Pakuwon Jati: Defensive strength amid volatile business setting

研报英文原文证据摘录

Pakuwon Jati: Defensive strength amid volatile business setting

Global Research

31 July 2026ab

First Read

EquitiesPakuwon Jati

Defensive strength amid volatile business setting Indonesia

Real Estate

12-month rating Buy

Defensive business cushions sector headwinds

The Indonesia property sector is facing multiple headwinds, including rising interest 12m price target Rp422

rates and regulatory uncertainty. We expect Pakuwon (PWON) to stand out in this Prior : Rp485

challenging environment, given its sector-leading recurring income and superblock

Price (30 Jul 2026) Rp266

business model. For full-year 2026, we expect PWON to book 7% revenue growth and a

negligible 1% decline in NPAT despite the sector challenges, led by the recurring income RIC: PWON.JK BBG: PWON IJ

stream from its defensive superblock assets, which we expect to deliver 9% YoY revenue Trading data and key metrics

growth driven by shopping mall rental reversions and full revenue recognition from three

52-wk range Rp392-238

new hotels – Fairfield and Four Points in Bekasi, and Aloft Pakuwon City in Surabaya. We

Market cap. Rp12,810b/US$0.71b

expect development revenue to decline 3% YoY this year, given fewer launches and a

Shares o/s 48,160m (ORD)

soft residential market, while new launches of Eluna Tower and Pakuwon City would

help to mitigate the soft revenue growth. We like Pakuwon's defensive strength given its Free float 42%

superblock focus and geographically diversified project footprint, and believe its top-line Avg. daily volume ('000) 66,714

strength is underappreciated by the market with the stock trading at just a 5x 2027E PE. Avg. daily value (m) Rp17,816.3

Common s/h equity (12/26E) Rp23641b

Q226 earnings reaffirm its resilience P/BV (12/26E) 0.5x