Pakuwon Jati Bloomberg: PWON.IJ Reuters: PWON.JK

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1 Company Update Pakuwon Jati Bloomberg: PWON.IJ Reuters: PWON.JK Samuel Research 08 Agustus 2017 Target Price Rp 767 Last Price Rp 690 Potential Upside 11.2% JCI Index 5,771 Share isued (mn) Market Cap. (Rp bn) Weeks High/Low 765 / 535 Avg Daily Vol (mn) Free Float 30.2 Nominal Value Rp 25 Book value/share 17 Rp 214 Relative to JCI Chart BUY (Maintain) JCI Company Background Shareholder Structure PWON 80 Aug-16 Nov-16 Feb-17 May-17 Aug-17 PT Pakuwon Jati Tbk memiliki, mengembangkan dan mengoperasikan shopping centers, business complexes, real estate, industrial estate dan hotels. PT Pakuwon Arthaniaga 69.7% Vanguard Group 1.8% Others 28.5% Akhmad Nurcahyadi, CSA akhmad.nurcahyadi@samuel.co.id Better than its peers Kami masih menyukai PWON, selain kinerja 1H17 yang masih seseuai dengan ekspektasi, PWON juga masih akan menjadi penerima benefit kontinuitas permintaan ruang sewa. Progress proyek yang inline serta angka marketing sales yang dilaporkan jauh lebih baik dari peersnya menjadi alasan lain SSI masih merekomendasikan PWON. Kami menaikan TP +8.05% menjadi Rp767/saham dengan menaikan asumsi harga per sqm dari aset-aset perusaaan (sesuai dengan update terakhir dari PWON). Tetap BUY untuk PWON dengan TP NAV (Disc 50%) sebesar Rp767/saham (18.6xP/E17E, 3.6xPBV17E). 1H17 yang lebih baik dari peers. Pendapatan dan laba di 2Q17 masingmasing bertumbuh +14.1%QoQ, +31.6%YoY dan +58.9%QoQ, +56.7%YoY, sementara untuk 1H17 naik +20.9%YoY dan +0.5%YoY. Di periode yang sama pendapatan +6.6% lebih tinggi dari 2Q17E SSI dan laba melampaui +7.3% dari angka proyeksi kami. Per 1H17, laba tercatat dibawah ekspektasi hanya mencapai 89.47%, sedangkan top line 5.25% diatas angka 1H17E SSI. Kemudahan capaian paruh akhir tahun. Di 2H17, PWON akan lebih mudah mencapai proyeksi FY17E SSI atau hanya 47.2% dibandingkan dengan rata-rata paruh akhir tahun selama lima tahun terakhir sebesar 49.82%. Di sisi lain, laba perlu mencapai 54.5% dari FY17E kami vs rata-rata 47.2%. Pengakuan pendapatan dari backlog PWON dan nilai recurring yang kami perkirakan masih akan stabil akan membantu PWON didalam mencapai laba FY17E SSI dan konsensus. Marketing sales yang inline. Optimisme kami pada PWON juga didukung oleh pencapaian nilai marketing sales yang lebih baik dari peersnya. Ditengah perbaikan sektor yang belum terlihat, pertumbuhan pre sales +5.1%YoY di 1H17 merupakan indikasi daya tahan perusahaan sekaligus cerminan bargaining position PWON terhadap sektor properti. Maintain BUY. Kami menaikan target harga melalui perubahan asumsi harga per m2 untuk aset-aset PWON (update data 1H17). Perbaikan sektor yang kami perkirakan baru akan terlihat stabil tahun depan, menjadikan PWON lebih menarik dibandingkan dengan peersnya yang sangat bergantung pada nilai pre-sales serta rendahnya porsi recurring income. Resiko terletak pada (1) pencapaian pre sales rendah (2) porsi recuring income turun tajam (3) perbaikan sektor makin tidak pasti dan mendorong pelemahan daya beli (4) tertundanya ekspansi dan eksekusi proyek. PWON - Forecast and Valuation (at closing price Rp690 per share) Y/E Dec (Rpbn) 15A 16A 17E 18E Revenue 4,625 4,841 5,587 6,532 EBITDA 2,535 2,551 2,871 3,244 Net Profit 1,262 1,671 1,980 2,340 EPS (Rp) DPS (Rp) BV per Share (Rp) EV/EBITDA (x) P/E Ratio (x) P/BV Ratio (x) Page 1 of 5

2 Figure 1. PWON 1H17 Result Rpbn 2Q16 1Q17 2Q17 QoQ YoY 6M16 6M17 YoY Sales 1,195 1,378 1, ,441 2, Cost Of Sales (579) (591) (689) (1,075) (1,280) 19.1 Gross Profit ,366 1, Operating Expense (115) (120) (119) (1.4) 3.3 (212) (239) 12.8 Operating Profit ,154 1, Net Interest expense (51) (67) (29) (56.9) (43.3) (114) (96) (15.2) Interest Income 26 (99) 162 (264.2) Interest expense (78) 31 (191) (712.1) (165) (160) (3.2) Forex loss (0) (101.1) (101.6) (80.3) Pre-tax Income Tax (15) (6) (5) (21.5) (66.0) (18) (11) (37.1) NI owners company EPS Margin Gross margin (0.91) Operating margin Net margin (6.41) Source: Company, SSI research Figure 2. PWON and Peers Stock Rec Mkt Cap Last price YTD Chg P Cons TP SSI Upside PE PE PBV PBV ROE ROE (Rp bn) (Rp) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BSDE BUY 34,259 1, ,287 2, % 8.5% PWON BUY 33, % 19.3% ASRI HOLD 6, (0.6) % 8.7% SMRA HOLD 14,499 1,005 (24.2) 1,380 1, % 4.8% SSIA BUY 3, % 7.5% CTRA BUY 19,581 1,055 (21.0) 1,584 1, % 11.1% DMAS BUY 9, (11.3) % 10.8% KIJA BUY 6, % 8.1% Average % 9.8% Source: Bloomberg, Respective Companies, SSI research Figure 3. PWON P/E Band Aug-12 Aug-13 Aug-14 Aug-15 Aug-16 Aug-17 Average ST dev +1 ST dev -1 PE - Forward ST dev +2 ST dev -2 Source: Bloomberg, SSI research Page 2 of 5

