Morgan Stanley Capital International (MSCI) has decided to remove\nshares of PT GoTo Gojek Tokopedia Tbk (GOTO) from its stock index, as\nannounced on Thursday (13\/8\/2026). Analysts view the decision as\nunrelated to the company\u2019s fundamentals.<\/p>\n
Aditya Prayoga, a stock analyst at Phintraco Sekuritas, explained\nthat an index\u2019s decision to drop a constituent stock will inevitably\ntrigger selling by passive fund managers who use the index as a\nbenchmark. \u2018These passive fund managers construct portfolios containing\nthe index\u2019s stocks with similar weightings. If a stock is removed or\nrebalanced, the passive fund must do the same,\u2019 he stated on Thursday\n(13\/8\/2026).<\/p>\n
However, Aditya clarified that the selling action is driven more by\nindex rules than by the company\u2019s fundamentals. \u2018For GOTO, this is more\nof a technical aspect. The price has been at Rp50 for three months, and\ntrading liquidity has dried up, making it difficult for people to buy\nand sell,\u2019 he added.<\/p>\n
Historical trading data shows that before GOTO\u2019s share price touched\nRp50, its average daily trading value on the regular market reached\nRp300-400 billion. In recent months, however, the average daily trading\nvalue has failed to reach Rp50 billion, and lately it has hovered around\njust Rp3 billion per day\u2014a significant decline.<\/p>\n
Beyond the liquidity aspect, Aditya also noted that GOTO\u2019s investor\nbase is diverse, including not just passive funds but also strategic\ninvestors, retail investors, and active investors who accumulate shares\nwhen the price is considered cheap. Therefore, he assessed that GOTO\u2019s\nremoval from global indices does not affect the strategies or decisions\nof these other investor types.<\/p>\n
Meanwhile, from a fundamental perspective, GOTO\u2019s business is said to\nbe continuously improving, especially after posting a net profit for two\nconsecutive quarters. In the first quarter of 2026, GOTO reported a net\nprofit for the first time in its history, amounting to Rp171 billion. In\nthe second quarter, its net profit rose 47% to Rp252 billion. Throughout\nthe first half of 2026, GOTO has booked a total profit of Rp423\nbillion.<\/p>\n
\u2018Looking at the performance with double-digit revenue growth,\npositive net profit, thicker margins, and healthy cash flow, there is no\nproblem with its fundamentals,\u2019 Aditya added.<\/p>\n
Although global indices such as FTSE and MSCI have dropped GOTO,\nseveral domestic stock indices like IDX30, LQ45, and IDX80 still retain\nGOTO as a constituent. \u2018This means local funds such as mutual funds,\npension funds, and insurance companies that use the IDX30, LQ45, and\nIDX80 indices can still stay in GOTO. Their assets under management are\nalso substantial, so when GOTO is removed from a global index, it does\nnot mean all investors are selling,\u2019 Aditya concluded.<\/p>\n
Previously, GoTo\u2019s Head of Corporate Affairs, Audrey Petriny, stated\nthat the company had taken note of MSCI\u2019s decision to remove GoTo. She\nacknowledged that the news was unpleasant for many shareholders. \u2018This\ndecision is purely technical, following GoTo\u2019s share price being at its\nlowest level of Rp50 and accompanied by low trading volume, and is not\ncaused by the company\u2019s performance,\u2019 Audrey said, as quoted from an\nofficial statement on Thursday (13\/8\/2026).<\/p>\n
In terms of performance, GOTO recorded a net profit for two\nconsecutive quarters, with net profit reaching Rp252 billion and net\nrevenue of Rp5.7 trillion. The group\u2019s adjusted EBITDA also increased,\nsurpassing the Rp1 trillion mark for the first time in the second\nquarter of 2026. The company remains on track with its annual\nperformance target of an adjusted group EBITDA of Rp3.2-3.4 trillion.\n\u2018Index review decisions are made periodically, and we will continue to\nmaintain an active dialogue with MSCI. In the meantime, we will remain\nfocused on managing the business to create added value for all\nshareholders,\u2019 she said.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/goto-removed-from-msci-index-analysts-cite-technical-factors-over-fundamentals-1786621918", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }