Report

GOTO 3Q24 Results: Business to Sequential Improve in 4Q

What’s New: GoTo reiterated its adjusted EBITDA breakeven guidance as the group could potentially reinvest any profit back to the business. ODS and FinTech growth could also trend better in 4Q compared to 3Q partly due to seasonality despite near-term macro headwinds. We up our PT from IDR55 IDR70 on improved outlook. Our updated PT of IDR70 implies a 3.61x FY25E EV/Revs (net). We maintain our NEUTRAL rating.

Analysts:
Jin Yoon
Underlying
Gojek Tokopedia Tbk PT

Provider
New Street Research
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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
  • US Telecoms, Cable, Satellite and Towers
  • Global Emerging Market Telecoms
  • Japan Telecoms
  • Asian Internet
  • Pan European Healthcare
  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Jin Yoon

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