COMPANY FOCUS │ November 28, 2024

BUY
Pantai Indah Kapuk Dua (Maintain)
Target Price IDR 25,075/sh (+65% ups.)
Previous TP IDR 10,800/sh
The Game Changer Current Price IDR 15,200/sh

PANI’s stock prices has achieved a significant milestone, with a +188% YTD gain and market cap
exceeding IDR 200tn, making it the largest developer on IDX. Despite the stock price having
performed well, we see a further upside potential for this stock, driven by its robust pre-sales growth,
strong earnings improvement, and high trading volume. We also expect that PANI’s land ASP will
continue to rise, fueled by upcoming PIK 2 projects such as the KATARAJA toll roads, NICE (Nusantara
International Convention Center), and more, which further enhancing the company’s pre-sales and
earnings as well. Additionally, we expect PANI to be included in the Jakarta Islamic Index (JII) for
Dec'24–May'25. All in all, we upgrade our TP to IDR 25,075/sh (from IDR 10,800/sh), representing a
55% premium to our FY25F RNAV.

3Q/9M24 pre-sales and earnings recap: Beyond expectation!

• Pre-sales: PANI posted 3Q24 pre-sales of IDR 1.4tn (-24% QoQ, +125% YoY), bringing 9M24
pre-sales to IDR 4.7tn (+168% YoY), achieving 85%/78% of ours and company’s FY24F pre-
sales target, above!
• Earnings: PANI’s 3Q24 NPATMI reached IDR 202bn (+24% QoQ, +364% YoY), bringing 9M24
NPATMI to IDR 487bn (+91% YoY), surpassing our/consensus estimates at 89%/99%. This
strong result was driven by a robust GPM increase to 59.4%/57.1% (3Q/9M23: 51.9%/50.6%)
driven by substantial revenue from high-margin commercial land plots. Kharel Devin Fielim
kharel.devin@trimegah.com
Overall, PANI has shown an outstanding improvement, and we expect a further improvement ahead. 021 - 2924 9107

Upgrade our pre-sales and earnings projections Alberto Jonas Kusuma

• Raise our pre-sales target: We revise our FY24F-26F pre-sales estimates on PANI to IDR alberto.kusuma@trimegah.com
6tn/7.5tn/9tn (from: IDR 5.7tn/7.1tn/8.6tn), driven by strong 9M24 pre-sales, numerous 021 – 2924 9103
upcoming project launches, and the development of crowd-puller facilities that are boosting the
company’s pre-sales (Figure 3). Stock Data & Indices
• Increase our earnings projection: We have raised PANI's FY24F-26F earnings forecast to IDR Bloomberg Code PANI.IJ
649bn/1.1tn/1.5tn (from: IDR 546bn/860bn/1.1tn), supported by its strong pre-sales growth, JCI Member IDXPROP
continuous margin improvement due to hand-over of high-margin products (commercial shop- MSCI Indonesia Index No
houses and land plots), and a potential increase in land ASP fueled by forthcoming projects in JII No
the PIK 2 area. LQ45 No
Kompas 100 No
High chance to enter the Jakarta Islamic Index (JII)
We think PANI is highly possible to enter the JII inclusion period for Dec’24-May’25, due to:
• Sharia Compliance: PANI’s business model follows Islamic principles, avoiding prohibited Key Data
activities like gambling and high-interest financing. Issued Shares (mn) 16,883.6
• Huge market capitalization: PANI’s avg. 1Y free-float market cap of IDR 11.5tn places it Free Float (est) 10.1
among the largest sharia-compliant stocks. Mkt. Cap (Rp bn) 238,058.7
• Ample trading liquidity: With a 1Y ADTV of IDR 84bn, PANI is one of the most liquid stock in Mkt. Cap (USD mn) 14,947.8
the JII70 index (Figure 7).
ADTV 6 months (Rp bn) 113.0
• Healthy Financial Ratios: PANI’s 9M24 DAR at 1.4% is well below the 45% threshold, meeting
52 Wk-range 18800/4240
JII criteria.

