GoTo Shares Hold Buy Rating as Analysts See Leadership Shift Boosting Merger Prospects
Key Takeaways
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JAKARTA, Investortrust.id — PT GoTo Gojek Tokopedia Tbk or GOTO maintains a buy rating on Tuesday, Nov 25, 2025 in Jakarta as analysts say the leadership transition from Patrick Walujo to Hans Patuwo strengthens operational execution and may revive momentum for a potential Gojek Grab merger, a shift expected to support long term equity value. The change follows broader expectations that aligned management control could accelerate strategic decisions.
BRI Danareksa Sekuritas kept its buy call with a target price of Rp100 as analysts said the reshuffle created a constructive sentiment for the stock. They highlighted expectations of clearer strategy alignment following the transition.
Analysts Kafi Ananta and Erindra Krisnawan said, "The market sees Patrick Walujo`s exit as a move that can open smoother negotiation channels for the potential GOTO Grab merger," citing recent shareholder driven dynamics reported internationally. They noted that Bloomberg said SoftBank, Provident Capital Partners, and Peak XV advocated for the leadership shift.
Ownership disclosures showed SVF GT Subco Pte. Ltd, an entity of SoftBank, held 7.6 percent of shares with 3.4 percent voting rights after multivote adjustments. PT Saham Anak Bangsa remained the largest voting shareholder with 30.4 percent after the adjustment.
Mandiri Sekuritas maintained a buy recommendation with a Rp100 target after management said the transition formed part of a broader plan to reinforce execution and accelerate profitability. Analysts said Hans Patuwo had a strong operational track record across the Gojek Tokopedia ecosystem.
The company prepared a refresh of its board and executive structure. One key proposal was the return of Andre Soelistyo as Commissioner, a move analysts said should strengthen governance and long horizon strategy.
PT GoTo Gojek Tokopedia Tbk or GOTO later confirmed that Hans Patuwo would be proposed as president director at an extraordinary shareholders meeting on Wednesday, Dec 17, 2025. His nomination followed the resignation of Patrick Walujo as CEO.
According to company records, Hans is an Indonesian national born in 1976 who has served as Director since 2021 and currently holds the roles of President On Demand Services and Chief Operating Officer. He manages groupwide operational oversight.
He previously served as President of Financial Technology in 2023 following his leadership of Payments and Financial Services in 2021 to 2022. His roles included strengthening digital finance infrastructure across GoTo.
Hans also led subsidiaries such as PT Gofin Karya Anak Bangsa and PT Midtrans. These companies form core components of GoTo`s financial services and merchant ecosystem.
He served as COO of Gojek from 2018 to 2021. During that period he supervised operational scaling across regions.
Under his leadership, Gojek expanded to more than 100 cities in Indonesia and grew its driver partner network to more than 2 million in Southeast Asia. His strategy focused on multi city expansion and operational depth.
Before joining Gojek, Hans served as COO of Paper PT Indah Kiat Pulp and Paper Tbk under the Sinarmas Group from 2015 to 2017. His earlier career included six years as Partner at McKinsey from 2008 to 2014 across Shanghai, Singapore, and Jakarta.
Disclaimer: InvestingPro valuation data used in this article is up to date at the time of publication and is provided for informational purposes only, not as a recommendation to buy or sell any security.
Valuation and Market Position
InvestingPro models placed GOTO`s average fair value at Rp76.98, implying an upside of 18.4 percent from the last traded price of Rp65. The valuation range across 12 models spanned Rp45.84 to Rp128.48.
Analyst targets from 26 brokers averaged Rp91.62 with estimates between Rp60 and Rp140. Market data showed a 52 week trading range from Rp53 to Rp89.
Financial health scores showed mixed results with growth health at 4, profitability health at 1, cash flow health at 2, price momentum at 2, and relative value at 2. InvestingPro noted management had been buying back shares and the company held more cash than debt.
