~US$40bn) being the largest component, followed by Digital Banking (~US$18bn), Fintech (~US$17bn), Food Delivery (~US$15bn) and Ridesharing (~US$9bn).

Fintech:1. Payments (per fee transaction)2. Insurance / Investments (referral fees, partner with existing platforms)3. Remittance (small spread on FX)*Bank incumbents are most at-risk and will fight back

Top contenders1. Grab2. Gojek3. Sea4. Lazada5. Carousell

Used Vs New Car: Pros Of Both
Wednesday February 24, 2021

Buying a car is one of the significant milestones in an adult’s life. Aside from its practical uses, it’s also considered a substantial investment. This is because it allows you to get a partial return on the amount that you spent for it initially. The biggest question, however, is whether you should buy a new […]

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Super app rise affecting 4 key areas1. Ridesharing –> car ownership2. E-commerce –> retailers3. E-commerce –> FMCG4. Food delivery –> QSRs

How large is the ASEAN super app addressable market and what are the key drivers?Our View: We see a revenue opportunity of US$23bn by 2025, driven by ridesharing, food delivery, fintech, digital banking and e-commerce.

Tencent is most successful global super app. They are in 7 verticals:1. Social (Wechat)2. Gaming3. Fintech (TenPay)4. E-commerce (Dianping, JD, 58)5. Ridesharing (Didi)6. Banking (WeBank)7. Entertainment (Tencent Pictures)

What do the unit economics look like and when could Super App break even?Our View: Reduction in Sales and Marketing Expenses is key to drive profitability in all five revenue drivers

Investment in ASEAN is over 2x higher on per pop vs. India … but still only 40% of the investment in China

Time to break even1. Ridesharing averages 10 years2. Food delivery averages 123. Ecommerce averages 5-7 (Amazon took 8 years, JD took 10 years, Shopee expected in 7 years)

Digital Bank value prop:1. Brand (modern, millennial)2. Low cost distribution (mobile banking)3. Low cost of credit (use AI)4. New product offerings

Hi! I write about habits and spirituality and random whatevers. Click here to see the daily habits that I track. Find me on Twitter @kgao.