0859 GMT - GoTo Gojek Tokopedia's strong 1Q earnings results with small bottom-line losses have set a "solid foundation" for a potential merger with Grab, Citi Research analysts say in a note. The group's cost-efficiency efforts and strong cash position support a positive outlook, Citi says. Citi has a buy rating on the stock and raises its target price to IDR110 from IDR95. While neither company has commented on the talks, recent executive resignations at GoTo could be internal realignment efforts by management to streamline its business structure ahead of a possible merger, they say. Moves have been made that indicate a potential consolidation of influence under GoTo's CEO to ensure a smoother transition in the event of deal with Grab and may signal a strategic pivot, they add. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
May 05, 2025 04:59 ET (08:59 GMT)
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