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XINYU CHEN<\/span><\/span><\/p>\n 2702757350 | Binus Business School<\/span><\/span><\/p>\n 1. Introduction<\/span><\/b>\u00a0<\/span><\/p>\n PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk(GoTo) is the largest digital ecosystem in Indonesia.\u00a0GoTo’s\u00a0mission is to ’empower progress’ by offering technology infrastructure and solutions that help everyone to access and thrive in the digital\u00a0economy.The\u00a0GoTo\u00a0ecosystem\u00a0provides\u00a0a wide range of services, including mobility, delivery, payments, financial services, and technology solutions for merchants. The ecosystem also provides e-commerce services through Tokopedia and banking services through its partnership with Bank Jago.<\/span>\u00a0<\/span><\/p>\n GOTO was listed on the Main Board of the Indonesia Stock Exchange (IDX) on April 11, 2022, trading under the ticker symbol GOTO. This IPO marked the largest in terms of investor participation in the history of the Indonesia Stock Exchange, with approximately\u00a0300,000 investors\u00a0participating. It was also the third-largest IPO in Asia and the\u00a0fifth-largest\u00a0globally in 2022, with a market\u00a0capitalization of approximately\u00a0$28 billion\u00a0at the time of listing.<\/span>\u00a0<\/span><\/p>\n The offering price was set at 338 Indonesian rupiah per share. A total of 46.7 billion Series A shares were issued in this IPO, raising approximately\u00a0$1.1 billion, with net proceeds of approximately 13.7 trillion Indonesian rupiah. After the market opened, the stock price rose as much as 23%, briefly pushing the\u00a0market\u00a0capitalization above\u00a0$30 billion.<\/span><\/p>\n 2. IPO analysis<\/span><\/b>\u00a0<\/span><\/p>\n 2.1 IPO Objectives and Proceeds<\/span><\/b>\u00a0<\/span><\/p>\n The core\u00a0objectives\u00a0of GOTO\u2019s IPO are centered on the company\u2019s long-term development strategy, focusing on three key areas,\u00a0ecosystem integration, business expansion, and sustainable operations. The primary goal of this IPO is to replenish working capital for the company and its subsidiaries, ensure the continuous operation of daily business activities, and provide sufficient financial support for the stable operation of the three core business\u00a0segments,mobility, e-commerce, and fin\u00a0tech,in\u00a0order to effectively address market volatility and meet liquidity needs arising from business development.\u00a0Building on this foundation, the company aims to drive ecosystem\u00a0synergy\u00a0and deep integration among its three major business segments \u2018Gojek, Tokopedia, and\u00a0GoTo\u00a0Financial\u2019\u00a0continuously\u00a0increasing\u00a0cross-penetration across business lines. This will further strengthen the ecosystem advantages of the \u201cMobility + E-commerce + Finance\u201d super-app, thereby enhancing the usage rates and user retention of platform services among users, merchants, and driver partners.\u00a0<\/span>\u00a0<\/span><\/p>\n At the same time, the funds raised through the IPO will support business expansion and technological R&D. On one hand, this will enable the company to continue expanding its coverage within the Indonesian domestic market. On the other hand, it will\u00a0facilitate\u00a0the steady advancement of its presence in overseas markets such as Singapore and Vietnam. Concurrently, increased investment in technology will be made to continuously\u00a0optimize\u00a0product and service experiences, thereby\u00a0consolidating\u00a0the company\u2019s leading position within the industry. Furthermore, this IPO will prioritize the development of fin tech operations, focusing on core areas such as digital payments\u00a0GoPay\u00a0and consumer credit to expand profit growth opportunities, enhance the financial services ecosystem, and boost the competitiveness of the financial segment.\u00a0At the same time, the listing will enhance the company\u2019s market visibility and brand influence, improve corporate governance structures, and standardize operational management,\u00a0laying\u00a0a solid foundation for future financing and business expansion. This will enable employees, merchants, drivers, and other stakeholders within the company\u2019s ecosystem to\u00a0share in\u00a0the benefits of the IPO, while also covering the issuance costs associated with this offering and meeting general corporate operational needs, thereby ensuring the steady advancement of the company\u2019s overall strategy.