PWON – Posts IDR1.55 tn in FY24 presales, achieving their target

PWON – Posts IDR1.55 tn in FY24 presales, achieving their target Pakuwon Jati (PWON) recorded marketing sales of IDR1.55 tn throughout FY24, representing a 15.8% yoy increase. Approximately 46.2% of the sales were contributed by landed-houses, while the remaining 53.8% came from the high-rise segment. In 4Q24, presales amounted to IDR427.2 bn, up 26.0% yoy compared to IDR338.9 bn in 4Q23. About 53.1% of the presales transactions were financed through bank credit. (Source : Company) Comment: This presales achievement, which reached 101% of the targeted IDR1.54 tn, highlights PWON’s solid performance. In FY24, with 53.8% of its products priced below IDR2.0 bn, the company is well-positioned to benefit from the extension of the 100% VAT discount through June 2025 and the 50% discount for July–December 2025. Additionally, given the company's high reliance on mortgage financing (53.1% in FY24), PWON is well-positioned to gain from potential interest rate cuts, which would make home loans more affordable and further drive demand for its projects. These solid FY24 presales figures provide a solid revenue outlook for the next 2-3 years (1-2 years for the landed houses and up to 3 years for the high-rise segment).