PANI’s revenue decrease 4% YoY to Rp612 billion in 3M25. This decline was in
line with the decrease in other revenues by 69% YoY to Rp6.9 billion in 3M25 due to the high base effect in 3M24.

Optimal landbank with maintained debt structure. PANI has a total land area of 1,845 ha in 3M25, an increase of 238 ha compared to 1,607 ha in FY23.

PIK 2 has become a prestigious residential, business, entertainment, and
tourism destination.

The PIK 2 area, which is close to the sea and the facilities that have been built are a special attraction for consumers, including large companies, to join, invest, and explore business opportunities.

PANI properties are supported by complete infrastructure and facilities. PIK 2 is located in a strategic area, close to the outer and inner ring road toll road, making it easy to access Jakarta and South Tangerang, and only 7 minutes to SoekarnoHatta Airport.

We give PANI a buy rating. Its estimated fair value is 15,200, and its potential upside is 33%. The fair value is obtained using the Discounted Cash Flow and Revalued Net Asset Value methods. It reflects 169x expected P/E FY25F and a 70% discount to NAV.

By PHINTRACO SEKURITAS | Research
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