<\/span>\u00a0<\/span><\/p>\n The total amount of funds raised through this IPO and the specific details are disclosed in the company\u2019s prospectus and listing announcement, the overall fundraising amount ranks among the highest in the industry. The offering price for this IPO has been set at 338 Indonesian rupiah per share, which is in the upper-middle range of the 316\u2013346 Indonesian rupiah per share price range disclosed in the prospectus. This corresponds to a company valuation of approximately $28 billion at the time of listing, A total of 46.7 billion Series A shares were issued in this IPO, comprising both newly issued shares and treasury shares reserved for over-allotment, representing a certain percentage of the company\u2019s total share capital. It also marks the IPO with the highest number of participants in the history of the Indonesia Stock Exchange, with approximately 300,000 investors participating. In terms of fundraising scale, the total proceeds from this IPO amounted to approximately $1.1 billion, equivalent to 15.8 trillion Indonesian rupiah. Based on total proceeds, this IPO ranks as the third-largest in Asia and the fifth-largest globally in 2022, and represents a landmark listing event in the development of Indonesia\u2019s capital markets, After deducting IPO issuance expenses , the net proceeds available to the company for operations and development amounted to approximately 13.7 trillion Indonesian rupiah.<\/span><\/p>\n 2.2 Use of IPO Proceeds<\/span><\/b>\u00a0<\/span><\/p>\n Based on the company\u2019s prospectus and\u00a0subsequent\u00a0official disclosures,\u00a0GOTO\u2019s total net proceeds of 13.57 trillion Indonesian rupiah from this IPO were fully\u00a0utilized\u00a0by early 2026. The overall allocation of funds strictly adhered to the strategic direction outlined in the\u00a0initial\u00a0plan, with capital flows primarily covering multiple areas including parent company operations, investments in subsidiary businesses, specialized development of business segments, and expansion into overseas markets. Specifically, 4.07 trillion Indonesian rupiah was allocated to the parent company\u2019s operations to support daily business operations and maintain liquidity reserves, and\u00a0an equal amount of 4.07 trillion Indonesian rupiah was specifically injected into the e-commerce segment, Tokopedia, to enhance the platform\u2019s ecosystem, upgrade merchant services, and expand market reach.\u00a0The\u00a0fin tech\u00a0segment,\u00a0GoPay, received 3.39 trillion Indonesian rupiah to improve payment systems, strengthen risk control, and expand user services.\u00a0The remaining funds were\u00a0allocated\u00a0to consumer finance operations and overseas market expansion in Singapore and Vietnam. Additionally, a\u00a0portion\u00a0of the funds\u00a0was\u00a0set aside to cover underwriting, auditing, legal, and other issuance-related expenses throughout the IPO process. The overall allocation of funds\u00a0generally aligns\u00a0with the plan\u00a0disclosed\u00a0in the prospectus.<\/span>\u00a0<\/span><\/p>\n From a comprehensive assessment of capital\u00a0utilization\u00a0efficiency and strategic positioning, the company\u2019s use of funds\u00a0demonstrates\u00a0strong strategic alignment, with its overall strategy centered on the long-term development of its super-app ecosystem. Capital is primarily\u00a0allocated\u00a0to two high-potential core\u00a0sectors,e-commerce and\u00a0fin\u00a0tech,which\u00a0not only bolsters the group\u2019s overall\u00a0operating cash flow but also implements the strategic plan for differentiated business development. Concurrently, the company is steadily advancing its expansion into overseas markets and increasing investment in underlying technology R&D. The overall direction of capital allocation aligns with the company\u2019s long-term growth strategy. However, in terms of actual operational results, the short-term return on capital investment has been\u00a0relatively limited. In the\u00a0early stages\u00a0following the IPO, the company continued to incur significant operating losses. The pace of ecosystem\u00a0synergy\u00a0between\u00a0Gojek\u00a0transportation services and\u00a0Tokopedia\u00a0e-commerce business fell short of market expectations, and the benefits of cross-business traffic integration and user value extraction have not materialized quickly. A substantial\u00a0portion\u00a0of capital was\u00a0allocated\u00a0to business scale expansion and market competition costs, which have not yet rapidly translated into stable profits in the short term. Nevertheless, as\u00a0subsequent\u00a0cost control measures have been implemented, the long-term value of these investments has gradually become\u00a0apparent. Profitability in the fintech segment has continued to\u00a0improve,\u00a0the Group\u2019s overall losses have narrowed, and the operational improvements resulting from these investments are slowly taking effect.