GoTo recorded a solid rebound in the first half of 2026, with net revenue climbing 28 % to Rp10.99 trillion. The company posted a net profit of Rp607 billion, marking a return to profitability after a loss in the same period the previous year. Loan‑related income surged 65 %, while the financial‑services segment now contributes a larger share of overall earnings than transportation or food‑delivery services. Management kept its 2026 adjusted EBITDA guidance at Rp3.2 – Rp3.4 trillion, despite the government cutting online‑ride commissions from 20 % to 8 % on 1 July 2026.
In a notable move, Morgan Stanley & Co International Plc acquired roughly 3.8 billion shares of PT GoTo Gojek Tokopedia Tbk (GOTO) at Rp23 per share. The deal, valued at about Rp87.3 billion (US$4.9 million), pushed Morgan Stanley’s stake to 59.4 billion shares, equivalent to 5.16 % of voting rights, up from 4.83 %. Crossing the 5 % threshold obligated the U.S. bank to file a report with the Indonesia Stock Exchange (BEI), declaring the holdings were for investment purposes.
GoTo’s share price has been stuck at the exchange’s minimum trading level of Rp50 since 13 May 2026, a status that has labelled it a “gocap” stock. While trades below Rp50 can still occur on the negotiation market, the Rp23 transaction with Morgan Stanley was one of the busiest. As of 13 August 2026, the sell‑order book at Rp50 contained 24.6 billion shares, largely unfilled.
The BEI is preparing to abolish the Rp50 floor and replace it with a Rp1 lower bound, aiming to boost liquidity and enable more realistic price discovery. Trials with securities firms are slated for 22 and 29 August 2026, with full implementation expected from 7 September 2026. Approximately 46 listed companies currently trade at the Rp50 level, and the removal of the floor is anticipated to give them room to move according to market supply and demand.
Liquidity concerns have also triggered index adjustments. MSCI froze GoTo’s weight in May 2026 and will delist the stock from its Indonesia index after the close of trading on 31 August 2026, citing a lack of “replicability.” FTSE Russell had already removed GoTo after the stock was moved to the BEI’s development board. The impending MSCI exit is projected to force passive fund outflows of around Rp1 trillion, on top of foreign investors’ net sales of roughly Rp2.02 trillion so far this year.
Recent research adds context to these dynamics. A July 2026 note from Mirae Asset revises the expected passive outflow to Rp1.2 trillion following the MSCI announcement. Bloomberg Intelligence reported that Indonesia’s retail‑investor participation rose to 45 % in 2026, providing a potential base of demand for formerly constrained stocks. Additionally, BEI’s own July 2026 market‑monitoring brief shows average daily trading volume reached 9.5 trillion rupiah, a 12 % year‑on‑year increase, suggesting that the new price‑floor policy could further enhance market depth.
The convergence of stronger fundamentals at GoTo, regulatory modernization by the BEI, and ongoing index reshuffling underscores a transitional phase for Indonesia’s tech‑driven equities. Stakeholders should watch for liquidity improvements and the potential re‑rating of stocks that have been limited by price floors, while remaining alert to the capital‑flow impacts of global index adjustments. Investors who adapt quickly to these shifts may capture emerging opportunities as the market moves toward more flexible price discovery.
The narrative of GoTo’s turnaround, coupled with Morgan Stanley’s strategic stake and the BEI’s forward‑looking rules, signals a broader evolution in Indonesia’s investment landscape—ready for those bold enough to navigate its new terrain.
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Terimakasih sudah mengunjungi thecuy . 🙂
