Daily Brief Indonesia: Bukalapak.com PT Tbk, Global Digital Niaga Tbk PT, GoTo Gojek Tokopedia Tbk PT, Merdeka Gold Resources and more

• Strategic pivot to an asset-light model, exiting the competitive physical goods marketplace to focus on higher-margin digital products and services, is showing early signs of success with a return to net profitability in Q1 2025 and improving adjusted EBITDA.
• Dominant position in the Online-to-Offline (O2O) segment through its Mitra network remains the core competitive advantage, tapping into Indonesia’s vast and underserved traditional retail sector (‘warungs’) and driving a significant portion of revenue.
• Maintains a robust balance sheet with a substantial cash and liquid investments position, providing significant financial flexibility for future growth initiatives, investments, and navigating the intensely competitive Indonesian e-commerce landscape.

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• Integrated Omnichannel Ecosystem: Global Digital Niaga (Blibli) has built a comprehensive ecosystem combining e-commerce (Blibli), online travel (Tiket.com), and premium groceries (Ranch Market), aiming to capture a significant share of Indonesian consumer spending through an integrated online and offline strategy.
• Strong Revenue Growth but Persistent Losses: The company demonstrates a strong growth track record with a 13.6% year-over-year increase in revenue for FY2024. However, it continues to post significant net losses, with a net loss of IDR 2.53 trillion in 2024, highlighting the ongoing challenge of balancing aggressive growth with achieving profitability in a competitive market.
• Path to Profitability Focused on Margin Improvement: Management’s strategy is centered on improving margins by focusing on higher-margin product categories, enhancing its take rate, and leveraging synergies across its ecosystem to reduce customer acquisition costs. Recent financial quarters show progress in narrowing EBITDA losses, indicating that these strategies are beginning to yield results.

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• Path to Profitability in Focus: GoTo’s primary strategic objective is achieving profitability. The company has demonstrated progress towards this goal, reporting its first quarter of positive adjusted EBITDA in Q4 2023. This was achieved through a combination of revenue growth, operational efficiencies, and cost optimization measures across its business segments.
• Dominant Ecosystem in a High-Growth Market: GoTo operates the largest digital ecosystem in Indonesia, a country with a rapidly expanding internet economy. The company’s integrated platform spans on-demand services (Gojek), e-commerce (Tokopedia), and financial technology (GoTo Financial), creating a powerful network effect that captures a significant portion of consumer digital spending.
• Intensifying Competition and Regulatory Scrutiny: The competitive landscape in Indonesia’s technology sector is fierce, with major players like Grab and Shopee vying for market share. Additionally, the Indonesian government is actively developing its regulatory framework for the digital economy, which could introduce new compliance requirements and impact business operations.

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• Merdeka Gold Resources (EMAS) represents a pure-play investment in a significant, long-life gold asset, following its successful IPO in September 2025, which was the largest in Indonesia for the year.
• The company’s primary asset, the Pani Gold Project in Sulawesi, is a large-scale, low-cost mine with 1.9 million ounces of reserves and 7 million ounces of resources, poised to become one of Indonesia’s largest primary gold mines.
• While the project offers substantial long-term production growth, scaling to ~500,000 ounces per year by 2032, investors face near-term execution risks related to the project ramp-up and future funding requirements for the second phase expansion.

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