Pakuwon Jati Tbk Surges in 2025: Hotels, Profits & 45% Upside Target

Tickers: PWON.JK (Jakarta IDX), PTPKF (US OTC) – Indonesia’s leading “superblock” developer. Market cap ~IDR18.3T (USD1.15B) ^[1] ^[2].
2025 YTD Stock: Trading ~IDR380 (27 Sept 2025) vs 52-week range 304–530 ^[3] ^[4]. 2025 YTD down ~5.5% as of May (despite recent gains) ^[5]. Shares are tightly held (~69% by founders).
2025 Financials: 1H2025 revenue Rp3.37T (+3% YoY) and net profit Rp1.39T (+33% YoY) ^[6]. For full-year 2024, revenue Rp6.67T (+7.6%), net income Rp2.075T (slightly below 2023) ^[7]. Retail leasing and hotels drive growth (recurring revenue +10% in 1H25) ^[8].
Valuation: Modest multiples: P/E ~7.7–8.0× (TTM/forward) and P/B ~0.85 ^[9]. Dividend yield ~3–3.4% ^[10]. MarketScreener (US OTC) confirms ~8× 2025 P/E, EV/Revenue ~2.1× ^[11]. These are roughly in line with peers (e.g. Ciputra ~7× P/E).
Analyst View: Consensus “Strong Buy” – average 12-month target ~IDR552 (45% upside) ^[12]. Key brokers (JPMorgan, Macquarie, CLSA) target IDR500–560. Maintain BUY (IDR480) at KB Valbury ^[13].
Growth Drivers: New openings boost recurring income. Four Points by Sheraton Bekasi opened Sept 2025, adding 242 rooms ^[14]; Aloft Surabaya (Marriott) opens Aug 2025 (233 rooms) ^[15]. Two more Bekasi hotels (Sheraton, Fairfield Marriott) are under construction ^[16]. These enrich its superblock projects and repeat visitor draw. Hospitality now ~20% of revenue ^[17].
Outlook: Analysts forecast modest revenue growth (~3% in 2025) and improving profits (2025F net ~Rp2.16T, +4% vs 2024) ^[18]. Bank Indonesia rate cuts (BI7DRR ~5.25%) are expected to spur property demand ^[19]. Recurring income from malls/offices/hotels should stabilize earnings.
Risks: Slowing sales if stimulus fades, rising costs, competition. Quarterly reports note expense pressures (Q1’25 net margin down vs prior year) ^[20]. Key downside includes soft demand for retail/office/hotels, higher construction costs ^[21]. Indonesian regulators recently extended a 100% VAT incentive on housing through 2025 ^[22] (supporting new home sales), but any tax or policy changes pose risk. Currency or global rate shocks could also dampen sentiment.
Opportunities: Strong cash (IDR8–10T) enables financing projects with little debt ^[23]. Continued mall expansions (Pakuwon Mall Surabaya Phase 3, Bekasi, etc.) and mixed-use developments offer long-term upside. A growing middle-class and urbanization in Indonesia underpins housing demand. New superblock projects in Batam, Semarang (as teased in IG) may fuel future growth. Upgrades by Moody’s (Ba1) and Fitch (BB+) on strong recurring cash flows add confidence ^[24].
Expert Comment: In a Sep 2025 press release, Director Minarto Basuki hailed Four Points Bekasi as “an important milestone… further strengthening our position as one of Indonesia’s leading property developers” ^[25]. Analysts note the recurring-income focus (shopping malls + hotels) protects margins, even as landed housing growth slows ^[26] ^[27]. KB Valbury sums it up: “high recurring income (79% of 2025 revenue) helps support earnings amid macro headwinds” ^[28] ^[29].

Sources: Company releases and financial filings ^[30] ^[31]; broker research ^[32] ^[33]; market data (Reuters, Marketscreener) ^[34] ^[35]; news reports ^[36] ^[37]; analyst consensus ^[38]. All figures in Indonesian rupiah unless noted.