The Shiro Copr , JAKARTA — Some analysts have given projections for GOTO shares, which were recently acquired by BlackRock Inc. and Credit Agricole Group, after achieving positive EBITDA in the second quarter of 2025.
Based on the financial report, GOTO recorded a 23% growth in performance sequentially quarter on quarter (qoq) in the second quarter of 2025. GOTO's revenue during the second quarter of 2025 reached Rp4.32 trillion, growing from the second quarter of 2024 which was Rp3.6 trillion.
From the adjusted EBITDA perspective, the merged company of Gojek and Tokopedia achieved Rp427 billion in the second quarter of 2025, an increase from negative Rp85 billion in the second quarter of 2024.
Meanwhile, the adjusted EBITDA of Rp427 billion is the highest ever recorded by GOTO.
In response to the performance, Christopher Rusli, Analyst from Ciptadana Securities, sees the first-half performance potentially closer to achieving their goal of profitability.
We maintain the recommendation buy "For GOTO with a target price of Rp100 per share. We believe this performance is still in line with our expectations and has the potential to exceed forecasts for FY25F," wrote Christopher in his research.
Meanwhile, Panin Sekuritas analyst Sarkia Adelia stated that GOTO's performance up to the first half of 2025 is still on-track and continues in the second half of 2025, amid macroeconomic pressures.
We still recommend buy with target price "to Rp95 [implied EV/Sales 7.3x 2025F]," wrote Sarkia.
She explained it driven by optimization product mix , expansion of user adoption and cross-ecosystem synergy, positive growth of GoTo Financial (GTF), as well as Cost Management Discipline to improve efficiency operational cost in front of it.
In addition, referring to the consensus Bloomberg There are 9 other securities, both local and foreign, that give buy stock recommendations. GOTO Following the release of this year's second-quarter performance. They are Macquarie, Morningstar, CLSA, Deutsche Bank, Jefferies, Citi, BNI Sekuritas, Mandiri Sekuritas and Indo Premier Sekuritas.
Based on terminal data Bloomberg , cited on Sunday (8/17/2025), the majority of securities that reviewed GoTo Gojek Tokopedia recommended buying GOTO shares.
Of the 31 securities (100%) that analyzed GOTO, 24 analysts (77.4%) gave a buy recommendation, while the remaining seven analysts (22.6%) assigned a hold or hold .
On the other hand, the stock price target for GOTO according to the consensus of 31 securities is at Rp95.18 in the next 12 months, reflecting a potential return of 53.5% from the last price at Rp62 per share.
Previously, Credit Agricole Group was observed to have acquired 43.99 million GOTO shares by August 2025, which coincided with the movement of Gojek's stock price that recorded a decrease of 12.68% throughout the year. year-to-date /YtD). Its ownership increased to 3.78 billion from the previous month's position of 3.74 billion shares.
At the same time, BlackRock Inc. increased its holdings of GOTO shares by 119.59 million shares as of August 2025, reaching 25.57 billion shares from last month's 25.45 billion.
Disclaimer : This news is not intended to encourage the purchase or sale of stocks. The investment decision is entirely up to the reader. The Shiro Corp is not responsible for any losses or profits resulting from the reader's investment decisions.
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