Surya Semesta (SSIA) Profit Misses Forecast, Price Target Cut but Rating Raised to Buy
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JAKARTA, Investortrust.id — PT Surya Semesta Internusa Tbk, or SSIA, has reported earnings below market expectations for the first nine months of 2025, leading analysts to revise down their full-year and next-year forecasts, though the company’s Subang Smartpolitan industrial estate remains viewed as a key growth driver for Indonesia’s electric-vehicle supply chain.
The company booked a net profit of Rp 6 billion, representing only about 2 to 3 percent of its 2025 target. Despite the setback, analysts said the long-term outlook for the Subang Smartpolitan industrial park remains solid, particularly as a future hub for electric-vehicle (EV) manufacturing supported by low labor costs.
BRI Danareksa Sekuritas has revised down its 2025 profit forecast for SSIA from Rp 304 billion to Rp 201 billion and its 2026 estimate from Rp 414 billion to Rp 288 billion. The brokerage also trimmed its target price for the stock from Rp 2,475 to Rp 2,050, while upgrading the recommendation to Buy.
BRI Danareksa analyst Ismail Fakhri Suweleh said the company recorded marketing sales of only six hectares out of the 17-hectare target in Karawang and 12 hectares out of the 120-hectare target in Subang. Negotiations are ongoing for industrial land sales of 16 to 20 hectares with a heavy-equipment manufacturer and 80 to 90 hectares with a Chinese automotive producer, which are expected to close in the fourth quarter of 2025.
Although SSIA’s marketing sales fell short of expectations, the company maintained its 2025 sales target while expecting normalization next year to 15–35 hectares in Karawang and 60 hectares in Subang. The management plans to attract more investors from South Korea and Japan through collaboration with Sumitomo Group.
Beyond industrial land, SSIA’s performance was dragged down by a weaker hospitality segment. Hotel revenue plunged 58 percent year-on-year, mainly due to lower occupancy at Melia Jakarta, which stood at 40 percent, and ongoing renovations at Melia Bali. As a result, both the revenue and net-profit outlooks were revised lower, with 2025–2026 earnings cut by 34 and 30 percent, respectively, to Rp 201 billion and Rp 288 billion.
Nevertheless, BRI Danareksa Sekuritas noted that SSIA’s stock remains attractive despite the reduced price target. The shares are currently trading at a 58 percent discount to the company’s revised net asset value (RNAV). Analysts believe the long-term potential of Subang Smartpolitan, supported by competitive labor costs and a growing EV ecosystem, will continue to underpin SSIA’s investment appeal.
Disclosure: Data sourced from InvestingPro as of Nov 13, 2025. This information is provided for analytical purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
Based on data from InvestingPro, SSIA’s stock traded at Rp 1,645 as of Nov 13, 2025, implying a downside potential of 17.2 percent from its estimated fair value of Rp 1,361 on the model average. Analysts’ consensus target, however, remains higher at around Rp 2,866, suggesting expectations of recovery as industrial land sales pick up.
The company’s shares have ranged between Rp 700 and Rp 3,160 over the past year and currently trade at a high earnings multiple, reflecting optimism on the Subang Smartpolitan project despite short-term earnings pressure.
InvestingPro also notes that the valuation implies a weak free-cash-flow yield and modest profitability scores, with the stock ranking below peers in both cash-flow health and price momentum within the Indonesian industrials sector.