Gojek Tokopedia (GOTO IJ): Seasonality masked growth

Gojek Tokopedia (GOTO IJ)
BUY / TP: IDR:100 (+20.5%)
Analyst: Research Team

Seasonality masked growth
• Flattish QoQ buffered by GoTo Financial (GTF) gains
• Festive season drags the ODS results
• Conservative loan underwrites, but NPL spiked in 1Q25
• Beyond the noise, GOTO’s improvements still justify a BUY