Upgrade our TP to IDR 25,075/sh (from IDR 10,800/sh) Performance (%)

• We maintain our BUY rating on PANI and raise our target price to IDR 25,075/sh, reflecting YTD 1m 3m 12m
a 55% premium of our FY25F RNAV estimate.
Absolute 187.8 -5.8 138.0 203.9
• Our premium justification is based on: 1) Strategic land bank location (close to Soekarno-
Relative to
Hatta airport), 2) Robust commercial activity and economic activity in PIK-2 area, 3) Strong pre- 186.9 -1.2 141.5 199.2
JCI
sales and earnings growth outlook, 4) Continuous margin improvement due to potential land
price growth from upcoming PIK-2 projects, and 5) Net-cash position .
• Upside risks: 1) Potential another asset injection, 2) Faster-than-expected PIK-2 area
development, and 3) Stronger-than-expected pre-sales and earnings.
• Downside risks: 1) Delays in PIK-2 development, 2) Lower-than-expected pre-sales and
earnings growth, and 3) Failure to enter the JII index.
Company Data
Year end Dec 2022 2023 2024F 2025F 2026F
Pre-sales 1,904 2,354 6,000 7,500 9,000
Revenue 578 2,159 3,015 4,243 5,209
EBITDA 174 747 1,352 2,211 2,973
NPATMI 138 270 649 1,148 1,515
P/BV (x) 27.4 12.4 9.7 9.4 9.1
PT (x)
P/E Trimegah Sekuritas Indonesia Tbk – www.trimegah.com
1,488.2 879.7 395.3 223.5 169.4 1
DPR (%) - 2% 20% 30% 30%
 Income Statement Company Background
Year end Dec (IDR bn) 2022 2023 2024F 2025F 2026F
PT Pantai Indah Kapuk Dua Tbk
Revenue 578 2,159 3,015 4,243 5,209 (PANI), formerly PT Pratama Abadi
Gross Profit 398 1,079 1,760 2,779 3,615 Nusa Industri Tbk, engages in the
Op. Profit 171 740 1,346 2,152 2,859
development of properties in PIK 2
EBITDA 174 747 1,352 2,211 2,973
Net Int Inc/(Exp) -6 79 46 178 215 area. PANI is owned by property
Other Inc/(Exp) 10 -1 0 0 0 giant Agung Sedayu Group, which
Pre-tax Profit 174 818 1,392 2,330 3,074 has 52 years of reputable track
Tax -14 -95 -146 -242 -319 record as property developer.
Minority Int. 150 511 597 940 1,240
NPATMI 138 270 649 1,148 1,515

Balance Sheet
Year end Dec (IDR bn) 2022 2023 2024F 2025F 2026F Major Shareholders
Cash and equivalents 1,651 1,070 2,657 3,074 3,718
PT Multi Artha Pratama 89.92%
Other Current Assets 13,381 16,779 26,781 26,694 25,104
Net Fixed Assets 51 28 625 1,204 1,871 Public 10.08%
Right-of-use Assets 7 0 0 0 0
Other Noncurrent Assets 12,920 15,835 16,413 18,436 22,106
Total Assets 28,010 33,712 46,477 49,407 52,799
ST Debt 1,054 168 0 0 0 SWOT Analysis
Other Current Liabilities 13,866 8,828 12,474 15,663 18,264
LT Debt 514 517 643 650 650
Other LT Liabilities 5,065 5,110 6,998 5,929 5,659 Strength Weakness
Total Liabilities 20,500 14,623 20,115 22,241 24,572 Strong brand
Minority Interest 5,355 6,156 6,376 6,376 6,376
recognition Future projects yet
Shareholder's Equity 7,510 19,089 26,362 27,166 28,227
Total Liabilities & Eq 28,010 33,712 46,477 49,407 52,799 to be developed,
Strategic land which can be time-
Cash Flow bank position consuming and
subject to delays
Year end Dec (IDR bn) 2022 2023 2024F 2025F 2026F
Net Profit 138 270 649 1,148 1,515 Unique and
Depreciation/Amortization 4 7 6 58 114 thematic
Others -6,921 -8,436 -6,356 3,276 4,191 projects
CF's from Operating -6,779 -8,159 -5,702 4,483 5,820 development in
Capex -18 16 -603 -636 -781 the area
Others 5,145 -2,862 1,310 -3,092 -3,940
CF's from Investing Opportunity Threat
5,127 -2,847 707 -3,728 -4,721
Net Change in Debt -4,203 -884 -42 7 0
Others 6,743 11,309 6,624 -344 -455 Huge Fierce competition
CF's from Financing 2,540 10,425 6,582 -337 -455 landbanks in the property
Net Cash Flow 888 -581 1,587 417 644 available which industry
Cash at BoY essential to
763 1,651 1,070 2,657 3,074
create a grand
Cash at EoY 1,651 1,070 2,657 3,074 3,718 Weakening
satellite city
Free Cashflow -6,761 -8,175 -5,098 5,119 6,601 purchasing power

