New Street Research - Gojek Tokopedia Tbk PT (GOTO) GOTO 4Q24 Results: Profitability to Further Improve in FY25

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New Street Research

Jin Yoon

GOTO 4Q24 Results: Profitability to Further Improve in FY25

What’s New: GoTo guided adjusted EBITDA in the range of IDR1.4trn to IDR1.6trn in FY25 partly driven by margin improvement in both ODS and FinTech. ODS GTV could grow low-to-mid teens YoY, while FinTech consumer lending loans outstanding could reach IDR8trn in 2025. We up our PT from IDR70 to IDR80 on improved outlook. Our updated PT of IDR80 implies a 4.1x FY25E EV/Revs (net). We maintain our NEUTRAL rating.

Analysts:
Jin Yoon

13/03/2025 1 EN

Underlying

Gojek Tokopedia Tbk PT

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Analysts

Jin Yoon

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GOTO 4Q24 Results: Profitability to Further Improve in FY25

Strategy - Trade War Begins

Indonesia Daily - Tuesday, February 4, 2025

WB 4Q24 Results: Ad Recovery Could Take Time

Quick Take: T-Mobile raises prices

Is Carr’s Pressure on YouTube a Leading Indicator of New Avenues of Media Regulation?

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