“We forecast 77% revenue compound annual growth rate (CAGR) over FY2021 – FY2024 to IDR25 trillion in FY2024, driven by rising gross transaction value or GTV (16% FY2021 – FY2024 CAGR to IDR715 trillion) and a higher net take rate (fee) to GTV from 1.9% in FY2021 to 3.5% in FY2024,” he writes.
Maybank Securities analyst Etta Rusdiana Putra has initiated “buy” on GoTo Gojek Tokopedia with a target price of IDR153 (1.4 cents).
In Putra’s report dated June 16, the analyst notes several positives including its market leadership being in the top two in Indonesia, the country’s digital economy being in its infancy, GoTo’s long-term growth outlook, as well as its services catering to the rising middle class, which means a potential market of 55 million to 60 million people.
