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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