GoTo Gojek Tokopedia could face some slowdown in earnings growth due to regulatory changes in Indonesia, Maybank analyst Etta Rusdiana Putra writes in a note. The government plans to reduce the amount of commission that ride-hailing companies can collect, but there is limited visibility on the details of the policy, Putra says. The margin squeeze from the new policy, which could impact short-term operations, is likely to slow down GoTo's path toward profitability, Putra adds. The competitive landscape with Shopee and Grab is also intensifying, Putra adds. Maybank retains a buy rating on the stock but cuts its target price to 80 rupiah from 120 rupiah. The Indonesia market is closed Thursday for a holiday. (kimberley.kao@wsj.com)