Cuan Class 'Unveils' Tips for Profiting from Tech Stock Investments
Various global sentiments and domestic economic developments have influenced the condition of the Indonesian capital market, causing stock market volatility to move quite sharply in recent times. Addressing this market phenomenon, CNBC Indonesia Stock Market Analyst Susi Setiawati assesses that the domestic capital market is still quite attractive, although there is potential for further correction in August 2026. Susi emphasised that any correction would remain at a reasonable level, accompanied by many positive sentiments that could act as market catalysts for some time to come.
"The bond market and SRBI [Bank Indonesia Rupiah Securities] have seen a 35% increase in foreign demand. Usually, if the bond market is busy, it should follow through to the stock market. Moreover, if you look closely, there should be no more negative sentiments like there were a few months ago," explained Susi during the online Cuan Class themed "Chatting with GoTo: Finally Profitable, What’s Next?", on Tuesday (11/8/2026).
According to Susi, positive sentiment is already reflected in the performance of sectors that are starting to "turn green", one of which is the technology sector. Susi noted that out of 20 sectors, 17 have turned green, leaving only three in the red zone. The entry of the technology sector into the ranks of stocks turning green is, in her view, a sign of a rebirth and indicates strong support. Thus, even though tech stocks had fallen by up to 16%, Susi considers this to be within reasonable limits and still part of a strengthening trend in the green zone.
The technology sector, she said, remains quite promising, especially as more countries focus on technology related to artificial intelligence (AI), cybersecurity, and financial technology (fintech). This development, she noted, makes investor choices more diverse, leading investors to become smarter in constructing their portfolios. This means they assess technology companies not only from a growth perspective but also from a fundamental one.
"So now investors are starting to look at fundamentals and profitability. Therefore, issuers are also beginning to change and focus on pursuing growth, profit, improved revenue and margins, positive cash flow, and strong balance sheets," Susi explained. Growth is now measured not just by user valuation but by performance, meaning the concept of burning cash is no longer used. "Interestingly, those that were continuously ‘burning money’ are now focusing on profitability," she continued.
Susi mentioned that the Indonesian technology industry is entering a new phase this year, shifting from chasing user growth to focusing on transactions, monetisation, and profitability. An integrated ecosystem like PT GoTo Gojek Tokopedia Tbk (GOTO) serves as an example of how technology creates value at every digital layer and has a good track record. Its growth aligns with this year’s main trends, including soaring digital payments, fintech entering monetisation, healthy growth in on-demand services, merchant technology becoming key, and finally, AI, cloud, and data centres forming a new layer.
"Digital adoption this year will be more massive, regulations are already supportive, especially regarding financial inclusion, ecosystems are starting to integrate creating a sustainable value chain, data has become a strategic asset, and of course, AI. It could be that AI will also reduce burdens and increase efficiency for the technology industry," Susi concluded. She assessed that technology issuers operating in Indonesia continue to strengthen their fundamentals, both in terms of performance and market share, and keep innovating to create added value. Thus, their fundamental performance will be reflected in their share price. Based on the latest financial data, GoTo, for example, managed to record a net profit for two consecutive quarters, amounting to Rp171 billion and Rp252 billion for the first and second quarters of 2026 respectively.