Dear Clients and Partners, GOTO lost 26% in two sessions after IDX removed the Rp50 floor, yet the collapse says more about accumulated supply and limited buying depth than a sudden deterioration in its business. On Day 1, one billion lots were offered at Rp43 while only 1.2 million lots traded; on Day 2, 842 million lots were offered at Rp37 versus 1.8 million lots executed. At these absorption rates, the price can fall much faster than the sell queue can clear, even as GOTO’s fundamentals continue to improve. Our latest report examines the market structure, implications for retail and institutional investors, Morgan Stanley-related transaction references, and the technical support range around Rp30–26. Please find the full Kiwoom Research report attached.