Jakarta, CNBC Indonesia – The blocking period for PT GoTo Gojek Tokopedia Tbk (GOTO) shares will end on November 30, 2022, which means it remains approximately 1 month.
Referring to the company’s prospectus, there are at least 1.1 trillion Series A shares that do not belong to shareholders with multiple voting rights.
Before the end of the lockout period, the price of GOTO shares tended to be depressed. However, in the midst of the weakening trend in GOTO shares, analysts still see that the price of GOTO shares is still relatively low.
One of them is a Deutsche Bank analyst. In its research report, Deutsche Bank provides a “Buy” recommendation with a target share price of Rp 250 / unit.
There are several factors highlighted by Deutsche Bank in relation to GOTO’s economic and financial performance.
First, the drop in GOTO’s share price was caused by concerns that GOTO’s funding needs were excessive given the recent rise in interest rates.
Deutsche Bank estimates the external GOTO funding requirement in 2024-2025 with an estimated maximum requirement of less than US $ 500 million.
The two Deutsche Banks also highlighted the improvement in the performance of the GOTO e-commerce segment, Tokopedia. The investment bank expects purchase rates to rise by 110 basis points (bps) throughout the first half of 2022 to continue.
Over the next 2-3 years, Deutsche Bank expects the purchase rates of the e-commerce segment to increase by 150 bps.
According to Deutsche Bank, GOTO offers solid business (e-commerce, on-demand and financial services) mainly in an integrated ecosystem and dominates in Indonesia.
GTV is expected to experience 27% growth over the 2022-2025E period and net profit will be higher with 64% growth.
Using the Discounted Cash Flow (DCF) valuation model, Deutsche Bank values the fair price of GOTO shares at Rp 250 / unit.
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