Telkomsel Investment In GoTonilai Jadi Aksi Korporasi Yang Pas

Photo: Doc. GoTo

JAKARTA - Telkomsel's move to invest in PT GoTo Gojek Tokopedia Tbk (GOTO) is a profitable corporate action that has been carefully calculated from the business aspect. As a state-owned company, Telkom through his subsidiary, it is considered appropriate and should take advantage of the opportunities for digital economic growth that occur. The investment support was voiced by economists and the Council. Advisor to the Indonesian Stock Analyst Association (AAEI) Edwin Sebayang said that currently Telkom as an issuer must continue to expand to create new sources of income, no longer relying solely on revenue ‘voice’. Telkom must be able to take advantage of the big data it has, so that businesses do not stagnate and create negative perceptions to investors. "So I think what Telkom is doing by investing in GoTo through Telkomsel is right. This is pure corporate action which in the end will boost Telkom's income. They really need expansion," said the capital market observer from MNC Asset Management in a statement to reporters, Thursday, July 7. With Telkomsel's big data and GoTo's digital ecosystem, Edwin also believes that Telkom will get positive results in the future. "Alibaba, Amazon already enjoys things like this. This is a new business model that has great potential profits. I see the GoTo business is also ripe, not a startup that has just started," he said. Meanwhile, Capital Market Observer Satrio Utomo believes that the Indonesian economy in the future will indeed be controlled by many digital businesses. He admits that GoTo itself has been very large. In the last two years alone, GoTo's contribution has reached around 2% of Indonesia's Gross Domestic Product (GDP). However, despite its business and potential aspects, to avoid prolonged polemics, he suggested the need for the Financial Services Authority (OJK) to unravel this. "OJK is a financial industry referee. To prove whether there is a ‘ Something’ in corporate action related to issuers in the capital market, it's a good idea to check OJK. Traded shares must also be carried out properly and need to be known to investors," he said. Don't Expect Share Price In the short term alone, for the next 12 months, Edwin predicts GoTo shares have the potential to go to the level of Rp500 persaham. This means that if Telkomsel buys GoTo shares at a price of Rp270 as many as 23.7 billion shares, there is about 80 percent profit from the share price it buys. However, he reminded, Telkomsel's investment is actually also for the long term, not just expecting profit from the increase in stock prices or dividends alone. "I'm sure, there is a lot of business potential that GoTo can work on, not just a delivery business, for example," said Edwin. According to him, the suspicion of some parties related to this corporate action is due to the ignorance of the accusing party. This can be proven by calculations from business aspects that are clearly profitable. Telkom's own management said that Telkomsel's goal was to invest in GoTo, solely to carry out business synergies that have added value. From the investment results in GoTo, in 2021 Telkomsel has enjoyed the value of synergy above Rp450 billion, then Rp150 billion in the first quarter of 2022. This advantage can be seen from the increase in the number of Gojek users using Telkomsel year-on-year. Including the increase in penetration of the number of Telkomsel self-help packages by Gojek drivers. Then, Gojek drivers as retailers also grow on an annual basis, along with the growth of package purchase transactions in GoPulsa and data packages in the MyTelkomsel application using GoPay. Meanwhile, GoFood merchants can also use Telkomsel data packages. If Telkomsel synergizes with GoTo, there is the potential for revenue from purchasing data packages by Gojek partners, which can reach Rp125 billion/month or Rp1.5 trillion/year. Apart from that, another benefit of Telkomsel and GoTo synergies is the formation of a national digital ecosystem. No need for Special Committees Intan Fauzi, a member of Commission VI of the Indonesian House of Representatives who is also a member of the Working Committee (Panja) of Telkomsel Investment to GoTo, emphasized that the purpose of telkomsel investing in GoTo is also inseparable from local ownership in Gojek and Tokopedia. SOE Indonesia in the field of telecommunications, he said, should go into the digital world seriously. "This means that from that point of view we help the growth of local staff and so on. Then this is related to long-term goals. Don't let us be left behind with the digital potential that is in sight, then end up being flooded with foreign companies," he explained. Yes, I am sure, this corporate action has also gone through due diligence by the office of a public accountant or by the law office. So, according to him, this investment is in accordance with the provisions of the applicable laws and regulations. Another member of Commission VI of the DPR RI, Rudi Hartono Bangun, said that the losses that had arisen due to the decline in GoTo prices some time ago should not have been the cause of this investment being questioned. The reason is, with long-term investment, the prospects for digital companies such as GoTo are very good. "When the economy is hit by a pandemic, it may decrease. But when the economy improves, it usually has good purchasing power, including digital businesses such as Gojek and Tokopedia," he said. Kedua Anggota Panja ini pun memastikan, Panja yang digelar sudah bekerja dengan baik. Jadi menurutnya, tak perlu lagi dilanjutkan dengan P Committee Khusus (Pansus) terkait hal ini. "If there is a statement stating that this Panja has caught a cold, it's not true, because at this time I'm still working to ask for input, suggestions and recommendations. The special committee is tired, energy is wasted, unless there are other important things," said Rudi. "We are still walking and can be seen from various things. We have called Telkom, Telkomsel later, the experts have called twice," said Intan.