Despite Increased Revenue, E-commerce Stocks Slumped in 2022

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Adi Ahdiat 29/12/2022 16:20 WIB

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GoTo and Bukalapak reported increased revenue through Q3 2022. However, the share prices of both e-commerce companies have fallen this year.

Percentage Decline in GoTo and Bukalapak E-commerce Stocks (January 3 - December 28, 2022)

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Percentage Decline in GoTo and Bukalapak E-commerce Stocks (January 3 - December 28, 2022)

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The Indonesian online shopping trend continues to strengthen, yet the shares of LQ45 e-commerce companies slumped in 2022.

LQ45 is an index comprising 45 issuers selected by the Indonesia Stock Exchange (IDX) based on specific criteria, such as having the largest market capitalization and highest liquidity.

This year, only two e-commerce issuers are included in the index: PT GoTo Gojek Tokopedia (GOTO) and PT Bukalapak (BUKA).

From January to September 2022, GOTO recorded net revenue of Rp7.97 trillion, a 134.07% increase year-on-year (YoY). During the same period, BUKA achieved revenue of Rp2.59 trillion, also up 92.14% (YoY).

Despite revenue growth, their share prices plummeted this year. Between January 3 and December 28, 2022, GOTO's share price fell 76.18% year-to-date (YTD), while BUKA's share price dropped 36.79% (YTD).

According to Maynard Arif, Head of Research at DBS Group, shares in the digital technology sector, including e-commerce, weakened because issuers couldn't reduce losses.

"Investors are currently not focused on a company's market share growth. Investors prioritize companies that can survive, are profitable, and can optimize funding," said Maynard, as reported by Katadata on Wednesday, December 28, 2022.

"Therefore, in our opinion, digital stocks will remain under pressure in 2023 if Indonesian technology companies continue to show significant losses," he continued.

During the January-September 2022 period, GOTO did indeed still record losses, with its net loss swelling by 70.65% (YoY) to reach Rp20.91 trillion.

In the same period, BUKA recorded a profit of Rp3.6 billion, but this profit was entirely supported by 'realized and unrealized investment gains,' not operating profit.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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