In a Sept 21 note, Ari and Akshay initiated coverage on GoTo with an “outperform” rating; their target price of IDR324 (3.1 cents) implies a 22% upside.
The Gojek-Tokopedia merger, GoTo, is well-positioned to benefit from continued digitalisation, along with growth in its key verticals, according to analysts from Macquarie Research.
As Indonesia’s sole provider of on-demand services (ODS), e-commerce and financial technology services, GoTo is a “clear tech proxy” for Southeast Asia’s largest country. “We forecast robust gross revenue uptick for its key segments,” write analysts Ari Jahja and Akshay Sugandi.
