PWON’s Net income grew 34% YoY to Rp1.14 trillion in 6M25. This achievement was primarily driven by recurring income, which increased 10% YoY to Rp2.45 trillion in 6M25 and contributed 80% to total revenue.

The Net Leasable Area (NLA) of PWON’s shopping centers grew 8.15% YoY to 849 thousand m² with an average occupancy rate of 96% in 6M25. In addition, office NLA grew 11% YoY to 172 thousand m² with an average occupancy rate of 77% in 6M25.

Superblock Bekasi, Pakuwon Mall Surabaya, and the new landbank in Semarang have the potential to boost PWON’s performance. In addition, PWON is also continuing the development of several major projects, such as Pakuwon City Mall phase 3 Surabaya and Pakuwon Mall Bekas

With the support of VAT incentives extended until the end of 2025 and solid project progress, PWON is targeting marketing sales of IDR 1.8 trillion (+15.8% YoY) in FY25. For information, 75% of total marketing sales in 6M25 were contributed by the VAT incentive.

We maintain our Buy rating for PWON with the same projection and fair value as in PWON’s previous company update, which is IDR 535 with an upside potential of 51.13%.

By PHINTRACO SEKURITAS | Research
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