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STOCK RECOMMENDATION - JAKARTA. PT Pantai Indah Kapuk Dua Tbk (PANI) has reported pre-sales revenue, or marketing sales, of IDR 1.5 trillion in the first quarter of 2024.
According to the Indonesia Stock Exchange's disclosure information, this achievement represents 27% of PANI's 2024 marketing sales target of IDR 5.5 trillion.
The significant increase in marketing sales is attributed to the high public interest in purchasing property, particularly due to the government's supportive policies towards the property industry.
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PANI's marketing sales in the first quarter of 2024 saw a year-on-year (yoy) increase of 177%. In the first quarter of 2023, PANI recorded marketing sales of IDR 534 billion.
"This increase was influenced by PANI's successful acquisition of seven new subsidiaries that aggressively launched 12 new projects and began contributing to pre-sales in this period," said PANI's President Director Sugianto Kusuma in the disclosure information.
For the record, PANI has conducted a limited public offering to shareholders in the context of HMETD II to purchase 2.09 billion new ordinary shares offered at an execution price of IDR 5,000 per share. The total funds raised from this corporate action amount to IDR 10.5 trillion.
Of the total, IDR 9.5 trillion was used to acquire seven new companies. These include PT Bumindo Mekar Wibawa, PT Cahaya Inti Sentosa, PT Jaya Indah Sentosa, PT Karunia Utama Selaras, PT Kemilau Karya Utama, PT Sharindo Matratama, and PT Sumber Cipta Utama. This action has added a land bank of approximately 815 hectares.
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"The remainder, amounting to IDR 990 billion, was used for the purchase of land by PT Panorama Eka Tunggal covering approximately 35 hectares," he explained.
When broken down by segment, commercial land plots contributed the most to the increase in PANI's marketing sales in the first quarter of 2023.
The second largest contributing business segment during this period was the landed house segment. Lastly, contributions were made by the commercial product segment.
The projects launched and marketed during the first quarter of 2024 are mostly located in the central business district (CBD) PIK 2.
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The landed house products launched during this period include Bukit Nirmala, Pantai Bukit Villa, Ilona @ Pasadena Hills, Rumah Milenial, Permata Hijau Residence, Pasir Putih Residence, Permata Golf Residence, and The Golf Signature.
Meanwhile, the commercial products released during this period include Rukan Marina Bay, SOHO The Bund, Bizpark PIK2, Rukan Petak Sembilan (Cin Te Yen), and Rukan Lau Pa Sat.
Stock Market Observer and Founder of WH Project, William Hartanto, sees that PANI's stock movement is still in a sideways trend at a support level of IDR 5,080 per share and resistance of IDR 5,750 per share.
William recommends buying PANI with a target price of IDR 5,750 per share.
