External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>Despite softer ODS growth amid rationalization (vs. GRAB’s aggressive push), GOTO remains on track with efficiencies and GTF expansion.</li><li>GRAB’s recent re-rating to 7.3x P/S widens valuation spread with GOTO (3.5x), despite GOTO’s intact profitability delivery.</li><li>We maintain Buy with a TP of Rp100 (5.9x FY25F P/S), supported by ontrack profitability and narrowing TTS-Tokopedia losses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite softer ODS growth amid rationalization (vs. GRAB’s aggressive push), GOTO remains on track with efficiencies and GTF expansion.GRAB’s recent re-rating to 7.3x P/S widens valuation spread with GOTO (3.5x), despite GOTO’s intact profitability delivery.We maintain Buy with a TP of Rp100 (5.9x FY25F P/S), supported by ontrack profitability and narrowing TTS-Tokopedia losses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GOTO Gojek Tokopedia (GOTO.IJ) Revisiting Performance and Valuation Vs GRAB...

<ul><li>We cut ODS GTV to +7% yoy for FY25-27F and trim FY25 loan book to Rp8tr amid softer ODS momentum and slower loan growth in 1Q-2Q25.</li><li>GOTO has met ~55% of its Adj. EBITDA target, aided by GTF lending expansion and efficiencies; cloud migration to cut hosting costs by 50%.</li><li>We maintain Buy with a lower TP of Rp100 (5.9x FY25F P/S), supported by on-track profitability and narrowing TTS-Tokopedia losses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut ODS GTV to +7% yoy for FY25-27F and trim FY25 loan book to Rp8tr amid softer ODS momentum and slower loan growth in 1Q-2Q25.GOTO has met ~55% of its Adj. EBITDA target, aided by GTF lending expansion and efficiencies; cloud migration to cut hosting costs by 50%.We maintain Buy with a lower TP of Rp100 (5.9x FY25F P/S), supported by on-track profitability and narrowing TTS-Tokopedia losses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GOTO Gojek Tokopedia (GOTO.IJ) - Balancing Softer ODS with GTF Upside

<ul><li>GOTO reiterated there is no merger agreement with Grab Holdings Ltd. In its public disclosure on March 19, 2025, GOTO confirmed that there have been no changes in information since its previous disclosure on February 4, 2025, which stated that no agreement had been made regarding the reported transaction.</li><li>The company and its management remain focused on business operations and performance achievements. (IDX)</li><li>EMTK has again acquired 379.2mn shares of SCMA. The company completed the purchase of 379,257,500 SCMA shares, equivalent to a 0.51% stake, on March 6, 7, and 18, 2025. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GOTO reiterated there is no merger agreement with Grab Holdings Ltd. In its public disclosure on March 19, 2025, GOTO confirmed that there have been no changes in information since its previous disclosure on February 4, 2025, which stated that no agreement had been made regarding the reported transaction.The company and its management remain focused on business operations and performance achievements. (IDX)EMTK has again acquired 379.2mn shares of SCMA. The company completed the purchase of 379,257,500 SCMA shares, equivalent to a 0.51% stake, on March 6, 7, and 18, 2025. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.</li><li>This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.</li><li>ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.This is on the back of better Group core GTV, improved for both ODS and Fintech GTV.ODS GTV grew by +2.7%qoq, +18.7% yoy driven by user growth and increased no. of orders. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul><li>Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.</li><li>MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.</li><li>Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Investors’ concerns was triggered by MSCI’s announcement that it is conducting a consultation to review a possible change in foreign inclusion factor (FIF) to possibly include KSEI data which would exclude shares held by corporate and “others” from the free-float.MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.Despite the overhang from MSCI index review, foreign investors flow sustained a positive flow during the week, with US$333mn of inflow, putting Indonesia among the few markets with positive flow for the second consecutive week.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

GOTO Gojek Tokopedia (GOTO.IJ) Revisiting Performance and Valuation Vs GRAB...

Despite softer ODS growth amid rationalization (vs. GRAB’s aggressive push), GOTO remains on track with efficiencies and GTF expansion.

BRI Danareksa Research

GOTO Gojek Tokopedia (GOTO.IJ) - Balancing Softer ODS with GTF Upside

We maintain Buy with a lower TP of Rp100 (5.9x FY25F P/S), supported by on-track profitability and narrowing TTS-Tokopedia losses.

BRI Danareksa Research

BRIDS TMT News - Thursday, March 20 2025

GOTO reiterated there is no merger agreement with Grab Holdings Ltd. In its public disclosure on March 19, 2025, GOTO confirmed that there have...

BRI Danareksa Research

BRIDS TMT News - Thursday, March 13 2025

GOTO delivered 4Q24 strong adj. EBITDA of Rp399bn (+193%qoq, +348%yoy) with all 3 pillars (ODS, GTF, Ecommerce) well in positive territory.

BRI Danareksa Research

BRIDS Market Pulse : Chart of the Week – JCI Market Capitalization

MSCI has outlined two scenarios under this proposed method, which may effectively result in lower weighting for Indonesian stocks in MSCI EM Index.

BRI Danareksa Research

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