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GOTO - Gojek Tokopedia

GOTO - Sells stakes at GoPlay

19 September 2023

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.

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