Ratio Analysis
Year end Dec 2022 2023 2024F 2025F 2026F
Profitability
Gross Margins 68.9 50.0 58.4 65.5 69.4
Op Margins 29.5 34.3 44.6 50.7 54.9
EBITDA Margins 30.2 34.6 44.8 52.1 57.1
Net Margins 23.9 12.5 21.5 27.1 29.1
ROAA 0.6 0.9 1.6 2.4 3.0
ROAE 3.4 2.0 2.9 4.3 5.5
Stability (x)
Current Ratio 1.0 2.0 2.4 1.9 1.6
Net Debt/Equity n.c n.c n.c n.c n.c
Efficiency (days)
Account Receivable 206 106 167 158 168
Account Payable 1,390 288 288 272 288
Inventory Days 16,365 4,457 5,145 5,032 4,095

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 2

 Figure 1. PANI’s 3Q/9M24 pre-sales

*PANI have upgraded its FY24F pre-sales to IDR 6tn (from IDR 5.5tn)

Source: Company, Trimegah Research

Figure 2. PANI’s 3Q/9M24 earnings

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 3

 Figure 3. Current and upcoming facilities in PIK-2 area

(Current facilities/infra)

(Upcoming facilities/infra)

Source: Company, Trimegah Research

Figure 4. PANI’s land area

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 4

 Figure 5. PANI’s products

Unit Launched Price range (IDRb) Type (SQM)

PANI's projects Land Size Building Size

Soho The Bund (BKS) 36 IDR 12.2 - 17.8 L: 102 - 120 B: 510 - 840

Permata Hijau Residences (MAS) 150 IDR 6.2 - 12 L: 160 - 300 B: 183 - 374

Rumah Milenial (MAS) 1980 IDR 1.5 - 4.2 L: 45 - 120 B: 54 - 146

Pasadena Walk Shop Office (MAS) 201 IDR 3.1 - 4.2 L:67.5 B: 141 - 197

Rukan Little Siam (MAS) 196 IDR 3.5 - 11.3 L:67.5 B: 168.7 - 236.3

Rukan Petak Sembilan (MAS) 443 IDR 4.5 - 7.2 L:56.3 - 120 B: 140.6 - 420

Bizpark PIK2 (MAS) 525 IDR 3.2 - 11.9 L: 120 - 360 B: 102 - 291

Rukan Milenial (MAS) 70 IDR 3.2 - 3.6 L: 54 -60 B: 135 - 150

PET

Rukan Lau Pa Sat (PET) 232 IDR 3.3 - 4.9 L: 56.25 B: 197

BMW

Pasir Putih Residences (BMW) 697 IDR 3.3 - 22.9 L: 75 - 150 B: 108 - 346

Rukan River Safari (BMW) 240 IDR 4.8 - 11.5 L: 81 - 120 B: 236 - 390

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 5

 Figure 6. PANI’s products (cont’d)
Unit Launched Price range (IDRb) Type (SQM)
PANI's projects Land Size Building Size
CISN & JIS

