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In 3Q24, tech companies under our coverage posted positive aggregate top-line growth of +4.01% QoQ/+49.64% YoY, driven by GOTO’s outstanding revenue performance (+11.6% QoQ/+106.1% YoY) as the group’s net take rate rose +25.5 bps QoQ/+42.5 YoY bps on higher ODS and fintech monetization. Meanwhile, in 3Q24 BUKA underperformed, recording top-line decline of -20.7% QoQ/-14.8% YoY, largely due to its strategic decision to reduce take rate to 2.4% (-101 bps QoQ/-47 bps YoY) as part of an effort to sustain market share. On the bottom line, tech sector’s aggregate NPM improved, thanks to significant drop in selling and marketing expenses of -70.9% QoQ/-36.6% YoY.
Going forward, we believe tech players’ profitability could improve, particularly those with strong digital ecosystems, such as GOTO, supported by shifting customer behaviour from incentive-oriented to function-inclined, as indicated by historical trends. This shift may contribute to further reductions in promotional expenses.
At this stage, we maintain our neutral rating on tech stocks, with our pecking order being GOTO > ASSA > BUKA, as we believe GOTO has additional growth catalyst in the form of its fintech business, with plans to double its loan book while maintaining 1% NPL.
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