JAKARTA – Although its stock price has continued to plummet since its initial listing on the stock exchange, the prospect of PT GoTo Gojek Tokopedia Tbk (GOTO), the holding of online transportation and marketplace provider, is still deemed promising. For the record, during its initial public offering (IPO), GOTO recorded a stock price of IDR 338 per share, which has sunken to IDR 117 per share.

Based on the data curated by IDNFinancials today (30/1), GOTO’s shares were contracted throughout December 2022. The tell-tale signs had initially shown in June and August 2022, in which its net foreign hit minus 84.35 million shares and 402.01 million shares, respectively.

However, said record was not deemed uncommon, especially after seeing the net foreign in December 2022 that shrank massively to minus 12.02 billion shares. It brought GOTO’s net foreign down to the red zone.

This alarming condition dragged on until the second week of January 2023’s daily trading session. However, as of the third week of January 2023, GOTO’s shares climbed back to the green zone, despite not reaching the “rebound” status yet.

Since its public listing on April 2022, GOTO has entered the Top 50 Issuers with the highest market capitalisation in Indonesia, boasting IDR 107.77 trillion in total. GOTO has replaced PT Bukalapak.com Tbk (BUKA), which in 2021 sat on the 42nd place with market capitalisation of IDR 44.31 trillion.

In the Top 50 list, GOTO’s market capitalisation is in the 13th, right below PT Sumber Alfaria Trijaya Tbk (AMRT) of IDR 110.03 trillion and above PT Merdeka Copper Gold Tbk (MDKA) of IDR 99.33 trillion.

According to our source, who is one of the significant investors in the stock exchange, despite the decreasing performance of GOTO’s shares, GOTO has still beneficial prospects for Indonesia. It is worth mentioning that GOTO has been operating in a country with 275 million people, such an impressively large market for Gojek, Tokopedia, and Gotofinancial.

As of now, Gojek has formed partnerships with 2.6 million drivers of GoRide and GoCar in Indonesia, Vietnam, and Singapore. In the giant e-commerce platform Tokopedia, GOTO works with 15.1 million sellers and covers 2/3 of total household consumption in Indonesia. Thus, seeing its track record, it could be said that GOTO has advantages compared to its Singapore-based competitor.

Until September 2022, GOTO brought in revenue of IDR 7.96 trillion, soaring from IDR 3.40 trillion in September 2021. However, its loss worsened yearly from IDR 12.25 trillion in 2021 to IDR 20.91 trillion in 2022. It resulted from the combination of several factors, including high sales and marketing expenses, product development costs, general and administration expenses, as well as depreciation and amortisation. (LK/ZH)