A US$200bn market by 2025E. We expect Indonesia's Internet economy  to reach US$200bn (15% of GDP) in size by 2025E, representing a 35%  five-year CAGR from US$44bn in 2020 (4% of GDP). Indonesia’s  population of 270m (4th largest in the world), backed with surging  smartphone penetration (>65%) and a growing middle class, further  supports this growth thesis. We believe >80% of Indonesia’s internet  economy is now dominated by an ecosystem of three “SuperApps” and  their partners, namely: The “GGS” (in alphabetical order: GoTo Group,  Grab x Emtek, and Sea Limited). In this primer report, we dive into  Indonesia’s GGS verticals from Ride Hailing and Food Delivery to ECommerce  and Fintech, as we explore the thematic of the battle of the  ecosystem. Within our stock coverage, we believe Emtek (EMTK IJ, OW)  and Sea Ltd (SE US, OW) are currently best positioned to capture the  structural growth story of the space.