Jakarta. The planned appointment of Patrick Walujo as the new CEO of tech company GoTo Gojek Tokopedia (GOTO) generated positive sentiment towards the company's financial performance and stock on Friday. 

The restructuring will also strengthen the integration of GOTO with Bank Jago (ARTO), analysts said on Friday.

In the upcoming general meeting of GOTO shareholders at the end of this month, Patrick will be appointed as CEO, replacing Andre Soelistyo. Similarly, Thomas Husted will become the chief operating officer.

Former Bank Indonesia Governor Agus Martowardojo will be appointed as the Chairman of the Board of Commissioners replacing Garibaldi Thohir. Andre will remain with GOTO as a commissioner.

Citigroup Sekuritas Indonesia analyst Ryan Davis stated that Patrick and Thomas are well-known names in GOTO, as both have played important roles in the development of Gojek in the past. This makes the leadership transition in the company smooth and fast.

"We believe that Patrick's appointment will lead GOTO towards profitability. His presence is also expected to improve the integration of Gojek, Tokopedia, and Bank Jago. Therefore, we see this news as positive sentiment for GOTO and Bank Jago," he explained in the latest research.

This has led Citigroup Sekuritas to maintain its buy recommendation for GOTO shares with a target price of Rp 250. The target price also takes into account the expected continued increase in GOTO's take rate and the potential for strengthening collaboration with ARTO to boost credit disbursement.

Patrick, 48, was appointed as a commissioner of GOTO at the beginning of 2023. He is also a co-founder and managing partner of Northstar Group, an early investor in Gojek. Patrick is currently a commissioner of PT Indosat Ooredoo Tbk (ISAT) and PT Duta Intidaya Tbk.

BRI Danareksa Sekuritas research team also provided a positive view on the recent developments in GOTO. In their daily securities research, it was mentioned that Patrick's appointment as CEO to replace Andre is a positive sentiment.

"Patrick is expected to bring GOTO into the international financial community because he has a strong background in global finance," wrote BRI  Danareksa Sekuritas' daily research published on Friday.

BRI Danareksa Sekuritas mentioned the strengthening collaboration between GOTO and Bank Jago for increasing credit disbursement, developing new products, and several other efforts to enhance platform users' experience.

This has prompted BRI Danareksa Sekuritas to maintain its buy recommendation for GOTO shares with a target price of Rp 150. This morning, GOTO's shares opened with continued gains, reaching the highest level of Rp 130.

GOTO and ARTO shares saw a rise at the end of the first trading session on the Indonesia Stock Exchange.

ARTO shares closed up by Rp 230 (7.82%) to Rp 3,170. The digital bank's shares remained in the green zone throughout the first session, ranging from Rp 3,030 to Rp 3,180. The transaction value also soared to Rp 115.67 billion.

Similarly, GOTO shares increased by Rp 1 (0.80%) to Rp 126. GOTO even reached the level of Rp 130 and was recorded as the stock with the highest volume and transaction value throughout the first session. The transaction value reached Rp 515.39 billion.