Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%</li>
<li>Improved revenue mix and effective OpEx control contributed to higher margins</li>
<li>Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8</li>
</ul>


Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%
Improved revenue mix and effective OpEx control contributed to higher margins
Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8


Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia (GOTO IJ)</a> 4Q2023 results revealed another sequential increase in GTV and positive adjusted EBITDA for both ODS and e-commerce, despite reduced incentive and marketing spending.</li>
<li>GoTo achieved positive top-line growth by expanding its total addressable market through more affordable products and a strong performance from consumer lending in fintech, coupled with great cash cost efficiencies.</li>
<li>2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter that can be used to drive growth.</li>
</ul>



GoTo Gojek Tokopedia (GOTO IJ) 4Q2023 results revealed another sequential increase in GTV and positive adjusted EBITDA for both ODS and e-commerce, despite reduced incentive and marketing spending.
GoTo achieved positive top-line growth by expanding its total addressable market through more affordable products and a strong performance from consumer lending in fintech, coupled with great cash cost efficiencies.
2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter that can be used to drive growth.


GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia Tbk PT (GOTO IJ)</a> reported 4Q2023 results yesterday which shows that the company’s profitability has significantly improved.</li>
<li>The improvement in profitability has come at the cost of growth which has continued to decline suggesting profits may not be sustained.</li>
<li>GoTo announced that it has completed the Tokopedia partnership deal with TikTok and also a plan to buyback shares, subject to regulatory/shareholder approval.</li>
</ul>



GoTo Gojek Tokopedia Tbk PT (GOTO IJ) reported 4Q2023 results yesterday which shows that the company’s profitability has significantly improved.
The improvement in profitability has come at the cost of growth which has continued to decline suggesting profits may not be sustained.
GoTo announced that it has completed the Tokopedia partnership deal with TikTok and also a plan to buyback shares, subject to regulatory/shareholder approval.


GoTo 4Q2023: Improved Profitability and a Plan to Buyback Shares to Rescue Falling Share Price

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener"></a>GoTo reported 3Q2023 results on Monday. Gross revenues increased 1.4% YoY to IDR5.98trn while adj. EBITDA losses further narrowed down to IDR1.84trn vs IDR3.71trn in 3Q2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia Tbk PT (GOTO IJ)</a> continues to see huge reduction in losses but growth rates have fallen further with cutdown on incentives and promotional spending.</li>
<li>It seems that GoTo has stopped exploring growth opportunities in pursuit of profits, however, this may not be sustainable in the long-term with falling growth rates.</li>
</ul>



GoTo reported 3Q2023 results on Monday. Gross revenues increased 1.4% YoY to IDR5.98trn while adj. EBITDA losses further narrowed down to IDR1.84trn vs IDR3.71trn in 3Q2022.

GoTo Gojek Tokopedia Tbk PT (GOTO IJ) continues to see huge reduction in losses but growth rates have fallen further with cutdown on incentives and promotional spending.
It seems that GoTo has stopped exploring growth opportunities in pursuit of profits, however, this may not be sustainable in the long-term with falling growth rates.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> held a public expose at the IDX to update investors on latest developments including the Tokopedia sale but also to outline its key strategies for 2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> will start to receive the service fee from Tokopedia from 1st February despite that monitoring is ongoing by the Ministry of Trade although that is now 75% complete.</li>
<li>GoTo's focus will be on affordable products, some new premium offerings, and increasing higher take rate lending products through GoPay, with incoming fees from Tokopedia providing additional funding going forward.  </li>
</ul>



GoTo held a public expose at the IDX to update investors on latest developments including the Tokopedia sale but also to outline its key strategies for 2024. 

GoTo will start to receive the service fee from Tokopedia from 1st February despite that monitoring is ongoing by the Ministry of Trade although that is now 75% complete.
GoTo's focus will be on affordable products, some new premium offerings, and increasing higher take rate lending products through GoPay, with incoming fees from Tokopedia providing additional funding going forward.  


Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter...

Angus Mackintosh

GoTo: In Pursuit of Profits…

GoTo will report 4Q and full-year 2023 results on 19th March 2023, this insight offers a glimpse on the company's 3Q2023 results which proves that...

Shifara Samsudeen, ACMA, CGMA

GoTo (GOTO IJ) - A Leaner Green Machine

GoTo's focus will be on affordable products, some new premium offerings, and increasing higher take rate lending products through GoPay, with...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

GoTo Gojek Tokopedia (GOTO IJ) - Warming Up the New Engines of Growth

2024 will be a transformational year for GoTo without the yoke of Tokopedia promotional spending but with significant cash coming in every quarter...

Angus Mackintosh

GoTo 4Q2023: Improved Profitability and a Plan to Buyback Shares to Rescue Falling Share Price

​GoTo reported improved profitability in 4Q2023, but declining growth raises concerns about sustainability. Despite improved profitability and a...

Shifara Samsudeen, ACMA, CGMA

GoTo: In Pursuit of Profits…

GoTo will report 4Q and full-year 2023 results on 19th March 2023, this insight offers a glimpse on the company's 3Q2023 results which proves that...

Shifara Samsudeen, ACMA, CGMA

GoTo (GOTO IJ) - A Leaner Green Machine

GoTo's focus will be on affordable products, some new premium offerings, and increasing higher take rate lending products through GoPay, with...

Angus Mackintosh

GoTo reported improved profitability in 4Q2023, but declining growth raises concerns about sustainability. Despite improved profitability and a...