Research & Stock Picks

Company Reports

29 October 2024

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Pakuwon Jati (PWON): IDR 472 BUY – SSI TP: IDR 590; Cons. TP: IDR 575

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

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PWON 3Q24 results

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PWON 3Q24 results

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