PANI Profit Jumps 62.6% in Nine Months, CBDK Outperforms with Higher Earnings
Key Takeaways
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JAKARTA, Investortrust.id — Property developer PT Pantai Indah Kapuk Dua Tbk, or PANI, controlled by Salim Group and Agung Sedaya Group, has posted a 69.17% increase in profit for the first nine months of 2025 to Rp 1.62 trillion, up from Rp 961.74 billion a year earlier. Profit attributable to owners of the parent rose 62.61% to Rp 791.30 billion from Rp 486.60 billion.
The surge lifted basic earnings per share from Rp 30.30 to Rp 46.86. Cash and cash equivalents climbed sharply to Rp 4.59 trillion from Rp 3.78 trillion, reflecting improved liquidity and operational cash flow.
PANI said in a filing to the Indonesia Stock Exchange on Thursday that its higher profit aligned with rising net revenue, which reached Rp 3.09 trillion as of September 2025, up from Rp 2.09 trillion in the same period last year. Gross profit also rose to Rp 2.03 trillion from Rp 1.19 trillion, driven by continued sales momentum in its flagship Pantai Indah Kapuk 2 development.
From a cost perspective, the company recorded selling expenses of Rp 72.03 billion and general and administrative expenses of Rp 231.34 billion. Despite the increase in operating expenses, profit margins remained stable as higher revenue offset cost pressures. PANI also booked financial income of Rp 113.61 billion, though financing costs climbed to Rp 42.68 billion.
Meanwhile, PT Bangun Kosambi Sukses Tbk, or CBDK, reported even stronger performance during the same period. The company posted an 88.55% jump in profit attributable to owners of the parent to Rp 1.31 trillion from Rp 695.58 billion, lifting basic earnings per share to Rp 232.38 from Rp 136.33.
The gain was supported by higher net revenue, which rose to Rp 2.29 trillion from Rp 1.58 trillion, and a gross profit of Rp 1.59 trillion compared with Rp 932.15 billion a year earlier, reflecting margin expansion across its commercial and residential segments.
CBDK’s administrative expenses increased to Rp 126.9 billion from Rp 79.58 billion, while selling expenses remained steady at Rp 34.7 billion. The company also booked financial income of Rp 93.97 billion, up from Rp 75.34 billion, with pre-tax profit reaching Rp 1.41 trillion from Rp 819.80 billion.
Photo caption: Public Works and Housing Minister Maruarar Sirait (fourth from left), Buddha Tzu Chi Foundation Vice Chairman Aguan (second from left), and West Java Governor Dedi Mulyadi (right) attend an event in Bekasi, West Java, on Thursday, Aug. 21, 2025. (Ministry of Public Works and Housing)
Disclaimer: Data sourced from InvestingPro as of publication. This analysis is for informational purposes only and does not constitute a solicitation, recommendation, or offer to buy or sell any securities. Investors should conduct independent due diligence before making investment decisions.
Valuation
Based on data from InvestingPro, PT Pantai Indah Kapuk Dua Tbk (PANI) trades at Rp 14,150 per share as of the latest session, up 1.07% on the day. The stock has fluctuated between Rp 7,300 and Rp 19,650 over the past 52 weeks, with an average fair value estimate of Rp 8,315, implying a potential downside of 41.2% from its current level. Analyst target prices range from Rp 12,800 to Rp 22,500, suggesting mixed market sentiment driven by differing assumptions on land development timelines, recurring income visibility, and project monetization pace.
PANI’s fair value spread—Rp 5,829 on the lower bound and Rp 15,107 on the upper—reflects medium uncertainty, consistent with the nature of long-horizon property development businesses that depend heavily on macro conditions, regulatory clarity, and infrastructure progress. Despite valuation risks, the company remains a prominent player in Indonesia’s real estate development sector, particularly through its flagship Pantai Indah Kapuk 2 integrated township project.
The firm’s financial health profile is assessed as “fair,” supported by strong liquidity metrics, as it holds more cash than debt on its balance sheet. However, profitability and relative valuation remain moderate, with growth and price momentum scores of 3 out of 5, cash flow health of 2, and relative value of 1, according to InvestingPro’s composite model. This suggests that while PANI is financially sound and enjoys strategic land assets, its current market price embeds high growth expectations that may already be priced in.
PANI’s resilience is underscored by solid cash reserves of Rp 4.59 trillion and rising net profit, but its valuation premium continues to mirror investor optimism toward large-scale coastal property projects backed by the Salim and Agung Sedaya groups. Investors seeking exposure to Indonesia’s property sector may view PANI as a growth proxy, albeit with elevated volatility and stretched valuation metrics relative to industry peers such as PT Metropolitan Kentjana Tbk (MKPI), PT Summarecon Agung Tbk (SMRA), and PT Jaya Real Property Tbk (JRPT).