<\/span>\u00a0<\/span><\/p>\n Based on a comprehensive assessment of the previously disclosed IPO\u00a0objectives, this fundraising round did not fully achieve\u00a0all of\u00a0its predetermined goals and can be considered partially successful overall.\u00a0Regarding\u00a0the foundational\u00a0objectives, the company successfully replenished working capital\u00a0across its entire industrial chain,\u00a0optimized\u00a0the layout of its various business segments, expanded its brand\u2019s market influence, and standardized its internal governance structure. At the same time, it successfully advanced the development of its\u00a0fin tech\u00a0business and made initial inroads into overseas markets, while covering the costs associated with the IPO.\u00a0All of\u00a0these foundational development\u00a0objectives\u00a0have been successfully\u00a0accomplished. However, there are significant shortfalls in\u00a0the core\u00a0strategic\u00a0objectives. The results of the deep integration and ecosystem\u00a0synergy\u00a0between the two\u00a0main business\u00a0units fell far short of expectations, and the cross-business ecosystem advantages have not been fully realized. Furthermore, the company has long been unable to achieve an overall net profit, and progress toward profitability targets lags significantly behind the plan. The return cycle for profit growth resulting from capital investment has been markedly extended, and the company has failed to rapidly\u00a0establish\u00a0a stable and sustainable profit system as initially planned.<\/span><\/p>\n 2.3 Post-IPO Financial Performance<\/span><\/b>\u00a0<\/span><\/p>\n GOTO went public in April 2022. When evaluated across multiple\u00a0dimensions\u2014including revenue, transaction volume, profitability, cost control, cash flow, and asset\u00a0status\u2014the company has not\u00a0demonstrated\u00a0consistently strong financial performance since its IPO. Overall, it\u00a0remains\u00a0in a development phase characterized by continued expansion, a significant narrowing of losses,\u00a0and steady improvements in operational efficiency, though it has not yet achieved an overall return\u00a0to\u00a0profitability.\u00a0<\/span>\u00a0<\/span><\/p>\n In terms of revenue and overall business scale, the company has\u00a0maintained\u00a0a stable and sustained growth trend, and its operational fundamentals\u00a0demonstrate\u00a0the resilience\u00a0required\u00a0for steady expansion. The company\u2019s annual revenue for 2022 was 13.5 trillion Indonesian rupiah, increasing to 13.97 trillion in 2023, and further rising to 18.1 trillion in 2024. The overall revenue growth over the three-year period was significant, with a year-over-year revenue growth rate of 30% in 2024. This reflects the gradually emerging impact of IPO proceeds in supporting business operations and market expansion, as well as the continued growth in user transaction activity and business coverage. Concurrently, the Group\u2019s total transaction volume grew rapidly, with core transaction volume reaching\u00a0147.1\u00a0trillion Indonesian rupiah in 2024\u00a0and\u00a0a year-over-year increase of\u00a015.6%.\u00a0<\/span>\u00a0<\/span><\/p>\n Profitability metrics\u00a0remain\u00a0the core weakness in the company\u2019s financial performance. Although the company has reported net losses for three consecutive years since its IPO, the\u00a0magnitude\u00a0of these losses has shown a positive trend of steadily and significantly narrowing. In 2022, the company\u2019s full-year net loss reached IDR 5.1 trillion, marking the highest loss recorded in the early years following its IPO,\u00a0in 2023, the net loss fell to IDR 3.8 trillion, representing a significant reduction in the scale of losses,\u00a0In 2024, the net loss was further reduced to IDR 1.2 trillion, representing a reduction of over 77%\u00a0compared to the loss in the first year of listing. The improvement in Adjusted EBITDA was particularly notable,\u00a0this metric remained negative from 2022 to 2023, indicating that the core business had not yet developed the ability to generate profits,\u00a0With the implementation of cost control measures and an increased share of high-margin\u00a0fin tech\u00a0operations, the company\u2019s full-year adjusted EBITDA reached IDR 386 billion in 2024, successfully turning positive and exceeding the company\u2019s previously set\u00a0break even\u00a0target. This marks the official arrival of the inflection point for core business profitability, with the return on capital investment gradually becoming\u00a0evident.