New Street Research - Gojek Tokopedia Tbk PT (GOTO) GOTO 2Q25 Results: ODS Could Further Decelerate in 2H

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New Street Research

Jin Yoon

GOTO 2Q25 Results: ODS Could Further Decelerate in 2H

What’s New: GoTo reiterated its adjusted EBITDA guidance in the range of IDR1.4trn to IDR1.6trn in FY25. While fintech could remain resilient, ODS GTV could decelerate in 2H partly due to challenging macro and intense competition on the mobility side. We lower our PT from IDR80 to IDR70 partly due to near-term slowdown in ODS. Our updated PT of IDR70 implies 3.1x FY26E EV/Revs (net). We maintain our NEUTRAL rating.

Analysts:
Jin Yoon

14/08/2025 1 EN

Underlying

Gojek Tokopedia Tbk PT

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Jin Yoon

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GOTO 2Q25 Results: ODS Could Further Decelerate in 2H

GoTo Gojek Tokopedia (GOTO IJ) - EBITDA Resilience Back In Focus As M&A Noise Fades

Indonesia Daily - Thursday, June 26, 2025

Tencent 2Q25 Results: Rev Growth Momentum to Continue in 3Q

Could the Trump/Carr Gambits Against CMSCA (and DIS) Backfire?

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