Bisnis.com, JAKARTA — Investment banks Morgan Stanley and Goldman Sachs hold differing views on their latest ratings for PT GoTo Gojek Tokopedia (GOTO) stock, which gained 3.28% to IDR 63 on Tuesday (10/6).
According to Bloomberg, 24 of 30 firms gave the stock a “Buy” rating while the remaining six issued a “Hold” rating. Morgan Stanley and Goldman Sachs are among the latter. Morgan Stanley’s “Hold” came with a target price of IDR 91, while Goldman Sachs assigned a target of IDR 79.
GOTO shares have gained momentum amid speculation about an entry by Danantara Indonesia. According to Reuters, there have been speculation about Danantara seeking to a minority stake in a combined entity between GOTO and Grab Holdings.
Danantara Indonesia managing director Stefanus Ade Hadiwidjaja denied any talks on the matter have taken place, but reaffirms the institution’s stance of being open to all investment opportunities.
“Danantara Indonesia is always open to investment opportunities aligned with our mandate to strengthen strategic sectors and improve national economic value,” Stefanus said on Monday (9/6/2025).
According to him, all of Danantara’s investment decision’s go through comprehensive review involving risk management principles and considering sustainable returns for the country.
Meanwhile, GOTO corporate secretary RA Koesoemohadiani states the company could not comment on any speculation circulating in the market, and that there has been on change in the company’s ownership structure.
“... as per the company’s public disclosures on February 4, March 19, and May 8, 2025,” she said on Monday (June 9, 2025).
She also assures that speculations circulating in the media have no adverse impact on GOTO’s operations.
GOTO Buyback
GOTO have repurchased 2.41 billion shares in May, increasing its treasury shares from 27.79 billion to 30.21 billion, which represents a 2.54% stake.
In the past month, GOTO shares have been traded in the range of IDR 60 to IDR 87 per share. Based on these prices, GOTO likely spent around IDR 144.9 billion to IDR 210.1 billion on the repurchase in May alone.
In total, GOTO has spent between IDR 1.93 trillion and IDR 2 trillion on buybacks from last year through May.
Previously, GOTO has also announced plans to conduct another round of buyback, pending approval from shareholders.
“The company will submit a proposal to the shareholders to approve share buyback plan of up to $200,000,000 or equivalent to IDR 3,330,000,000,000,” GOTO wrote in a disclosure.
The estimated number of shares to be repurchased will not exceed 10% of issued and paid-up capital, including current treasury shares.
The stated purpose of this buyback is to provide greater flexibility in capital management, including optimizing the capital structure and supporting potential future initiatives.
The company expects no adverse impact on revenue as a result of the buyback, as the company has sufficient working capital and cash reserves.
