Why GOTO Shares Are Stuck at Rp50

Jakarta, CNBC Indonesia - Shares of Indonesian technology giant PT GoTo Gojek Tokopedia Tbk (GOTO) have been stuck at the ‘gocap’ level, or Rp50, for almost three months. External factors are considered the primary trigger.

CNBC Indonesia Stock Market Analyst Susi Setiawati noted that global macro conditions, such as war and high oil prices, are negative sentiments for risky assets like equities, especially in developing countries. This global sentiment has caused the Jakarta Composite Index (IHSG) to trend downwards since the beginning of the year, and nearly all listed companies have been affected, with GOTO being no exception. GOTO’s management believes the current share price does not reflect the company’s business fundamentals, particularly after posting profits for two consecutive quarters.

For the record, in the first quarter of 2026, GOTO managed to book a net profit of Rp171 billion. GOTO’s net profit rose 47% to Rp252 billion in the second quarter. The group’s profit target remains maintained at Rp3.2-3.4 trillion.

Susi assessed that GOTO’s share price has also been somewhat influenced by sentiment surrounding the 8% commission, as well as scrutiny from MSCI and the risk of being removed from the index. This further adds to the technical aspects burdening GOTO’s share price movement, even though its fundamentals continue to strengthen.

In response to its share price being held at Rp50, GOTO is not remaining idle and has been formulating corporate actions to increase returns to shareholders. “GOTO has already secured approval for a share buyback with a budget of Rp3.5 trillion, but timing is also important for its execution and cannot be rushed. In addition, there is a corporate action in the form of treasury share cancellation which will increase the ownership portion of existing investors,” said Susi.

On 28 July 2026, GOTO announced its plan to cancel 32 billion treasury shares, equivalent to 2.7% of total outstanding shares. However, this corporate action still requires shareholder approval.