GOTO - Fintech Outperformance Drives Upgrade

KBVS update
Wednesday, 5 August 2026

GOTO - Fintech Outperformance Drives Upgrade
(Maintain BUY; Upgrade TP to IDR61)

Fintech remains the primary earnings driver.  Fintech Adjusted EBITDA reached IDR481 bn (+446.6% YoY) in 2Q26, outpacing ODS (+41.0% YoY) and surpassing ODS in absolute adj EBITDA terms for the first time this quarter.

Raising Our Estimates on Fintech-Led Earnings Upgrade. Following the 2Q26 results and the accompanying revision to segment guidance, we have revised our GOTO forecasts materially higher, with the change driven predominantly by the outperformance of the fintech segment.

Maintain BUY with higher TP IDR61 (Previously IDR58). We maintain our BUY rating on GOTO and raise our TP to IDR61/share. Our valuation is based on a Sum-of-the-Parts (SOTP) methodology.

Regards,
Atikah Tri Adriyanti - KBVS Research team