PWON - Solid 1H25 on track to meet ‘25F targets

KBVS Update
Thursday, 14 August 2025

PWON - Solid 1H25 on track to meet ‘25F targets
(Reiterate BUY - TP: IDR480)

Delivers solid 2Q25 with strong recurring-revenue growth. PWON’s 2Q25 revenue rose 16.9% qoq to IDR1.8 tn, lifting 1H25 revenue to IDR3.4 tn (+3.4% yoy), driven by stronger recurring-income (+10.0% yoy in 1H25, +3.8% qoq in 2Q25) despite weaker real-estate sales.

Maintains ‘25F outlook on strong recurring-income. PWON’s 1H25 results are on-track, supporting unchanged ‘25F forecasts. Recurring-income is expected to contribute 79% of total revenue, driving stability, with full-year total revenue projected to grow 2.9% yoy to IDR6.9 tn. Shopping center, office & serviced-apartment revenue should rise 5.4% yoy, while shopping-malls are set to grow 7.2% on higher occupancy & new openings. EBITDA is tracking toward IDR3.6 tn, interest-expenses remain manageable, and net profit is projected to increase 4.1% to IDR2.2 tn with a slightly higher margin of 31.5%.

Reiterate BUY with TP of IDR480. Maintain our BUY call with a target price of IDR480, using 5yrs DCF (WACC: 11.3%; LTG: 3%), implying 0.9x ‘25F P/B and 59.0% discount to ‘25F RNAV.

Regards,
Steven Gunawan - KBVS Research