Rancak Media – JAKARTA – Shares of PT GoTo Gojek Tokopedia Tbk. (GOTO) closed trading on Monday (24/11/2025) with a 1.56% gain, reaching Rp65. This upward movement followed the announcement of a planned change in the company’s President Director, with Hans Patuwo slated to take over from Patrick Walujo.
Sarkia Adelia, an analyst at Panin Sekuritas, views this executive reshuffle as a positive indicator for GOTO’s future growth trajectory. According to Adelia, this leadership transition underscores the company’s strategic direction and its steadfast commitment to achieving profitability.
“However, this move could also introduce short-term uncertainty amidst rampant market speculation that the management restructuring paves the way for industry consolidation, including the potential acceleration of merger discussions with Grab,” Sarkia stated on Monday (24/11/2025).
: GOTO Management Shake-Up Fuels Merger Rumors
Adelia suggests that while the sentiment surrounding a potential Grab-GoTo merger would indeed act as a positive catalyst, its actual implementation and proposed structure could lead to short-term instability regarding the sustainability and regulatory framework for integrating the two platforms.
The change in the company’s President Director is also perceived as a strong signal for the imminent realization of a merger between Indonesia’s two largest online transportation giants. Adelia believes that this management restructuring can be interpreted as a strategic step to align governance and business direction in anticipation of industry consolidation, including the potential merger with Grab.
: : Patrick Walujo’s Domino Effect and GOTO’s Fate in Hans Patuwo’s Hands
“Should the merger materialize, the most probable scenario involves the integration of transportation and fintech services to reduce cost duplication and strengthen monetization, thereby potentially mitigating fierce discount competition,” she elaborated.
Beyond merger discussions, labor issues continue to be a significant aspect of GOTO’s business development. As widely known, the potential transformation of driver status from partners to employees remains a constant topic of government discussion.
: : A Look at Patrick Walujo’s Two-Year Journey Leading GOTO
Sarkia identifies a dual impact should the driver status shift to employees. If implemented, she predicts it would elevate the company’s operational expenditure (opex) in the short term. However, if managed effectively, she believes the long-term pressure on operational stability would become more manageable. “Nonetheless, in our view, if GOTO’s focus remains squarely on its profitability objectives, this scheme should not yet be implemented to maintain cost control,” she clarified.
Ultimately, Sarkia views the change in GOTO’s President Director as a clear indication of a sharper, more focused business strategy moving forward. With nearly eight years of experience in strategic roles across Gojek, GoPay, and GoTo, Hans Patuwo is considered to possess a profound and comprehensive understanding of field operations, organizational governance, and cross-ecosystem monetization.
Regarding GOTO’s performance, Sarkia also acknowledges Patrick Walujo’s substantial contribution. During his two-year tenure as President Director, Patrick successfully managed to significantly narrow the company’s losses.
Examining period-by-period data, in his first year leading GOTO, Patrick oversaw a net revenue growth to Rp14.78 trillion in 2023, an increase from Rp11.35 trillion throughout 2022. However, GOTO’s net loss simultaneously expanded significantly, reaching Rp90.39 trillion from Rp39.57 trillion in the prior year.
A year later, GOTO’s net revenue in 2024 further increased to Rp15.89 trillion, this time accompanied by a substantial reduction in the company’s net loss to Rp5.15 trillion.
Based on the latest data released by the company, GOTO’s revenue for the January-September 2025 period reached Rp13.29 trillion, surpassing Rp11.66 trillion reported for the same period in 2024. Furthermore, GOTO’s net loss was effectively curbed to Rp775.55 billion, a notable improvement compared to the net loss of Rp4.31 trillion in the corresponding period of 2024.
“Throughout his leadership, Patrick has successfully steered GOTO towards significant fundamental improvements over the past two years, even if the share price has not yet fully reflected this recovery,” Adelia concluded.
Disclaimer: This news article is not intended as an invitation to buy or sell shares. Investment decisions are solely at the discretion of the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
GOTO’s shares saw a 1.56% gain following the announcement that Hans Patuwo will succeed Patrick Walujo as President Director. Panin Sekuritas analyst Sarkia Adelia views this leadership change as a positive indicator for GOTO’s growth and commitment to profitability. However, the move also fuels speculation about industry consolidation, notably an accelerated merger with Grab, which could lead to short-term instability despite being a positive catalyst.
Adelia suggests a merger could integrate transportation and fintech services, reducing costs and competition. Separately, the potential shift of driver status from partners to employees remains a significant concern, likely increasing operational expenditures. Hans Patuwo’s strategic experience is expected to sharpen GOTO’s business strategy, building on Patrick Walujo’s successful two-year tenure where he significantly narrowed the company’s net losses and improved fundamentals.
