PT Goto Gojek Tokopedia Tbk: KTAs from ASEAN TMT and Fintech Forum: Maintaining adj. EBITDA guidance despite ODS policy headwinds

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PT Goto Gojek Tokopedia Tbk: KTAs from ASEAN TMT and Fintech Forum: Maintaining adj. EBITDA guidance despite ODS policy headwinds

J P M O R G A N Asia Pacific Equity Research

07 July 2026

PT Goto Gojek Tokopedia Tbk

KTAs from ASEAN TMT and Fintech Forum: Overweight

Maintaining adj. EBITDA guidance despite ODS policy GOTO.JK, GOTO IJ

headwinds Price (07 Jul 26):Rp50

Price Target (Jun-27):Rp68

We hosted GOTO at our ASEAN TMT and Fintech forum. GOTO maintains its FY ASEAN TMT

ACadj. EBITDA guidance of Rp3.2tn-3.4tn, with strong Fintech performance Ranjan Sharma, CFA

potentially offsetting ODS shortfalls. The new 8% platform commission is likely (65) 6882-1303

to only be implemented for 2W Mobility, and GOTO believes that the impact ranjan.x.sharma@jpmorgan.com

would be manageable through optimizations of incentives and cost to serve. That J.P. Morgan Securities Singapore Private Limited

being said, GOTO is still waiting for clarity on the final regulatory document and Steven Suntoso

the potential impact on competition and earnings before executing the buyback. (622-1) 5291 8090

steven.suntoso@jpmorgan.com

Assuming that the commission caps will not be expanded beyond 2W mobility, we PT J.P. Morgan Sekuritas Indonesia

believe the business impact will be limited. In this scenario, we believe it will be

Sigrid Qiu

value-accretive for the company to buyback shares at the current share price of (65) 6882-1454

Rp50/sh. GOTO currently has a net cash balance of ~Rp15tn (~US$800mn) with sigrid.qiu@jpmorgan.com

growing FCF generation. GOTO executing the buyback would be a positive J.P. Morgan Securities Singapore Private Limited

catalyst for the stock, in our view. We are OW on GOTO. Alex Yao

(86 21) 6106 6505

• FY group adj. EBITDA guidance is maintained.