BELI - 2Q25 solid growth, margin gains continue

BELI - 2Q25 solid growth, margin gains continue Global Digital Niaga (BELI) booked 2Q25 net revenue of IDR4.9 tn (+4.4% qoq, +24.8% yoy), bringing 6M25 to IDR9.6 tn (+22.2% yoy), below our estimates (43.5%) but above cons. (51.6%). Growth was driven by strong volumes in Travel and FMCG, with Electronics contributing higher take rates. GPBD rose 37.2% yoy despite qoq moderation, while GPM softened to 18.3% due to Lebaran costs and fulfillment expansion. Profitability improved on better margin control, lower return rates, and early AI gains. Institutional clients rose 17.3% qoq to 66.4k, with AOV and user base remaining stable. (Source : Company, KBVS Research) Comment : We maintain a BUY call, citing strong ecosystem expansion and operational efficiency.