3 Figure 4. PWON NAV Valuation ASSETS Source: Bloomberg, SSI research Area (ha) Price/sqm (Rp '000) Market Value ( Rp bn) NAV (Rp bn) NAV/Share Landbanks Kota Kasablanka 7 38,000 2,698 2, Gandaria City 3 18, Central Surabaya - Tunjungan City 3 22, East SBY - Pakuwon City Townshi ,500 35,976 35, East SBY - Outside Pakuwon City 22 15,500 3,333 3, West SBY - Grand Pakuwon Town ,000 17,028 17, West SBY - Pakuwon Mall , West SBY - Outside Grand Pakuw , TB Simatupang ,000 1,080 1, Daan Mogot ,000 1,100 1, Bekasi 2.7 2, Total land ,913 1,327 Discount to NAV 50% 31, NAV after tax 5% 30, Development 4, Recurring 5, Subtotal 40, Total Shares (in mn) 48,160 Net cash (3,443) (71) Net asset value 36, Target price 767 Closing 08/07/ Upside potential 10% Page 3 of 5

4 Key financial figures Profit and Loss Cash Flow Yr-end Dec (Rp bn) 15A 16A 17E 18E Yr-end Dec (Rp bn) 15A 16A 17E 18E Revenue 4,625 4,841 5,587 6,532 Net income 1,262 1,671 1,980 2,340 COGS 1,957 2,088 2,448 2,928 Depreciation & amort Gross profit 2,669 2,754 3,139 3,604 Working Capital (480) 1,156 (963) 691 Gross margin (%) Operating CF 1,052 3,160 1,806 3,467 Operating profit 2,265 2,260 2,564 2,925 Net - Capital expenditu (2,208) (3,147) (2,225) (2,908) Operating margin (%) Others 5 (127) 63 (32) EBITDA 2,535 2,551 2,871 3,244 Investing CF (2,203) (3,274) (2,162) (2,940) EBITDA margin (%) Dividend (525) (263) (349) (413) Other inc (exp) (839) (528) (512) (500) Others Pre-tax profit 1,425 1,732 2,051 2,426 Financing CF (302) Income tax - net (25) Net - Cash flow (894) 149 (111) 225 Net profit - owners 1,262 1,671 1,980 2,340 Cash at beginning 3,176 2,283 2,432 2,321 Net profit margin (%) Cash at ending 2,283 2,432 2,321 2,547 Balance Sheet Key Ratios Yr-end Dec (Rp bn) 15A 16A 17E 18E Yr-end Dec 15A 16A 17E 18E Cash & ST Invest 2,283 2,432 2,321 2,547 ROE (%) Receivables ROA (%) Inventories 2,254 2,860 3,281 3,814 Revenue Growth (%) Others EBITDA Growth (%) Total current assets 5,409 6,127 6,598 7,524 EPS Growth (%) Net fixed assets 1,457 1,700 1,726 1,807 Interest Coverage (x) Other assets 11,912 12,848 14,351 15,952 Debt to Equity (%) Total assets 18,778 20,674 22,676 25,283 Net gearing (%) Payables ST. debt & curr. mat Major Assumption Other cur liab 3,689 3,637 3,403 3,920 Yr-end Dec 15A 16A 17E 18E LT. debt 4,372 4,471 4,918 4,824 Recurring income 2,317 2,553 2,891 3,380 Other long term liabiliti Non recurring 2,308 2,288 2,696 3,152 Total liabilities 9,323 9,654 9,920 10,492 USD/IDR (AvG) 13,500 13,253 13,200 12,800 Total equity 9,455 11,020 12,755 14,791 USD/IDR (EoP) 14,000 13,000 12,900 12,600 Page 4 of 5

5 Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer Rangga Cipta Economist Muhamad Makky Dandytra, CFTe Technical Analyst Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Arandi Ariantara Cement, Telecommunication, Utility Marlene Tanumihardja Poultry, Retail, Small Caps Sharlita Lutfiah Malik Mining, Plantation Nadya Swastika Research Associate Private Wealth Management Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id Equity Sales Team Kelvin Long Head of Equities kelvin.long@samuel.co.id Yulianah Institutional Equity Sales yulianah@samuel.co.id Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id Online Trading Sales Team Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id Wahyu Widodo Marketing wahyu.widodo@samuel.co.id Aben Epapras Marketing aben.epapras@samuel.co.id DISCLAIMERS : Analyst Certification : The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia Page 5 of 5