PWON - FY22 PATMI at IDR1.83 tn

Pakuwon Jati (PWON) booked FY22 PATMI at IDR1.83 tn vs IDR1.55 tn in FY21, supported by solid top line growth, which recorded at IDR5.98 tn compared to IDR5.71 tn in FY21. Previously, the developer bought Hotel Four Points Kuta in Kuta, Bali pada 10 Maret 2023, which consist of 185 rooms. The main reason is to diversified the business based on region. Adding this new hotel to portfolio is expected to capture opportunity outside Jakarta and Surabaya. (Source : Investor Daily). Comment : Of the total revenue in FY22, recurring income continue to play important role. This, we believe will continue in 2023 and at the same time underpin the overall growth amid property market expectation on potential softened housing and apartment sales. PWON likely also to book higher hotel revenue this year (grew from IDR445 bn to IDR 857 bn in FY22) as movement restrictions has turned to zero and demand as well rental price tag has normalized. This segment will also underpin ‘23F recurring income, in our view.