PT GoTo Gojek Tokopedia Tbk shares (GO TO) ended in the green zone in line with the positive Composite Stock Price Index (IHSG) which strengthened by 30,717 points (0.46%) to a level of 6,684,558 last weekend (06/01).
The share price of the largest digital ecosystem company in Indonesia closed up 3 points (3.26%) at IDR 95 per share in line with the continued backlog of buying by market players.
Equity trading data on the Indonesian Stock Exchange (IDX) records that investors have been buying GOTO shares in stages since the end of 2022.
Cumulatively, in the 9 trading days to Friday (January 6, 2023) GOTO shares recorded a significant increase, reaching 41 points (46.66%).
GOTO became the #2 positive leading stock for JCI (Daily Movers) over the weekend under Bayan Resources (BYAN). The third position is shares of Bank BCA (BBCA) followed by Astra International (ASII) and Semen Indonesia (SMGR).
Samuel Sekuritas Indonesia analyst Muhammad Farras Farhan said in his research last weekend that GOTO shares were in an undervalued position, thereby attracting buying interest from investors. “We believe the free fall in GOTO stock could be an opportunity for investors to accumulate GOTO stock,” he said.
Coupled with the consideration that GOTO’s top line (revenue) in Q4 2022 has the potential to be positive and the potential profitability to be faster than expected. Starting from an annual positive contribution margin of IDR 869 billion.
“Increased draw rates, improved efficiency and attractive valuations have encouraged us to upgrade the GOTO rating to BUY (Buy) with a TP (Target Price) of IDR 130,” continued Farras.
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