GOTO:IDXPT GoTo Gojek Tokopedia Tbk Analysis

GoTo trades at IDR 50, flat on the 20‑day and 50‑day SMAs but below the 200‑day SMA of 56.72, signalling a bearish medium‑term bias. The RSI of 38 suggests modest oversold pressure, while the MACD histogram is positive, hinting at a tentative bullish reversal. Volume has slipped sharply (7.8 M today vs 65 M average 10‑day), raising liquidity concerns. Fundamentally, revenue is expanding at 26 % YoY with a solid 58 % gross margin, yet the company posts a –3.3 % profit margin, negative EPS (-0.61 trailing, -5.32 forward) and a forward P/E of –9.4, indicating earnings weakness. Cash balances (IDR 23 T) comfortably exceed debt (IDR 8 T), but free cash flow remains negative. The DCF fair value of IDR 38.7 is well under the current price, implying the stock is overvalued. Recent news of Tokopedia’s workforce reductions has been met with GoTo’s reassurance that the layoffs will not materially affect financial performance, limiting downside from that event.