GoTo

JAKARTA, investor.id – The fundamental performance of PT GoTo Gojek Tokopedia Tbk (GOTO) which continues to improve is considered a step forward for the company to be able to gain profits immediately. Moreover, this was achieved by GOTO in the midst of various efficiency efforts and the ability of its business pillars to finance operations independently.

“The report from GOTO’s management illustrates that this company is really focused on the aspect of profitability. This management consensus is of course very good for investors, given the perception that the company has so far start-up it will still be difficult to achieve business profitability,” said Head of Research at Praus Capital Marolop Alfred Nainggolan, Friday (17/2/2023).

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Previously, GOTO management released information that the company was targeting adjusted EBITDA will be positive in the fourth quarter of 2023. This achievement was faster than previous estimates and analyst consensus had predicted that it would only be realized in 2024, some even said 2025.

According to Marolop, the optimism of GOTO’s management is good news for investors who have been waiting for the company’s profitability. “This ambitious new target shows that GOTO is very serious about becoming a sustainable company and contributing more and more to Indonesia’s economic development for years to come,” he said.

Also read: Recent Actions from Issuer TP Rachmat (ASSA) and GOTO Group Entities

He added, the improved performance of GOTO will encourage investor optimism for technology stocks to strengthen again. Moreover, GOTO’s position as the largest technology ecosystem in Indonesia is also supported by new management, both commissioners and directors, who have been business-proven in various business sectors.

“In terms of business, the GOTO ecosystem is also increasingly showing strong synergy and creating optimal efficiency among the three existing pillars, namely on demand, ecommerce, as well as payment and financial technology (GoTo Financial). GOTO’s management with the support of a team of commissioners who have global quality will be able to bring GOTO to optimize the potential for national economic growth for years to come,” added Marolop.

He also saw that since the pandemic ended, people’s activities to continue using services in the GOTO ecosystem have increased. Consumers are also no longer affected by the various policy changes made by GOTO.

Also read: GOTO Enter New Chapter

This indicates that GOTO consumers are solid and have a great dependence on various services in the largest technology ecosystem in Indonesia.

After PPKM ended, Marolop saw that the need for services at GOTO also remained high. With this strong level of consumer loyalty, it will certainly encourage each of the business pillars in GOTO to be able to immediately finance their operational activities independently without depending on external funding support like a company. start-up.

“And it feels like GOTO with better fundamentals may no longer be suitable to be called a name start-up. Usually a company that is more mature, then GOTO’s business orientation is profitability. That is what investors are waiting for its realization,” concluded Marolop.

Also read: Accelerate Profitability, GOTO Review Selling Non-core Assets

Meanwhile, the Finance Director of the GOTO Group, Jacky Lo said that the direction is positive Adjusted EBITDA This begins with the start of positive contribution margins for all GOTO business segments, namely on-demand, eCommerce, and GoTo Financial. business segment on-demand has been positive since towards the end of 2022, while the other two started in the first quarter of 2023.

”This shows that the company can continue to grow in a healthy manner while continuing to accelerate towards profitability. The company conducts periodic reviews to ensure optimal implementation of business strategies that focus on its core business,” he said.

Editor : Jauhari Mahardhika (jauhari@investor.co.id)