<\/span>\u00a0<\/span><\/p>\n From the perspective of costs and operational efficiency, the company has continuously\u00a0optimized\u00a0its expense structure and improved operational efficiency since its IPO. Leveraging the ample capital raised through the IPO, the company has gradually reduced non-essential expenditures such as high-cost market subsidies and marketing promotions, while strictly controlling operating costs. As a result, the ratio of period expenses to operating revenue has continued to decline,\u00a0demonstrating\u00a0significant success in expense management. At the same time, the business structure has been continuously optimized: the revenue share of the highly profitable fintech segment has steadily increased, while the profitability of core businesses such as ride-hailing and food delivery has become more stable, gradually improving the overall profit structure. In terms of cash flow, supported by the\u00a0substantial\u00a0funds raised through the IPO, the company\u2019s overall cash reserves have\u00a0remained\u00a0at an\u00a0ample level, fully covering the capital required for daily operations and business investments.<\/span>\u00a0<\/span><\/p>\n In summary, based on its overall financial performance, GOTO has achieved rapid growth in both revenue and total transaction volume over the three years since its IPO. The company has\u00a0demonstrated\u00a0significant effectiveness in cost control, with losses narrowing substantially and core profitability metrics successfully turning positive,\u00a0indicating\u00a0that its overall financial fundamentals continue to improve. However, when evaluated against strict criteria for robust financial performance, the company has not yet achieved a positive net profit attributable to shareholders, and the overall quality of its earnings remains to be improved. The profit gains derived from cross-business ecosystem synergies have not been fully realized, and the company still faces the risk of earnings volatility amid industry competition. Therefore, the company\u00a0has only\u00a0achieved growth-oriented financial improvement and has not yet met the standards of stable profitability and strong financial performance expected of a mature enterprise.<\/span><\/p>\n 2.4 Stock Price Movements\u00a0<\/span><\/b>\u00a0<\/span><\/p>\n GOTO\u2019s IPO offering price was 338 Indonesian rupiah per share. Market sentiment was high on the first day of trading, with the stock price rising by as much as 23% during the session. It\u00a0ultimately closed\u00a0at 382 Indonesian rupiah per share, up 13.02% from the offering price.\u00a0<\/span>\u00a0<\/span><\/p>\n However, the\u00a0initial\u00a0post-IPO rally did not last, and overall stock prices entered a sustained downward trend starting in the second month after the IPO, with the pace of decline accelerating. Starting in late April, driven by shifts in the global capital market environment, the stock\u2019s upward momentum rapidly faded, and the share price gradually retreated, falling below the IPO offering price. From May through July, the global technology sector faced widespread selling pressure, compounded by the market\u2019s ongoing interpretation of the company\u2019s persistent operating losses. The decline in the share price continued to widen, halving from its\u00a0initial\u00a0high within three months and repeatedly\u00a0setting\u00a0new lows. By the six-month anniversary of the listing\u00a0until\u00a0October 11, 2022, the company\u2019s stock price had fallen to 82 Indonesian rupiah per share. Compared to the\u00a0initial\u00a0public offering price of 338 Indonesian rupiah, the cumulative decline over six months reached 75.7%. All gains from the\u00a0initial\u00a0public\u00a0offering\u00a0were erased, resulting in a sharp plunge in the stock price and a significant contraction in market capitalization.\u00a0<\/span>\u00a0<\/span><\/p>\n By analyzing multiple\u00a0factors,including\u00a0macroeconomic conditions, corporate fundamentals, and industry\u00a0competition,we\u00a0can\u00a0identify\u00a0the core reasons behind the recent sustained and significant decline in the stock price.