PWON’s net profit grew 3.8% YoY to IDR 1.7 trillion in 9M25. This achievement was primarily driven by recurring income, which increased 7.7% YoY to IDR 3.8 trillion in 9M25 and represented 80% of total revenue.

Marketing sales decreased 19% YoY to IDR 903 billion in 9M25 (67% Annualized FY25F target for marketing sales). Marketing sales achievement was contributed by High-rise buildings (58%) with mortgage payments (63%).

After its August 22, 2025, inauguration, the Aloft Hotel’s Revenue per Available Room (RevPar) reached IDR 512,000 per day in 9M25. Meanwhile, the Four Points Bekasi Hotel had a RevPar of IDR 193,000 per day in 9M25.

In addition, PWON also continues to develop its shopping center sector, where shopping centers remain a major contributor to PWON’s revenue. Following PWON Mall Bekasi, which began operating at the end of 2024, PWON continues to actively develop several large malls, including Pakuwon City Mall phase 3, targeted for completion in 2026.

In terms of property sales, with the support of VAT incentives extended until the end of 2025 and the progress of solid projects, PWON targets marketing sales of IDR 1.8 trillion (+15.8% YoY) in FY25E.

Therefore, we maintain our Buy rating for PWON with the same projection and fair value as in the previous PWON company update, which is IDR 535 with a potential upside of 44.59%.

By PHINTRACO SEKURITAS | Research
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