PWON: Diverse Business Portfolio Maintains Profit Growth
30 Okt 2024PWON’s revenue increased by 4.74% year over year to IDR4.79 trillion in 9M24. This revenue was primarily driven by space rental revenue, which contributed 31.35% of total revenue in 9M24.
PWON’s diverse property business portfolio minimizes performance fluctuations due to high interest rates.
PWON continues to expand its products and actively acquires its landbank.
PWON targets revenue growth in marketing sales and NLA in FY24. PWON projects a 34% increase in shopping center NLA in 2023-2029, PWON has set a 15% yoy growth for marketing sales to IDR1.5 trillion in FY24.
Using discounted cash flow and revalued net asset value methods, we estimate PWON’s fair value to be 595 (11.52x expected P/E FY24F and 68% discount to NAV). Considering PWON’s fair price, we give PWON a buy rating with a potential upside of 24.09%.
By PHINTRACO SEKURITAS | Research
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