External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>PWON booked marketing sales of IDR442 billion in 3Q23 (+46% qoq, +20% yoy) driven by its high-rise residential sales.</li><li>We reaffirm our BUY rating on PWON on the back of: 1) marketing sales recovery in 3Q23, 2) its strong investment property portfolio, and 3) its cheap valuation.</li><li>We maintain our TP at IDR610 which is based on a 56% discount to its RNAV. Recovery in 3Q23 marketing sales. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PWON booked marketing sales of IDR442 billion in 3Q23 (+46% qoq, +20% yoy) driven by its high-rise residential sales.We reaffirm our BUY rating on PWON on the back of: 1) marketing sales recovery in 3Q23, 2) its strong investment property portfolio, and 3) its cheap valuation.We maintain our TP at IDR610 which is based on a 56% discount to its RNAV. Recovery in 3Q23 marketing sales. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakuwon Jati (PWON IJ) - Attractive Valuation Amid Marketing Sales Recovery

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.</li><li>Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.</li><li>According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Residential sales grew by +31.2% YoY in 1Q24, meanwhile the ASP was relatively stable with +1.9% YoY growth.Developers recorded an average increase in marketing sales of 13.1% YoY in 1Q24, with approximately ~46-47% marketing sales resulting from the VAT incentive, in line with the 100% VAT allowance in 1H24 and 50% in 2H24.According to the survey from Rumah123, Tangerang became the most popular location reaching 15.6%, followed by South Jakarta (11.4%) and West Jakarta (10.8%), with a price range of IDR1-3billion/unit. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property Sector - The Dawn of a Promising Upsurge

<ul><li>Majority of property developers’ marketing sales showed stable growth of 0-2% yoy in 4Q23, with CTRA showing the strongest at 45% yoy.</li><li>We expect a brighter sales outlook for FY24 (at +8-12% yoy), supported by a continuation in VAT and LTV stimulus.</li><li>We currently have an OW rating on the sector; possible downside risks might come from postponement of commercial property purchases.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Majority of property developers’ marketing sales showed stable growth of 0-2% yoy in 4Q23, with CTRA showing the strongest at 45% yoy.We expect a brighter sales outlook for FY24 (at +8-12% yoy), supported by a continuation in VAT and LTV stimulus.We currently have an OW rating on the sector; possible downside risks might come from postponement of commercial property purchases.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property: Stable 4Q23 Marketing Sales Growth (OVERWEIGHT)

<ul><li>The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.</li><li>The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.</li><li>We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The development of the new capital city Nusantara (IKN) will create new markets for listed developers to tap.The Public Private Partnership (PPP) scheme appears a less risky option for developers, while pure investment through Land Allocation (LA) offers attractive return potential if the right market segments can be targeted.We remain OW on the sector given its attractive valuation (72% D2NAV), with PWON and CTRA as our top picks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - Attractive new markets from IKN development

<ul><li>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indonesia

PT Pakuwon Jati Tbk owns, develops, and manages shopping centers, business complexes, real estate, industrial estate, and hotels.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Pakuwon Jati (PWON IJ)