GOTO Removed from MSCI Index, Analysts Cite Technical Factors Over Fundamentals

Morgan Stanley Capital International (MSCI) has decided to remove shares of PT GoTo Gojek Tokopedia Tbk (GOTO) from its stock index, as announced on Thursday (13/8/2026). Analysts view the decision as unrelated to the company’s fundamentals.

Aditya Prayoga, a stock analyst at Phintraco Sekuritas, explained that an index’s decision to drop a constituent stock will inevitably trigger selling by passive fund managers who use the index as a benchmark. ‘These passive fund managers construct portfolios containing the index’s stocks with similar weightings. If a stock is removed or rebalanced, the passive fund must do the same,’ he stated on Thursday (13/8/2026).

However, Aditya clarified that the selling action is driven more by index rules than by the company’s fundamentals. ‘For GOTO, this is more of a technical aspect. The price has been at Rp50 for three months, and trading liquidity has dried up, making it difficult for people to buy and sell,’ he added.

Historical trading data shows that before GOTO’s share price touched Rp50, its average daily trading value on the regular market reached Rp300-400 billion. In recent months, however, the average daily trading value has failed to reach Rp50 billion, and lately it has hovered around just Rp3 billion per day—a significant decline.

Beyond the liquidity aspect, Aditya also noted that GOTO’s investor base is diverse, including not just passive funds but also strategic investors, retail investors, and active investors who accumulate shares when the price is considered cheap. Therefore, he assessed that GOTO’s removal from global indices does not affect the strategies or decisions of these other investor types.

Meanwhile, from a fundamental perspective, GOTO’s business is said to be continuously improving, especially after posting a net profit for two consecutive quarters. In the first quarter of 2026, GOTO reported a net profit for the first time in its history, amounting to Rp171 billion. In the second quarter, its net profit rose 47% to Rp252 billion. Throughout the first half of 2026, GOTO has booked a total profit of Rp423 billion.

‘Looking at the performance with double-digit revenue growth, positive net profit, thicker margins, and healthy cash flow, there is no problem with its fundamentals,’ Aditya added.

Although global indices such as FTSE and MSCI have dropped GOTO, several domestic stock indices like IDX30, LQ45, and IDX80 still retain GOTO as a constituent. ‘This means local funds such as mutual funds, pension funds, and insurance companies that use the IDX30, LQ45, and IDX80 indices can still stay in GOTO. Their assets under management are also substantial, so when GOTO is removed from a global index, it does not mean all investors are selling,’ Aditya concluded.

Previously, GoTo’s Head of Corporate Affairs, Audrey Petriny, stated that the company had taken note of MSCI’s decision to remove GoTo. She acknowledged that the news was unpleasant for many shareholders. ‘This decision is purely technical, following GoTo’s share price being at its lowest level of Rp50 and accompanied by low trading volume, and is not caused by the company’s performance,’ Audrey said, as quoted from an official statement on Thursday (13/8/2026).

In terms of performance, GOTO recorded a net profit for two consecutive quarters, with net profit reaching Rp252 billion and net revenue of Rp5.7 trillion. The group’s adjusted EBITDA also increased, surpassing the Rp1 trillion mark for the first time in the second quarter of 2026. The company remains on track with its annual performance target of an adjusted group EBITDA of Rp3.2-3.4 trillion. ‘Index review decisions are made periodically, and we will continue to maintain an active dialogue with MSCI. In the meantime, we will remain focused on managing the business to create added value for all shareholders,’ she said.