External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.</li><li>We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.</li><li>3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo (GOTO.IJ IDR 62 BUY.TP IDR 98) Strategic pivot reinforces positive outlook