DBS Group Research expects higher upside potential for Bukalapak versus Sea and Grab among listed Asean Internet players, it said in a report on Monday (Mar 20).

The research team likes Bukalapak for its “rock-bottom valuation”, in view of a potential re-rating in nine to 12 months when the group’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) break even.

It currently has a target price of 355 rupiah for Bukalapak, implying a potential 57 per cent upside from the counter’s last trading price of 226 rupiah as at 11.29 am on Tuesday. Bukalapak’s shares were trading 1.8 per cent or four rupiah higher then.