PT Goto Gojek Tokopedia Tbk: Where do we go from 50?

Research evidence excerpt

PT Goto Gojek Tokopedia Tbk: Where do we go from 50?

Benny Kurniawan, CFA

within a range of Rp35–45, with an intraday low of Rp20. (see Figure 1GOTO:sharepxdailytradingVWAPandvolumeintheNegotiation/OTCmarketsince5May2026). (62-21) 5291 8024

benny.kurniawan@jpmorgan.com

• Potential scenarios from here on. We identify two paths for GOTO to trade PT J.P. Morgan Sekuritas Indonesia

<Rp50 in the regular market. The first scenario is inclusion in IDX

Watchlist. Stocks placed on the IDX Watchlist trade under Full Call Auction

(“FCA”) mechanism (see details on pg.2), allowing trading below Rp50.

Stocks that meet any of 11 inclusion criteria can be added to the Watchlist (see

Table 1CriteriaforastocktobeincludedintheWatchlistBoard). We think that criteria 1 - a stock trading below Rp51/sh for 3M with

<IDR5mn ADTV - is the most relevant for GOTO. GOTO has traded below the

price threshold for the past 2M, but ADTV remains welll above the threshold.

Recent reports suggest IDX is evaluating revisions in Watchlist criteria,

including potentially removing the ADTV threshold (link to news), though

details and timeline remain fluid. Secondly, the company may elect to do a

reverse stock split. Effectively, this would reset the share px and enable GOTO

to trade below the current market cap floor. However, the company has made

no indication of any such plans at this stage.

• Removal of Rp50 floor could be a clearing event. In our view, passive flows

overhang has been one of the key headwinds for the stock. FTSE has already

excluded GOTO from its indices in its June 2026 review. Moreover, MSCI has

flagged potential index replicability issues due to very low liquidity, and may

remove GOTO from its indices if it fails relevant liquidity requirements in its

August 2026 review.