\u00a0The Federal Reserve\u2019s global rate-hiking cycle began in 2022, leading to a tightening of global liquidity.\u00a0As a result, a large amount of risk-averse capital withdrew from highly valued, unprofitable tech companies, causing a broad weakening of global tech stocks. Tech stocks in emerging markets were hit\u00a0particularly hard, and this broader market environment directly capped GOTO\u2019s upside potential.\u00a0And\u00a0also\u00a0the company\u2019s valuation during its IPO carried a significant premium. The\u00a0$28 billion\u00a0valuation at the time of listing was severely mismatched with the company\u2019s fundamentals, its lack of profitability and unclear path to\u00a0profitability,leading\u00a0the market to gradually correct the valuation and triggering a sustained decline in the stock price. At the same time, the company continued to report substantial operating losses after its IPO, and business integration progressed slowly. The synergies between Gojek and Tokopedia fell short of market expectations, leaving the stock price without the support of improving fundamentals and causing investor confidence to continue to wane. Furthermore, competition in the e-commerce and ride-hailing sectors has intensified, with rivals such as Grab and Shopee steadily capturing market share. Market concerns about the company\u2019s long-term profit growth potential have further\u00a0exacerbated\u00a0selling pressure on the stock.<\/span>\u00a0<\/span><\/p>\n Based on the above stock price trends, it can be concluded that GOTO exhibited an extremely weak performance in the six months following its IPO, characterized by a brief initial surge followed by a sustained, sharp decline, its short-term stock performance fell far short of market expectations. The sharp decline in the stock price not only reflects the market\u2019s correction of the company\u2019s relatively high IPO valuation but also reflects investors\u2019 negative assessments of the company\u2019s profit outlook, business integration efficiency, and competitive pressures within the industry. Investors who entered the market during the IPO phase were unable to achieve positive returns during this period, and the short-term investment risk in the secondary market is extremely high.<\/span><\/p>\n 3. Decision analysis<\/span><\/b>\u00a0<\/span><\/p>\n Based on a comprehensive analysis of GOTO\u2019s IPO\u00a0objectives, the use of proceeds, post-listing financial performance, and short-term stock price trends, if an opportunity to\u00a0purchase\u00a0shares were to arise during this IPO offering, I would not choose to invest.<\/span>\u00a0<\/span><\/p>\n From a valuation perspective, GOTO was significantly overvalued at the time of its IPO, which was severely out of alignment with the company\u2019s actual operating fundamentals at the time. During the IPO phase, the company was still incurring substantial net losses, had not yet\u00a0established\u00a0a stable and sustainable profit model, and lacked a clear timeline for returning to profitability. With the high valuation lacking support from actual performance, there was a significant risk of a valuation correction, and the\u00a0subsequent\u00a0sharp decline in the stock price confirmed this underlying risk.\u00a0An analysis of the company\u2019s capital\u00a0utilization\u00a0and current strategic development reveals that, while the use of funds\u00a0generally aligns\u00a0with the prospectus and the strategic direction is clear, the integration efficiency of the two core business segments\u00a0remains\u00a0low. Synergies within the ecosystem have fallen far short of market expectations, and the cycle for converting capital investment into operational returns is excessively long, resulting in high uncertainty\u00a0regarding\u00a0the company\u2019s long-term growth.<\/span>\u00a0<\/span><\/p>\n From a financial development perspective, in the three years since its IPO, the company has only achieved growth in revenue and a narrowing of losses,\u00a0its\u00a0core net profit has yet to turn positive,\u00a0indicating\u00a0a weak profit foundation in its core business. Meanwhile, strong competitors such as Grab and Shopee within the industry continue to squeeze profit margins through intense market competition, placing significant pressure on the company\u2019s profitability and\u00a0failing to provide\u00a0a stable fundamental basis for long-term investment. Furthermore, examining the\u00a0stock\u2019s\u00a0performance in the six months following the IPO, the share price has experienced a sustained sharp decline after a brief\u00a0initial\u00a0rise, resulting in a significant contraction of market capitalization in the short term. Investors who entered the market during the IPO period are\u00a0generally facing\u00a0substantial losses, and short-term investment returns in the secondary market have been extremely poor, with overall market sentiment\u00a0remaining\u00a0persistently low.