Technology issuer PT GoTo Gojek Tokopedia Tbk. (GOTO) began implementing tariff adjustments on the Gojek application after the Ministry of Transportation set an online motorcycle taxi fare adjustment. This tariff increase is considered by analysts to have an impact on GOTO’s performance.
CGS-CIMB Sekuritas analysts Ryan Winipta, Ong Khang Chuen, and Baruna Arkasatyo assessed that the increase in tariffs on GOTO would tend to be relatively limited.
“Based on case studies in neighboring countries, including Singapore and Vietnam, higher ride-hailing fares since the beginning of the year have not derailed the recovery in demand during the reopening of the economy after Covid-19,” he said in the latest research by CGS-CIMB Sekuritas, quoted on Sunday. (11/9/2022).
CGS-CIMB Sekuritas assessed that GOTO’s net income could decrease by 3.4 percent due to this tariff increase.
CGS-CIMB Sekuritas recommends investors to hold GOTO shares with a target price of IDR 396 per share. According to him, GOTO management has highlighted the gross transaction value guide in the third quarter of 2022 by taking into account the potential increase in transportation fares.
Gojek’s Senior Vice President of Corporate Affairs Rubi W. Purnomo said, Gojek imposed a change in GoRide tariffs in accordance with regulations that were effective on September 11, 2022.
“In addition, we are also proactively making tariff adjustments for GoCar, GoFood, GoSend, and GoMart services, to encourage maximum revenue potential for driver partners,” said Rubi, Sunday (11/9/2022).
He continued, this tariff adjustment is expected to support driver partners in meeting daily operational costs, while ensuring Gojek and driver partners can always provide the best service for customers.
Source : Bisniscom