Global Investors Snap Up GOTO Shares Despite Slump
Main Takeaways
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JAKARTA, Investortrust.id — Global fund managers including Vanguard, JPMorgan, and Blackrock have been aggressively increasing their holdings in PT GoTo Gojek Tokopedia Tbk (GOTO), even as the Indonesian tech firm’s share price hit its lowest level since September last year.
Foreign investors recorded a net buy of GOTO shares worth Rp 171.87 billion ($10.5 million) over the past month, bucking the broader trend in the Indonesia Stock Exchange, where foreign investors posted a net sell of Rp 6.43 trillion ($393 million) in the same period.
Vanguard Group, the US-based asset manager, has led the charge, accumulating 3.8 billion additional GOTO shares year-to-date. This brings its total holding to 42.88 billion shares, according to Bloomberg data.
Hong Kong-based CSOP Asset Management Ltd also emerged as a significant new player, purchasing 3.56 billion shares in less than six months, despite not appearing on the shareholder list in 2024.
JPMorgan Chase & Co followed, raising its stake to 2.49 billion shares by acquiring 2.46 billion shares in 2025. Meanwhile, State Street Corp added 781.11 million shares, bringing its total to 3.98 billion. Blackrock Inc rounded out the top five with an additional 606.18 million shares, pushing its holding to 25.19 billion.
Valuation Play and Long-Term Bet
Aditya Prayoga, analyst at Phintraco Sekuritas, said the accumulation by global fund managers underscores their belief in GOTO’s long-term growth potential, particularly its expansive digital ecosystem spanning Gojek, Tokopedia, and GoTo Financial.
“These institutional investors see the stock as undervalued by historical standards, making this an opportune time for long-term accumulation,” said Prayoga.
Although GOTO has yet to post a net profit, its wide user network, diversified services, and ongoing operational efficiencies remain attractive. “As long as the company retains access to capital and maintains synergy across its platforms, institutional appetite will persist,” Prayoga added.
He also noted that this buying activity could generate a positive signal for local retail investors. “These institutions are known for their rigorous selection of global tech stocks, which may boost domestic confidence.”
Resilience Amid Global Headwinds
Sarkia Adelia, analyst at Panin Sekuritas, noted that GOTO’s recent share price decline is more a reflection of global risk-off sentiment amid geopolitical tensions—specifically, the escalation between Israel and Iran—than company-specific issues.
“In the past two to three years, GOTO has shown steady financial improvement. While still loss-making, it posted positive adjusted EBITDA and operational cash flow in Q1 2025, which are important leading indicators for eventual profitability,” said Adelia.
GOTO reported Q1 2025 net revenue of Rp 4.23 trillion, up 4% year-on-year. Operating expenses dropped 11.9% to Rp 4.42 trillion, driven by cost reductions in sales and marketing, general administration, and support functions.
Sales and marketing expenses fell 10.5% to Rp 647 billion, administrative expenses were cut 26.7% to Rp 1.09 trillion, and operational support costs declined 9.5% to Rp 225.14 billion.
These efficiencies contributed to a significantly narrowed net loss of Rp 283.33 billion, a 67% improvement from Rp 861.91 billion in Q1 2024. The company also recorded a positive operating cash flow of Rp 301 billion during the quarter, aligning with its positive group-level adjusted EBITDA.