Financials PT Pakuwon Jati Tbk

Equities

PWON

ID1000122500

Real Estate Development & Operations

End-of-day quote INDONESIA S.E. Other stock markets 03:30:00 20/05/2024 am IST			5-day change	1st Jan Change
400 ^IDR	+0.50%		+6.38%	-11.89%

27/03	PT Pakuwon Jati Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI
2023	PT Pakuwon Jati Tbk Reports Earnings Results for the Nine Months Ended September 30, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,74,50,973	2,45,61,397	2,23,46,056	2,19,60,779	2,18,64,459	1,92,63,841	-	-
Enterprise Value (EV) ²	27,934	25,619	21,609	20,793	21,864	17,582	15,385	19,332
P/E ratio	10.1 x	26.4 x	16.2 x	14.3 x	10.4 x	9.1 x	8.29 x	7.63 x
Yield	1.23%	-	-	0.88%	-	2%	1.77%	2.73%
Capitalization / Revenue	3.81 x	6.18 x	3.91 x	3.67 x	3.53 x	2.91 x	2.71 x	2.53 x
EV / Revenue	3.88 x	6.44 x	3.78 x	3.47 x	3.53 x	2.65 x	2.16 x	2.54 x
EV / EBITDA	7.07 x	12.5 x	7.41 x	6.34 x	6.5 x	4.97 x	3.96 x	4.65 x
EV / FCF	28.2 x	21.2 x	10.2 x	11.1 x	-	-133 x	17.3 x	94.8 x
FCF Yield	3.54%	4.71%	9.8%	9.05%	-	-0.75%	5.79%	1.06%
Price to Book	1.83 x	1.68 x	1.39 x	1.27 x	-	0.93 x	0.84 x	0.79 x
Nbr of stocks (in thousands)	4,81,59,602	4,81,59,602	4,81,59,602	4,81,59,602	4,81,59,602	4,81,59,602	-	-
Reference price ³	570.0	510.0	464.0	456.0	454.0	400.0	400.0	400.0
Announcement Date	10/05/20	11/04/21	05/04/22	27/03/23	27/03/24	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	7,202	3,977	5,713	5,987	6,200	6,623	7,108	7,600
EBITDA ¹	3,953	2,051	2,916	3,282	3,362	3,538	3,890	4,157
EBIT ¹	3,451	1,501	2,270	2,602	2,660	2,818	3,108	3,307
Operating Margin	47.92%	37.73%	39.73%	43.46%	42.9%	42.55%	43.72%	43.52%
Earnings before Tax (EBT) ¹	3,271	1,149	1,853	2,178	2,769	2,836	3,111	3,364
Net income ¹	2,720	929.9	1,383	1,539	2,105	2,116	2,325	2,525
Net margin	37.76%	23.38%	24.2%	25.7%	33.95%	31.95%	32.71%	33.22%
EPS ²	56.47	19.31	28.71	31.95	43.71	43.94	48.27	52.44
Free Cash Flow ³	9,88,901	12,07,325	21,18,416	18,81,245	-	-1,32,000	8,90,600	2,04,000
FCF margin	13,730.92%	30,356.07%	37,078.86%	31,419.9%	-	-1,992.92%	12,528.84%	2,684.3%
FCF Conversion (EBITDA)	25,019.52%	58,879.01%	72,640.79%	57,318.13%	-	-	22,894.88%	4,907.87%
FCF Conversion (Net income)	36,362.89%	1,29,831.25%	1,53,225.51%	1,22,251.27%	-	-	38,298.33%	8,080.49%
Dividend per Share ²	7.000	-	-	4.000	-	8.004	7.074	10.93
Announcement Date	10/05/20	11/04/21	05/04/22	27/03/23	27/03/24	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,925	1,307	1,444	1,744	1,492	1,385	1,512	1,673	1,631	1,530	1,366	1,707	2,049	1,820	1,456
EBITDA ¹	1,064	731.3	744.2	965.6	841.1	783	839	856.9	854.4	713.9	725.4	906.7	1,088	1,034	827.3
EBIT ¹	897.9	566	577.1	799.8	659.2	601.7	670.5	704.8	683.3	663.2	588.1	735.1	882.1	857.5	686
Operating Margin	46.64%	43.3%	39.97%	45.85%	44.18%	43.46%	44.34%	42.13%	41.89%	43.34%	43.05%	43.05%	43.05%	47.13%	47.13%
Earnings before Tax (EBT) ¹	-	407.5	451.7	360.7	531.1	662.4	582.7	467.9	774.9	422.6	606.9	758.6	910.3	887.8	710.2
Net income ¹	660.6	370.6	382.9	437.9	347.4	595.4	503.4	388.4	618.1	330.9	417	521.2	625.4	626.2	500.9
Net margin	34.32%	28.35%	26.52%	25.11%	23.28%	43%	33.29%	23.22%	37.89%	21.62%	30.52%	30.52%	30.52%	34.41%	34.41%
EPS ²	13.72	7.700	7.950	9.090	7.210	12.36	10.46	8.060	12.83	6.871	8.658	10.82	12.99	13.00	10.40
Dividend per Share ²	-	-	-	-	4.000	-	-	-	-	-	1.218	1.523	1.827	1.508	1.206
Announcement Date	05/04/22	24/05/22	11/08/22	03/11/22	27/03/23	02/05/23	01/08/23	30/10/23	27/03/24	07/05/24	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	483	1,057	-	-	-	-	-	68
Net Cash position ¹	-	-	737	1,167	-	1,682	3,879	-
Leverage (Debt/EBITDA)	0.1223 x	0.5155 x	-	-	-	-	-	0.0164 x
Free Cash Flow ²	9,88,901	12,07,325	21,18,416	18,81,245	-	-1,32,000	8,90,600	2,04,000
ROE (net income / shareholders' equity)	19.7%	6.28%	9.01%	9.23%	-	10.3%	10.7%	10.6%
ROA (Net income/ Total Assets)	10.6%	3.54%	5%	5.18%	-	7.49%	6.86%	7.57%
Assets ¹	25,557	26,269	27,663	29,734	-	28,273	33,888	33,372
Book Value Per Share ³	311.0	304.0	333.0	359.0	-	430.0	473.0	508.0
Cash Flow per Share ³	36.80	29.50	46.50	56.50	-	49.20	63.20	76.90
Capex ¹	781	212	282	838	-	1,691	1,584	2,601
Capex / Sales	10.85%	5.32%	4.93%	14%	-	25.53%	22.28%	34.23%
Announcement Date	10/05/20	11/04/21	05/04/22	27/03/23	27/03/24	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Pakuwon Jati Tbk

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

400 IDR

Average target price

569.4 IDR

Spread / Average Target

+42.35%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
PT PAKUWON JATI TBK	-11.89%	120.42Cr
CHINA RESOURCES LAND LIMITED	+15.71%	2.99TCr
SUN HUNG KAI PROPERTIES LIMITED	-5.57%	2.84TCr
MITSUI FUDOSAN CO., LTD.	+27.44%	2.68TCr
DLF LIMITED	+17.50%	2.53TCr
CHINA OVERSEAS LAND & INVESTMENT LTD.	+17.30%	2.29TCr
MITSUBISHI ESTATE CO., LTD.	+38.78%	2.24TCr
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+11.92%	1.82TCr
EMAAR PROPERTIES	0.00%	1.86TCr
HENDERSON LAND DEVELOPMENT COMPANY LIMITED	+11.02%	1.69TCr

Other Real Estate Development & Operations