Analyst Points to Presidential Regulation Cutting Ride-Hailing App Operators' Share as Culprit Behind GOTO Stock's ARB Hit

JAKARTA, KOMPAS.com - Shares of PT GoTo Gojek Tokopedia Tbk (GOTO) faced sharp pressure, hitting the auto reject below (ARB) during trading on Monday (4/5/2026), triggered by negative sentiment from a government policy that significantly reduces the revenue share for ride-hailing app operators.

Investment Specialist at PT Korea Investment and Sekuritas Indonesia (KISI), Azharys Hardian, assessed the primary cause—or the main culprit—behind the plunge in GOTO shares as the market’s negative response to Presidential Regulation (Perpres) No. 27 of 2026, which lowers the app operators’ take rate from the previous 20% to just 8%.

“The main cause of the sharp drop in GOTO shares to ARB this morning is the market’s negative response to Perpres No. 27 of 2026, which drastically cuts the revenue share for app operators from 20% to just 8%,” Azharys stated when contacted by Kompas.com on Monday.

“Considering that the On-Demand Service segment is the backbone of revenue, contributing 63% of GOTO’s total income in 1Q26,” he explained.

This margin reduction in the core business line has sparked market concerns over deep margin compression, prompting investors to engage in massive selling actions and re-rate the stock’s valuation.

The selling pressure is reflected in the movement of GOTO share prices, which fell to Rp 51 per share or weakened by 5.56% at the start of the second trading session on Monday.

In fact, GOTO shares briefly hit the ARB limit at Rp 50 during the first trading session.

Currently, the tech issuer’s shares are moving stagnantly in a narrow range of Rp 50–Rp 51 with high volatility, but without strong signs of a reversal.

This is evident from the order book, where supply pressure appears dominant.

Sell orders are piling up thickly from Rp 51–Rp 60, totalling more than 91 million lots, far exceeding the bid or buy strength concentrated at Rp 50, amounting to around 11.3 million lots.

This imbalance illustrates dominance on the distribution side.

In the trade book, the accumulation of sell volume is seen to increase significantly and consistently surpass the buy volume.

GOTO previously stated it would comply with the government’s regulations regarding the protection of online transport workers, including the new provisions signed by President Prabowo Subianto.