In today’s briefing:
- GoTo (GOTO IJ) – A Transient State
- Medco Energi: Improved Credit Fundamentals
GoTo (GOTO IJ) – A Transient State
- Headlines for GoTo 4Q2022 and FY2022 headlines do not tell the whole story, given large one-off charges for goodwill write-downs, without which significant progress has been made towards profitability.
- GoTo significantly reduced incentive&product marketing spending in 4Q but also posted decent growth, albeit at a slower pace, with an increasing emphasis on building foundational products to drive future profitability.
- 1H2023 will see slower headline growth from a COVID base but 1Q2023 should see improving take rates and CM breakeven. This is the transient stage of the long-term GoTo story.
Medco Energi: Improved Credit Fundamentals
- Established in 1980, PT Medco Energi Internasional Tbk (Medco) is an independent oil and gas operator in Indonesia with upstream oil and gas exploration and production as its core business.
- In addition to this, the company also has investments in power generation through fully owned subsidiary PT Medco Power Indonesia (MPI) and copper, gold and coal mining through 23.1% owned PT Amman Mineral Nusa Tenggara (AMNT).
- Both the power and mining entities are outside of the restricted group and will be independently managed, with debt undertaken to be of non-recourse to Medco.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
