STOCK MARKET - JAKARTA. The Fulfillment Center (FC) or Gudang Pintar which is served by Tokopedia receives high attention. BRI Danareksa Sekuritas considers it as a positive sentimen for PT GoTo Gojek Tokopedia Tbk (GOTO). The securities firm sets a stock target price (TP) of the largest digital ecosystem company in Indonesia of Rp310 per share.
Equity Research of BRI Danareksa Sekuritas that is compiled by Niko Margaronis noted that the target price of Rp310 per share was equivalent to an increase of 51.9% compared to Rp204 per share.
“As a result of our visit to FC GOTO, we note that Tokopedia, along with the increasing penetration of e-Commerce, aims to revolutionize the distribution of goods in the country,” Niko explained.
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The interesting thing of Gudang Pintar Served by Tokopedia is caused Tokopedia opens access to various types of merchants from various types of products and levels of entrepreneurial experience.
Gudang Pintar becomes a solution for merchants who have limitations in terms of business operations, inventory chains, to inventory of their products.
The presence of this service also helps merchants to distribute their products to areas where they do not own branches. As a result, it increases merchant productivity and income. At the same time, Tokopedia has an opportunity to increase its Gross Transaction Value (GTV) and take-rate of the Gudang Pintar Tokopedia facility.
“Merchants are very facilitated in moving their goods. Basically, it offers an opportunity to increase their productivity and turnover, and suggests the potential for an increase in GTV and take-rate,” said Niko.
So, the innovation of this service, according to Niko, becomes a positive sentiment for GOTO's performance which will affect its stock price. “We did lower the estimate (from the previous of Rp410 per share) by 20% to achieve the new Target Price of Rp310 per share and maintain the BUY recommendation,” Niko clarified.
In addition, there is still a lot of potential that is considered prospective from Dilayani Tokopedia, whose service was launched in March 2022. The penetration of orders facilitated by Dilayani Tokopedia has reached around 5.5%. There is still a huge growth room along with the benefits felt by business partners.
