PT Telkom Indonesia Tbk (TLKM) investment in PT GoTo Gojek Tokopedia Tbk (GOTO) is considered appropriate, because it has fulfilled various aspects of decision making, investment SOPs, and the value of strategic benefits going forward.
This was revealed by the Head of Research for Praus Capital, Alfred Nainggolan the planned meeting of the working committee (Panja) for BUMN investment in digital companies formed by Commission VI of the Indonesian House of Representatives.
Alfred said that Telkom's investment through Telkomsel to Gojek had been made since November 2020. At that time, Gojek had not merged with Tokopedia to become GoTo. When the investment is made, Telkom and Telkomsel have announced it to the public in a transparent manner.
GOTO, according to him, is the biggest player in the digital economy sector in Indonesia, thus attracting various institutions to invest there. Moreover, all parties agree that Indonesia's digital economy has a large market potential and is a source of new economic growth in the future, so that many investors are competing to be part of GOTO.
“Telkomsel's business with the digital economy also has a big wedge. So if Telkomsel's investment in GOTO is questioned by the DPR, it will certainly be "weird", lest things like this become an obstacle to the expansion of SOEs in the future, because decision makers in SOEs are "afraid" to make business decisions in SOEs," he explained when contacted. in Jakarta, Monday (13/6).
Regarding the results and the impact of investing in GOTO, he said, it cannot be seen in the short term. The biggest profit actually does not come from capital gains on the value of GOTO's shares, but from business synergies obtained by other Telkom businesses.
"I hope that the economic value that is taken into account in buying shares will not only come from capital gains , but from other synergies as well. And Telkomsel's move to buy GOTO shares is not just a portfolio investment, but a strategic investment ," he explained.
Not only that, Alfred added, Telkomsel has certainly implemented SOPs in investing, especially since the investment value is not small. Investments that have been running according to the SOP can be seen from the list of GOTO strategic investors, such as Facebook, Google, Astra International, JD.Com, Alibaba, Visa, and others.
"The decision to enter Telkomsel into GOTO should not be questioned. It would be strange if Telkomsel did not invest in GOTO when Indonesia's digital economy was growing," he explained.
When it comes to the purchase price (when entered), Alfred said, of course it has become the domain of the BPK audit whether the price is fair. The purchase price of GOTO shares can also be compared with the purchase price of GOTO shares by other strategic investors.
Telkomsel holds 23.7 billion shares of GOTO worth Rp 6.4 trillion or equivalent to Rp 270 per share. With the closing price last weekend at Rp 386, Telkomsel's investment in GOTO has made a profit of Rp 2.74 trillion.
Investment Trends Startup
Before investing in Gojek, Telkom had consulted with the Ministry of SOEs, even since Rini M Soemarno was the Minister of SOEs. This explains that investments are not made suddenly.
In addition, Telkom requested a legal opinion from the Attorney General's Office on this investment, because Gojek was still listed as a loss-making company. The AGO has also given a legal opinion that investment is permissible.
Based on the research of PT Trimegah Sekuritas, the GOTO ecosystem has values that are difficult to imitate and will always be at the forefront in Indonesia, a country with a population of more than 170 million people is the upper middle class. In a survey of 1,002 respondents conducted by Trimegah, around 81% of respondents chose at least one service.
For the record, a number of other SOEs also invest in startup . Among them, PT Bank Mandiri Tbk (BMRI) which established Mandiri Capital since 2016. Based on Crunchbase data, Mandiri Capital has invested in 23 startup companies, 11 of which are lead investors. Several of Mandiri Capital's portfolios have grown into unicorns, namely Bukalapak or decacorn , namely GoTo.
Not to forget, PT Bank Rakyat Indonesia Tbk (BBRI) through its subsidiary, BRI Ventures, has also invested in a number of start-ups . A venture capital company founded in 2019, BRI invests in many startups in Indonesia.
Referring to Crunchbase data, BRI Ventures has invested in 21 start-up companies, and has become a lead investor in 5 companies being financed. Several BRI Ventures portfolios have grown into unicorns, namely Bukalapak and Xendit.
EmoticonEmoticon