- Tickers: PWON.JK (Jakarta IDX), PTPKF (US OTC) – Indonesia’s leading “superblock” developer. Market cap ~IDR18.3T (USD1.15B) Reuters Marketscreener.
- 2025 YTD Stock: Trading ~IDR380 (27 Sept 2025) vs 52-week range 304–530 Reuters Reuters. 2025 YTD down ~5.5% as of May (despite recent gains) Idnfinancials. Shares are tightly held (~69% by founders).
- 2025 Financials: 1H2025 revenue Rp3.37T (+3% YoY) and net profit Rp1.39T (+33% YoY) Pakuwonjati. For full-year 2024, revenue Rp6.67T (+7.6%), net income Rp2.075T (slightly below 2023) Reuters. Retail leasing and hotels drive growth (recurring revenue +10% in 1H25) Pakuwonjati.
- Valuation: Modest multiples: P/E ~7.7–8.0× (TTM/forward) and P/B ~0.85 Reuters. Dividend yield ~3–3.4% Reuters. MarketScreener (US OTC) confirms ~8× 2025 P/E, EV/Revenue ~2.1× Marketscreener. 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) Investing. Key brokers (JPMorgan, Macquarie, CLSA) target IDR500–560. Maintain BUY (IDR480) at KB Valbury Kbvalbury.
- Growth Drivers: New openings boost recurring income. Four Points by Sheraton Bekasi opened Sept 2025, adding 242 rooms Pakuwonjati; Aloft Surabaya (Marriott) opens Aug 2025 (233 rooms) Prnewswire. Two more Bekasi hotels (Sheraton, Fairfield Marriott) are under construction Idnfinancials. These enrich its superblock projects and repeat visitor draw. Hospitality now ~20% of revenue Pakuwonjati.
- Outlook: Analysts forecast modest revenue growth (~3% in 2025) and improving profits (2025F net ~Rp2.16T, +4% vs 2024) Kbvalbury. Bank Indonesia rate cuts (BI7DRR ~5.25%) are expected to spur property demand Kbvalbury. 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) Idnfinancials. Key downside includes soft demand for retail/office/hotels, higher construction costs Kbvalbury. Indonesian regulators recently extended a 100% VAT incentive on housing through 2025 Co (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 Kbvalbury. 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 Pakuwonjati.
- 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” Pakuwonjati. Analysts note the recurring-income focus (shopping malls + hotels) protects margins, even as landed housing growth slows Kbvalbury Kbvalbury. KB Valbury sums it up: “high recurring income (79% of 2025 revenue) helps support earnings amid macro headwinds” Kbvalbury Kbvalbury.
Sources: Company releases and financial filings Pakuwonjati Pakuwonjati; broker research Kbvalbury Kbvalbury; market data (Reuters, Marketscreener) Reuters Marketscreener; news reports Idnfinancials Co; analyst consensus Investing. All figures in Indonesian rupiah unless noted.
