• The primary property contributor to PANI by contributing 90% of 2023 top-line and 50.7% of total assets, Bangun Kosambi Sukses (CBDK) plans to list its shares on 13 January 2025 by issuing 567mn shares (10% free float) and potentially raising up to IDR 2.3tn (USD 144mn). CBDK manages multiple developments in Pantai Indah Kapuk, North Jakarta: residential (Permata Hijau, Manhattan, Millenial Houses) and commercial (Bizpark PIK 2, Soho Manhattan, The Bund, Millenial Shop Office, Soho Wallstreet, Asia Afrika Shop Office, Petak 9 Shop Office, Little Siam Shophouse, Menara Syariah).
• CBDK’s IPO proceeds will be used to develop c.40 ha of land MICE (meetings, incentives, conferences, and exhibitions) project, belonging to its subsidiary, Industri Pameran Nusantara (IPN). This project will nearly double the size of ICE-BSD (22 ha), Indonesia’s current largest MICE facility.
• In terms of earnings, CBDK forecasts annualized 2024F revenue of IDR 2tn (+3% YoY) with NPM of 47%, bringing 2024F net profit to IDR 936 bn (+62% YoY). On valuation, offering price range of IDR 3,000-4,060 per share appears undemanding reflecting significant discount to NAV of 72–79% given CBDK’s total NAV at IDR 14,408/share. Assuming narrowing discount to NAV towards the sector average target of 50%, CBDK offers up to 157% potential share price upside upon listing to IDR 7,700. SUBSCRIBE.