Shiro Copr.CO.ID - JAKARTA. Financial performance of PT GoTo Gojek Tokopedia Tbk ( GOTO ) in the first half of 2025 received a positive response from a number of stock market analysts. The reason is that GOTO was able to record positive EBITDA for three consecutive quarters.
In the period April-June 2025, GOTO's EBITDA reached Rp 292 billion. While for the six-month period ending in June 2025, GOTO recorded EBITDA of Rp 447 billion.
In the period April-June 2025, GOTO successfully recorded a business profit of Rp 21 billion. While the adjusted cash flow from operating activities was positive, reaching Rp 313 billion.
Citing the financial report up to June 2025, GOTO generated a net revenue of Rp 8.55 trillion. This represents a 10.62% annual increase or Year on Year (YoY) from Rp 7.73 trillion.
The increase in GOTO's net income was accompanied by a reduction in the amount of expenses and costs. In the first half of 2025, the expenses and costs borne by GOTO reached Rp 8.73 trillion, or decreased by 7.76% YoY.
As a result, the net income attributable to the parent entity GOTO decreased by 78.51% year-on-year to Rp 580.01 billion in the first half of 2025 from Rp 2.69 trillion.
Christopher Rusli, Senior Equity Research Analyst Ciptadana Sekuritas Asia said that GOTO's performance in the first half of this year is solid and in line with his expectations.
"Overall, this series of very good results brings the company closer to achieving GOTO's goal of achieving profitability," he wrote in his research on Tuesday (19/8/2025).
Rusli is optimistic that GOTO's performance is still in line with the expectations of Ciptadana Securities Asia research team and has the potential to exceed expectations for the fiscal year 2025. For this reason, he recommends buying GOTO with a target price of Rp 100.
Equity Research Analyst Panin Sekuritas Sakria Adelia also recommends buying GOTO, but with a target price of Rp 95. This reflects an EV to sales ratio of 7.3 times on the 2025 projection.
The recommendation is driven by, product optimization. Then, expansion of user adoption and cross-ecosystem synergy and positive growth in the GoTo Financial segment.
"Serta pengelolaan biaya yang disiplin dan berkelanjutan guna meningkatkan efisiensi beban operasional GOTO ke depannya," jelas Sarkia.
Besides Ciptadana Securities and Panin Securities, according to the Bloomberg consensus, there are nine securities companies that also issued buy recommendations on GOTO stock after the release of the first-half 2025 financial results.
However, overall, the Bloomberg Terminal consensus has 23 securities recommending to buy GOTO and 7 securities recommending to hold. The average target price for GOTO is at Rp 95 per share.
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