Profitability and Valuation Outshine, GOTO Stock Poised for a Strong Rebound
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JAKARTA, Investortrust.id — Shares of PT GoTo Gojek Tokopedia Tbk, or GOTO, are increasingly poised for a rebound as the company’s growth strategy delivers tangible results.
Prospects for a rally are supported by continued operational efficiency, expansion in financial services through GoTo Financial (GTF), narrowing losses at Tokopedia (TTS), and a valuation that remains steeply discounted compared with its main competitor, Grab Holdings Ltd.
BRI Danareksa Sekuritas has maintained its Buy recommendation on GOTO, setting a target price of Rp 100 per share, implying more than 81 percent upside from last Friday’s closing level of Rp 55.
That valuation equates to a 3.5 times forward price-to-sales (P/S) multiple for fiscal 2025, still well below Grab’s 7.3 times following a sharp rebound in the Singapore-based firm’s stock over recent months. Analysts see this gap as an opportunity for a re-rating in GOTO, provided its improving fundamentals continue.
In their morning research note, analysts Erindra Krisnawan and Kafi Ananta of BRI Danareksa Sekuritas stressed that GOTO’s profitability trajectory is outpacing Grab’s. They pointed to second-quarter 2025 results showing GOTO’s on-demand services segment recorded 8.8 percent year-on-year growth in gross transaction value (GTV), lagging Grab’s 20.7 percent expansion aided by aggressive incentives.
But GOTO outperformed in profitability, with on-demand EBITDA rising 4.5 percent quarter-on-quarter and 264 percent year-on-year, compared with Grab’s more modest 2.3 percent quarter-on-quarter and 32.7 percent year-on-year increases.
The analysts highlighted that GOTO’s first-half 2025 EBITDA already reached 51–59 percent of the full-year target, outstripping Grab’s 45–47 percent achievement as the rival grappled with weaker delivery margins. “With solid profitability and the prospect of booking net income earlier than expected, GOTO remains a Buy,” they wrote.
For full-year 2025, BRI Danareksa forecasts GOTO’s revenue at Rp 17.69 trillion, up from Rp 15.89 trillion in 2024. EBITDA is projected to swing into positive territory at Rp 1.03 trillion, compared with a Rp 1.49 trillion loss the previous year. Net loss is estimated to narrow drastically to Rp 426 billion, versus Rp 5.15 trillion in 2024.
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