ASRI’s net profit is projected to reach IDR 35 billion in FY25 and IDR 202 billion in FY26. This aligns with the potential increase in ASRI’s revenue, particularly from land plot sales in the real estate segment, which are expected to grow significantly in FY25 and FY26.

ASRI had a landbank of 1,936.5 ha as of 9M25. With its current landbank, ASRI has visibility for project development over the next 15–20 years. ASRI’s landbank is supported by strategically located integrated township areas along the Jakarta Tangerang Area.

ASRI booked marketing sales of IDR 2.1 trillion in 9M25. This achievement represents 40% of its full-year sales target of IDR 3.5 trillion for FY25.The majority of marketing sales were generated from residential houses and land plots, totaling IDR 1.3 trillion, mainly contributed by Sutera Rasuna, The Gramercy, and Sutera Nexen.

We assign a Buy recommendation on ASRI with an estimated fair value of IDR 268 per share, implying a potential upside of 41.05%. This recommendation is based on our Discounted Cash Flow valuation, using a required return of 10.71% and a terminal growth rate of 1.50%.

By PHINTRACO SEKURITAS | Research
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