<\/span>\u00a0<\/span><\/p>\n Taking into account multiple risk factors, whether considering short-term secondary market returns, the certainty of mid-term fundamental improvements, or long-term profit growth potential, the investment risks associated with this IPO far outweigh the potential returns. Although the company, as a leading local super app in Indonesia, possesses certain long-term growth potential, issues such as valuation bubbles, uncertain profitability, slow business integration, intense industry competition, and unfavorable macroeconomic conditions mean that this investment target does not offer reasonable investment value at the IPO stage. Therefore, we will not choose to invest in its shares at this time.<\/span><\/p>\n 4. References<\/span><\/b>\u00a0<\/span><\/p>\n [1] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2022). Prospectus: Initial public offering of series A\u00a0shares.Indonesia\u00a0Stock Exchange.\u00a0<\/span>\u00a0<\/span><\/p>\n [2] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2026, January 14). Report on the use of proceeds from the public offering. Indonesia Stock Exchange.\u00a0<\/span>\u00a0<\/span><\/p>\n [3] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2023). Annual report 2022: Scaling the ecosystem, empowering the nation.\u00a0<\/span>\u00a0<\/span><\/p>\n [4] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2024). Annual report 2023: Path to profitability.\u00a0<\/span>\u00a0<\/span><\/p>\n [5] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2025). Annual report 2024: Sustainable growth and ecosystem\u00a0synergy.<\/span>\u00a0<\/span><\/p>\n [6] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2026, March 10). Consolidated financial statements as of December 31,\u00a02025\u00a0and for the year then ended.<\/span>\u00a0<\/span><\/p>\n [7] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2026, March 11). Financial statements full year 2025 (Audited). Indonesia Stock Exchange.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n [8] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2025, December 25). Q4 2024 and full year 2024 results: Earnings presentation.<\/span>\u00a0<\/span><\/p>\n [9] PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk. (2026, April 18). Investor presentation: FY25 financial highlights and FY26 guidance.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n [10] Samuel Sekuritas Indonesia. (2023, December 12).\u00a0GoTo\u00a0Gojek Tokopedia:\u00a0Deal of the\u00a0year\u00a0– TikTok & Tokopedia partnership analysis.\u00a0<\/span>\u00a0<\/span><\/p>\n [11] Shinhan\u00a0Sekuritas\u00a0Indonesia. (2023, December 18). PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk\u00a0(GOTO): Cementing positive profitability\u00a0outlook .\u00a0<\/span>\u00a0<\/span><\/p>\n [12] Indonesia Stock Exchange (IDX). (2026). Stock price history: GOTO.JK.\u00a0<\/span>\u00a0<\/span><\/p>\n [13] Jakarta Globe. (2026, March 11).\u00a0GoTo\u00a0narrows net loss by 77% in 2025 as revenue climbs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" XINYU CHEN 2702757350 | Binus Business School 1. Introduction\u00a0 PT\u00a0GoTo\u00a0Gojek Tokopedia\u00a0Tbk(GoTo) is the largest digital ecosystem in Indonesia.\u00a0GoTo’s\u00a0mission is to ’empower progress’ by offering technology infrastructure and solutions that help everyone to access and thrive in the digital\u00a0economy.The\u00a0GoTo\u00a0ecosystem\u00a0provides\u00a0a wide range of services, including mobility, delivery, payments, financial services, and technology solutions for merchants. The ecosystem […]<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-600","post","type-post","status-publish","format-standard","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/comments?post=600"}],"version-history":[{"count":3,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/600\/revisions"}],"predecessor-version":[{"id":616,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/600\/revisions\/616"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}