Phintraco Sekuritas Research Team conducted a site visit to several ongoing projects undertaken by PT PP (Persero) Tbk within the Pantai Indah Kapuk 2 (PIK 2) area. One of the key projects is the Kamal–Teluknaga–Rajeg (Kataraja) Toll Road Section 1, which is divided into two phases. The first phase was functionally operated from October 9–20, 2025, while the second phase focuses on the construction of Junction Sedyatmo (Ramp 1 & 2), a major connectivity hub linking PIK 2, Soekarno-Hatta International Airport, and Jakarta, targeted to commence operations in 1H26F.

The visit also covered the Mandiri Financial Center, a joint operation project between PTPP (60%) and WIKA (40%) built on ±1.2 hectares, comprising three main buildings — Bank Mandiri’s office tower, a commercial tower, and a parking facility. Based on field observations, construction progress stands at approximately 10–30% and remains on track toward its two-year completion target following the 4Q24 groundbreaking.

In addition, the BNI Office Complex located adjacent to the Mandiri Financial Center has been fully completed and has commenced operations, though initial occupancy remains limited. The project, valued at approximately IDR 1.4 trillion, was entirely executed by PTPP as the sole contractor, reinforcing the company’s strong capabilities in high-end commercial building construction.

We maintain our BUY rating on PTPP with a target price of IDR 600 per share. PTPP currently trades at 0.19x PBV FY25, reflecting a ~55% discount versus its five-year historical average of 0.42x. We believe PTPP’s specialization in the EPC (Engineering, Procurement, and Construction) segment remains a key differentiator among peers, positioning it as a primary beneficiary of ongoing national infrastructure and downstream industrial programs — supporting new contract growth and medium-term profitability.

By PHINTRACO SEKURITAS | Research

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