GOTO - Sells stakes at GoPlay

GOTO - Sells stakes at GoPlay Goto Gojek Tokopedia (GOTO) has sold stakes at its entertainment service, GoPlay to its former CEO, Edy Sulistyo with undisclosed amount of transaction value. (Source: Forbes) Comment: GOTO's move to sell its stakes on GoPlay was aligned with its strategy to streamline its business by divesting non-core segments, including entertainment. GoPlay’s valuation is estimated at USD60 mn. We believe the strategy will positively impact its operational efficiency going forward. Retain BUY with target price of IDR143/ share.