GOTO – 4Q24 : Above, from growth to profits

GOTO – 4Q24 : Above, from growth to profits GoTo Gojek Tokopedia (GOTO) delivered record-breaking 4Q24 results with core GTV up 66% yoy and FY24 gross revenue rising 30%, while reaching adjusted EBITDA break-even at IDR399 bn, marking a shift toward sustainable profitability. FinTech became a key profit driver, achieving positive EBITDA a year ahead of guidance, supported by user growth, higher transactions, and a 172% yoy surge in loan book, with over 70% of loans channeled via Bank Jago. ODS also posted record EBITDA of IDR267 bn, driven by premium services, 92% yoy ad revenue growth, and a 190% jump in merchant-funded promos. Tech initiatives such as Sahabat AI and cloud migration are expected to cut costs by >50% by 3Q25. FY25 EBITDA is guided at IDR1.4–1.6 tn, led by FinTech and ODS expansion, though higher ODS fares from THR costs may slightly pressure ride-hailing value for price-sensitive users. We transfer coverage with a BUY rating on improving earnings quality, stronger visibility, and growing monetization momentum. (Source : Company, KBVS Research)