“Meanwhile, competition in the Indonesian Internet sector has improved with Sea, Grab and GoTo all lowering incentives and cutting general and administrative (G&A) expenses,” they add.
UBS has upgraded GoTo to “buy”, making this a double step from the tech group’s previous “sell” recommendation.
“Driven by broader tech correction, balance sheet concerns and lock-up expiry, GoTo shares have fallen 45%-50% in the past month and [less than] 70% from the initial public offering (IPO) price,” say analysts Navin Killa, Marissa Putri and Joshua Tanja.
