June 10, 2025
A City on the Rise

Market Commentary
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            What if we told you that a weekend drive to Sentul now feels like entering a major festival? It’s not just hype on long weekends, up to 40,000 cars pass through the iconic LOVE roundabout. Even on regular weekends, traffic ranges from 30,000–35,000 vehicles, and weekdays hold steady at 15,000.

It’s clear proof that Sentul City has gained more attention than before the pandemic. From lifestyle retail to real estate, this momentum is transforming Sentul into one of Indonesia’s most exciting emerging destinations.

On May 11, 2025, Sentul hosted BOGORUN 2025 at Taman Budaya, and it completely exceeded expectations. The event welcomed over 4,000 participants, including casual runners, pro athletes, and para-athletes, far above the 2,500 target.



The race didn't just bring energy to the streets, it filled every bed in town. Hotels and homestays were fully booked for three days before and after the event. That’s a powerful boost not only for tourism, but also for Sentul's local hospitality economy.

To ride the wave of momentum, BKSL is gearing up to launch the Sentul City Holiday Great Sale this June–July school holiday season. Expect discounts of up to 60% across hotels, homestays, restaurants, and other local businesses.

This isn’t just a promo it’s a smart strategy. The goal: increase spending, support local entrepreneurs, and solidify Sentul as a go to leisure destination for families and city escapees.

While the streets of Sentul are heating up, so is BKSL’s financial performance.

Behind the scenes, BKSL is undergoing a financial transformation that’s just as dramatic as what’s happening on the ground in Sentul City. In 2024, the company booked Rp744 billion in revenue, but that figure is projected to skyrocket to Rp2.77 trillion in 2025.


Profitability tells an even more impressive story: net income is expected to leap from Rp17 billion to Rp703 billion, marking a massive turnaround. And for shareholders, the rewards are clear, earnings per share (EPS), which stood at zero in 2024, are forecasted to hit IDR 4 in 2025, a stunning 3,949% year-on-year increase.

 Even valuation metrics are stabilizing: after sitting at an unsustainably high P/E ratio of 483.2x in 2024, BKSL is expected to enter 2025 with a far more reasonable multiple of 11.9x.

BKSL is also targeting early repayment of its Rp846 billion homologation loan, which would reduce interest expenses and increase financial flexibility. These factors, combined with a large, strategic land bank, make BKSL a standout pick for long-term investors.

With tourism booming, community events succeeding beyond expectations, and strong financial execution underway, Sentul City is shaping up to be one of Indonesia’s most compelling urban success stories.

Whether you're a weekend explorer, a local entrepreneur, or an investor looking for the next big thing—Sentul City is a name you’ll want to remember.

Therefore, our analyst agree that BUY recommendation is maintained, with a target price of Rp250 (more than 2x the current market price of Rp102).
 

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