PWON — 2Q26 Results SLIGHT MISS, as development masks recurring growth

August 3, 2026

KEY HIGHLIGHTS

  • 2Q26 net profit fell 26.1% YoY to IDR 616 Bn, taking 1H26 to IDR 1.0 Tn, or 43.4% of FY26F consensus (Miss). The earnings gap was mainly below the line, while operating profit declined a milder 5.5% YoY.
  • This is a mix issue, not a recurring-business reset. 1H26 recurring revenue rose 7.4% to IDR 2.89 Tn, lifting its mix to 86% from 79%, while development revenue fell 29.3% to IDR 480 Bn amid fewer handovers and softer demand.
  • Margins stayed resilient: 2Q26 gross margin expanded 0.5pp YoY to 56.7%, supported by rental reversion and occupancy. New hotels remain in ramp-up; operating profit and EBITDA were still In-Line with consensus pace.
  • Marketing sales are the 2H26 swing factor. 1H26 sales fell 6.3% YoY to IDR 565 Bn, only 37.7% of FY26 guidance; achieving it needs IDR 935 Bn in 2H26 (+34% YoY). At 5.3x BF P/E, below the 7.5x -1SD band, re-rating needs stronger 2Q–3Q presales and clean 4Q handovers at Eluna Tower, Grand Pakuwon and Pakuwon City.

Regards, Aldiracita Research

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PT Aldiracita Sekuritas Indonesia

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: 021-39705858

Customer Service (WhatsApp): +6288801010088

Email: [email protected]

Subsidiaries :
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8 Temasek Boulevard, #04 – 01, Suntec Tower Three, Singapore 038988

PT Surya Timur Alam Raya Asset Management

Menara Tekno Lt. 9 Jl. Fachrudin No. 19 Jakarta Pusat 10250

Phone: (021)-39725678

©Copyright 2024, PT Aldiracita Sekuritas Indonesia

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Anindita Cintasya

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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Mindo Leona Christina earned her Bachelor’s degree in Public Relations from Institut Ilmu Sosial dan Politik Jakarta in 2000. She joined Aldira in 2021 as Vice President of Fixed Income Sales and has been serving as President Director since 2025. With over 20 years of experience in Indonesia’s capital market, she specializes in Fixed Income. She also holds a capital market license as a Broker-Dealer Representative.

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Livius graduated from University of Toronto in 1995. He joined PT. Aldiracita Sekuritas Indonesia as Vice President Director from 4 October 2023. Livius has more than 20+ years of experience in Investment Banking both in Securities, Private Equity and Investment Banks in Indonesia, and overseas such as New York, Hongkong, Singapore as a Research Analyst, Head of Fixed Income, Financial Advisor, Senior Associate, Executive and Managing Director. He holds a capital market license for Broker-Dealer Representative and Underwriter Representative from OJK.

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Hari received his degree from the Faculty of Economics, University of Indonesia in 1988. He became the Independent Commissioner of PT Aldiracita Sekuritas Indonesia on 24 March 24 2023. He began his work in the financial industry in 1976 at a foreign bank in Jakarta and later worked for a security company in the capital market. Having worked in the financial market for over 30+ years, Hari has held positions as a President Director, Directors and Senior Manager. He is currently an competency assessor for Lembaga Sertifikasi Profesi Pasar Modal Indonesia (LSPPMI).