We were genuinely surprised by PANI, as its 3Q25 net profit jumped 151 percent YoY and 114 percent QoQ, reaching Rp505 billion. Land and housing sales in the PIK2 area remain the main growth driver, supported by stronger margins thanks to better operational efficiency. No wonder this result quickly became the talk of the market.
 

What makes it even more impressive is that 9M25 earnings have already more than doubled our initial projection. This is not just a one-time spike but a reflection of how well the business is scaling. Our analyst has revised up the 2025 net profit estimate to Rp1.01 trillion, with revenue expected to grow at an average rate of 38 percent per year through 2028, a remarkable pace for the property sector.

Adding to the momentum, PANI is preparing a rights issue worth Rp16.7 trillion at Rp15,000 per share, aimed at increasing its ownership in CBDK and strengthening its long-term presence in PIK2. This move shows management’s strong confidence in the company’s growth trajectory.

Behind the numbers, PANI’s focus on integrated township development continues to deliver results. The steady progress of PIK2’s commercial and residential clusters, supported by expanding infrastructure and rising demand from both local and foreign buyers, keeps optimism high for sustained profitability ahead.

 

With all these catalysts, our analyst reiterates a BUY call with a target price of Rp20,950 per share, implying 55 percent upside. PANI has moved beyond simply selling land. It is now shaping a long-term growth story built on confidence and execution.