PANI and CBDK Shares Poised for Explosive Profit Growth, Backed by PIK2 Expansion
Key Takeaways
|
JAKARTA, Investortrust.id — PT Pantai Indah Kapuk Tbk, or PANI, and PT Citra Bumi Daya Konstruksi Tbk, or CBDK, are entering a phase of accelerated earnings growth, driven by simultaneous property developments and rising land values at the PIK2 township. Analysts say both stocks warrant a “buy” recommendation, with PANI expected to benefit the most from its plan to increase ownership in CBDK through a rights issue.
Sucor Sekuritas, in a research note released recently, projected PANI’s net profit to grow at a compound annual growth rate (CAGR) of 61 percent, reaching Rp 6.8 trillion, equal to about $410 million, by 2029. CBDK’s net profit is expected to grow by 48 percent annually to Rp 6.6 trillion. This growth will be supported by robust marketing sales, which are projected to rise by 24 percent for PANI and 52 percent for CBDK, boosting revenue to Rp 11.8 trillion and Rp 11.6 trillion respectively.
Sucor Sekuritas analyst Cheryl Jennifer Wang wrote that the PIK2 integrated township being developed by PANI is set to become Indonesia’s most iconic and fastest-growing mixed-use area, positioned as the new gateway to Jakarta and a magnet for property investment and economic expansion.
Among the flagship developments within PIK2 are the 400,000-square-meter NICE Convention Centre, which is set to become the largest MICE venue in Indonesia with 11 halls and capacity for over 40,000 visitors, and the upcoming Hilton Jakarta PIK2 hotel with 271 premium rooms, expected to contribute Rp 235 billion in annual revenue starting 2027.
Wang added that the PIK2 area is being prepared as a world-class lifestyle destination, featuring a seaside marina, an international theme park, and even potential plans for a Formula 1 circuit. The area will also host landmark religious facilities and major bank headquarters, establishing PIK2 as a premium ecosystem for living and business with projected land value appreciation of 5 percent per year.
Strategically located on Jakarta’s northern coast, PIK2 comprises 1,823 hectares owned by PANI and 694 hectares owned by CBDK. The site is connected to major toll roads, with the first section of the Kataraja Toll Road scheduled to open in October 2025 and the second phase in June 2026.
Sucor Sekuritas estimated that PANI’s marketing sales would reach Rp 8.5 trillion in 2026 and Rp 11.3 trillion in 2027. CBDK’s sales are forecast to hit Rp 5.3 trillion in 2026 and Rp 8.9 trillion in 2027.
The growth is supported by robust property demand and an increase in average selling prices to Rp 42 million per square meter. PANI’s gross profit margin is projected to rise from 65 percent to 70 percent, which will drive sharp earnings expansion. PANI’s net profit is forecast to reach Rp 1.8 trillion in 2026 and climb to Rp 3.3 trillion in 2027. CBDK’s net profit is expected to rise to Rp 1.4 trillion in 2026 and Rp 2.7 trillion in 2027.
According to Wang, both PANI and CBDK are set for exponential financial growth as they approach 2029. “We project PANI’s net profit to grow at a CAGR of 61 percent to Rp 6.8 trillion, while CBDK’s may expand 48 percent to Rp 6.6 trillion, supported by rising marketing sales,” she wrote.
Given this trajectory, Sucor Sekuritas maintained its “buy” recommendation for PANI with a target price of Rp 20,975 per share, implying 55 percent upside. The firm expects further price catalysts from potential strategic corporate actions, including new land acquisitions or non-cash capital contributions involving up to 1,000 hectares of land around the project area.
Similarly, Sucor Sekuritas also reiterated its “buy” recommendation for CBDK with a target price of Rp 12,925 per share, slightly below its revised net asset value (RNAV) of Rp 14,200 per share. CBDK’s stock remains 57 percent discounted to its fair value, making it attractive for accumulation.
“With strong catalysts from the PIK2 project, compelling valuations, and aggressive growth prospects, PANI and CBDK could become the most significant re-rating stories in Indonesia’s property market,” Wang noted.
Currently, PANI is preparing a third rights issue (PMHMETD III) to issue 1.21 billion new shares. The plan will be finalized following approval at an extraordinary general meeting of shareholders on Thursday, Oct 9, 2025. Most of the proceeds, around Rp 16.12 trillion, will fund the acquisition of an additional 44.1 percent stake in CBDK, raising PANI’s total ownership from 45.9 percent to 90 percent.
The remaining proceeds will be used for capital injections into PANI’s subsidiaries—PT Cahaya Inti Sentosa, PT Karunia Utama Selaras, and PT Panorama Eka Tunggal—through participation in new shares issued by these entities.
Source: Investing.com. Data as current as the time of publication.