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Strength
Hospitality income (24% of top-line) jumped +21% QoQ/+10% YoY in 3Q24 on the back of seasonality, leading to +9% QoQ/+12% YoY increase in recurring revenue (89%) to IDR 1.3tn; IDR 375bn forex gain provided additional boost to net profit (2Q24: -IDR 170bn forex loss)
Weakness
In 3Q24, development revenue (11% of sales) saw considerable decline of -65% QoQ/-63% YoY to IDR 170bn, driven mainly by low handover; VAT-exempted pre-sales fell -37% YoY to IDR 177bn in 3Q24 amid weak purchasing power
Opportunity
PWON has high proportion of mortgage payers, c. 50%, and will therefore benefit from the anticipated rate cuts; unexciting Ytd market performance provides investors with buying opportunities
Threat
Rupiah depreciation may hinder PWON’s net profit growth, as forex gains account for 37% of the company’s pre-tax profit; 6M market outperformance may lead to some profit-taking
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
