Summarecon Agung’s Sales Beat Lifts Stock Outlook Despite Tepid Market Momentum

JAKARTA, Investortrust.id — PT Summarecon Agung Tbk reported a sharp rebound in marketing sales in the final quarter of 2025, reinforcing investor confidence in one of Indonesia’s largest listed property developers even as its share price continues to lag its estimated intrinsic value.

The company booked Rp 2 trillion in marketing sales in the fourth quarter of 2025, up 41 percent from the previous quarter and 15 percent from a year earlier, according to a daily research note from Mandiri Sekuritas released on Monday. The brokerage said the surge was driven mainly by projects in Serpong, Bandung, and Bogor, supported by a mix of existing inventory and new product launches that achieved take-up rates of around 63 to 65 percent.

That late-year acceleration pushed Summarecon’s full-year 2025 marketing sales to Rp 5.5 trillion, a 27 percent increase year on year. The figure exceeded management’s guidance by 11 percent and came in at 132 percent of Mandiri Sekuritas’ own forecast, underscoring stronger-than-expected demand amid a still uneven property market.

On the back of the performance, Mandiri Sekuritas reiterated its buy recommendation on Summarecon’s shares, setting a target price of Rp 460. With the stock closing at Rp 398, the brokerage sees potential upside of more than 15 percent, arguing that operational momentum has yet to be fully priced in by the market.

That view broadly aligns with valuation metrics from Investing.com, which indicate that Summarecon is trading below its estimated fair value. Based on a blend of discounted cash flow and multiple-based models, the platform places the stock’s average fair value at around Rp 420, implying a moderate upside of roughly 5 to 6 percent. Valuation uncertainty is classified as low, suggesting a relatively narrow confidence range despite a wide theoretical spread between bearish and bullish scenarios.

The Investing.com data also show that while Summarecon scores well on relative valuation and profitability, weaker price momentum and cash flow indicators continue to weigh on sentiment. Over the past five years, the stock has fallen more than 47 percent, reflecting both cyclical pressures in the property sector and shifting investor preferences toward higher-growth industries.

Beyond sales performance, Summarecon has also strengthened its balance sheet through asset divestments. In late November 2025, the company completed the sale of stakes held by two subsidiaries, PT Bali Indah Development and PT Summarecon Bali Indah, to PT Bukit Permai Properti, a subsidiary of PT Bukit Uluwatu Villa Tbk. The transaction generated Rp 536.29 billion in proceeds, providing additional financial flexibility as the company navigates the next phase of its expansion.

For investors, the combination of sales momentum, balance sheet support, and valuation metrics pointing to modest undervaluation suggests a stock that is stabilizing after a long correction. Whether that translates into sustained share price gains, however, will likely depend on broader property demand, interest rate trends, and the company’s ability to convert strong marketing sales into durable earnings growth.