New Economic Board, GOTO Share Moves Closer to Global Indices

By : Abraham Sihombing | Thursday, January 05 2023 - 22:29 IWST

A woman is paying her attention to the Jakarta Composite Index board movement. (Document of INDUSTRY.co.id)
A woman is paying her attention to the Jakarta Composite Index board movement. (Document of INDUSTRY.co.id)

INDUSTRY.co.id - Jakarta - The presence of the New Economic Board on the Indonesia Stock Exchange (IDX) brings many benefits to PT GoTo Gojek Tokopedia Tbk (GOTO). One of them is getting closer to the shares listing of the largest digital ecosystem company in Indonesia on the global index.

 

The IDX Director of Corporate Valuation, I Gede Nyoman Yetna, said that issuers in the New Economy Board (New Economy) such as GOTO have the opportunity to enter the major index. Because issuers in the new board have a level equivalent to issuers in the main board.

 

“The company's chances of being included in a major index are the same as other listed companies. As long as they fulfill the requirements for each major index. In addition, the Exchange has also coordinated with several major indices such as MSCI and FTSE regarding the New Economy Board equivalence with the existing Main Board on the Exchange,” said Nyoman Yetna as quoted on Thursday (05/01/2023).

 

The coordination between the IDX and major global index managers is a breath of fresh air. Especially for GOTO, which is indeed in the plan to be included in global indices such as FTSE and MSCI as revealed by GOTO President, Patrick Cao, during the Incidental Public Expose recently.

 

This is also in line with receiving an AA rating from MSCI for GOTO's ESG performance. The company is considered to have taken action against climate change, and is in the top quarter for data security, user privacy, and workforce management.

 

In addition to equality with the Main Board, Nyoman continued, the benefit of issuers entering the New Economy Board is that they can be listed with similar peers, namely companies that utilize technology to create product or service innovations that increase productivity and economic growth and have social benefits.

 

Separately, the BRI Danareksa Sekuritas analyst, Niko Margaronis, previously mentioned that the plan for GOTO shares to be included in the global index is one of the positive catalysts.

 

In addition, GOTO's share price has entered an undervalue condition. This situation has been utilized by investors to re-accumulate their shares recently. “GOTO shares are in an undervalue position,” he said.

 

In terms of price earning ratio (PER), GOTO shares are currently in the range of minus 4.07 times with a price book value (PBV) ratio of 0.78 times. Nico assesses that investors are currently looking for gaps in GOTO shares. (*)

 

News Comment

Today's Industry

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Rabu, 21 Februari 2024 - 08:23 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan,…

The Indonesian Embassy in Cairo Receives Aid for Palestine

Senin, 19 Februari 2024 - 17:39 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…