GOTO, BUKA, and TPIA Hold Substantial Cash Reserves: Which is Most Prospective?
Several issuers on the Indonesia Stock Exchange (IDX) recorded substantial cash and cash equivalent balances by the end of the first half of 2026. This high level of liquidity is viewed as a potential buffer against economic uncertainty, although it does not necessarily reflect strong company fundamentals.
GOTO’s cash increase was supported by net cash flow from operating activities, which turned positive to Rp 1.72 trillion in the first half of 2026, compared to a negative Rp 612.05 billion in the same period last year. Meanwhile, PT Bukalapak.com Tbk (BUKA) held cash and cash equivalents of Rp 14.24 trillion as of the end of June 2026, a decrease from Rp 17.16 trillion in the same period last year and Rp 16.21 trillion at the start of 2026.
PT Chandra Asri Pacific Tbk (TPIA) recorded cash and cash equivalents of US$ 2.91 million as of 30 June 2026, an 8.82% increase from the position on 30 June 2025, and an increase from US$ 2.73 million at the beginning of 2026.
Parto Kawito, Director of Infovesta Utama, stated that corporate cash requirements tend to increase during periods of economic uncertainty. He noted that intensifying business competition requires larger funds for working capital, technological investment, and research and development. However, Parto cautioned that large cash reserves do not automatically reflect healthy fundamentals. “The size of cash flow does not guarantee good fundamental conditions. The realised results of expansions funded by this cash must be able to generate returns higher than the cost of capital,” he told Kontan.co.id on Thursday (30/7/2026).
According to Parto, positive operating cash flow is the best signal as it originates from the company’s core business activities, whereas cash flow from financing or investment remains acceptable as long as it is used productively.
Similarly, Elandry Pratama, Analyst and Branch Manager at Panin Sekuritas Pondok Indah, stated that investors should not merely look at the size of cash balances but also examine the source of cash formation and how companies utilise it to create added value. He assessed that TPIA’s cash increase reflects the need for liquidity to support business expansion, whereas GOTO and BUKA’s cash is largely supported by remaining IPO proceeds, cash investments, and operational efficiencies.
“What is more important is not the size of the cash balance, but the company’s ability to convert that cash into profit growth, healthy operating cash flow, and added value for shareholders,” said Elandry.
Regarding prospects, Elandry noted that each issuer possesses different catalysts. TPIA still has growth opportunities through expansion, despite facing high capital expenditure. GOTO could receive positive sentiment if it maintains its profitability trend and improving operating cash flow. Meanwhile, BUKA maintains strong liquidity, but the market is awaiting clearer growth catalysts.
Furthermore, DSSA is considered to have the most solid fundamentals, while BSDE could benefit if the property sector recovers alongside potential interest rate cuts. Conversely, risks such as the global economic slowdown, exchange rate volatility, and geopolitical uncertainty must remain under scrutiny. “DSSA remains the most superior in terms of fundamentals through the end of 2026, while GOTO is worth watching as a turnaround story if its performance trend continues,” he concluded.