The Golf Signature (CISN & JIS) 313 IDR 6.8 - 36.9 L: 150 - 889 B: 280 - 185

Permata Golf Residence (CISN & JIS) 2542 IDR 5.7 - 57.6 L: 120 - 1387 B: 251 - 285

KKU

Ilona @Pasadena Hills (KKU) 272 IDR 1.3 - 2.2 L: 40 - 63 B: 75 - 117

Pasadena Spring (KKU) 460 IDR 1.5 - 5.7 L: 40 - 70 B: 68 - 110

SCU

Pantai Bukit Villa (SCU) 271 IDR 8.1 - 24.3 L: 200 - 700 B: 224 - 345

Bukit Nirmala (SCU) 413 IDR 2.1 - 6.8 L: 45 - 164 B: 75 - 182

SHM

Sapporo Residence (SHM) 359 IDR 2.9 - 6.9 L: 45 - 156 B: 110 - 261

Rukan Marina Bay (SHM) 450 IDR 7.1 - 22.5 L: 90 - 168 B: 293 - 1280

SOHO The Riverside (SHM) 38 IDR 8.5 - 9.5 L: 150 B: 525

SOHO The Riverside Boulevard (SHM) 33 IDR 8.8 - 10.1 L: 120 B: 396

KUS

Soho Miami (KUS) 60 IDR 6.6 - 13. 8 L: 150 - 258 B: 315 - 585

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 6

 Figure 7. JII index calculation

1) We evaluate the JII70 stocks based on Free Float (FF) to market-cap (Period 25 Nov’23 - 25 Nov’24)

No Company ADTV - IDR Bn Average market cap - IDR Bn FF FF market cap - IDR Bn No Company ADTV - IDR Bn Average market cap - IDR Bn FF FF market cap - IDR Bn
1 TPIA IJ Equity 218 639,426 26% 164,081 36 MYOR IJ Equity 20 55,865 16% 8,752
2 TLKM IJ Equity 396 328,158 48% 156,940 37 INCO IJ Equity 78 41,514 20% 8,353
3 AMMN IJ Equity 344 682,212 18% 121,657 38 TKIM IJ Equity 18 23,066 35% 8,072
4 ASII IJ Equity 328 204,203 42% 86,424 39 MAPA IJ Equity 25 25,431 31% 7,808
5 GOTO IJ Equity 273 81,516 66% 54,196 40 AVIA IJ Equity 17 31,490 24% 7,610
6 ADRO IJ Equity 187 94,791 41% 38,572 41 MEDC IJ Equity 76 32,251 23% 7,296
7 BRIS IJ Equity 100 114,597 33% 37,911 42 JPFA IJ Equity 27 16,275 43% 7,025
8 CPIN IJ Equity 36 82,263 44% 36,579 43 PWON IJ Equity 18 20,870 31% 6,529
9 UNTR IJ Equity 106 91,011 38% 34,453 44 HEAL IJ Equity 12 20,680 28% 5,867
10 MDKA IJ Equity 112 59,709 51% 30,268 45 SMRA IJ Equity 31 9,562 61% 5,802
11 KLBF IJ Equity 57 73,723 40% 29,646 46 ACES IJ Equity 40 14,106 40% 5,616
12 INDF IJ Equity 62 57,543 50% 28,724 47 PGEO IJ Equity 44 49,136 10% 5,034
13 BRPT IJ Equity 203 100,564 28% 28,456 48 SIDO IJ Equity 23 19,221 22% 4,304
14 ICBP IJ Equity 61 130,216 19% 25,349 49 ESSA IJ Equity 24 12,663 27% 3,407
15 INKP IJ Equity 50 46,413 42% 19,403 50 HRUM IJ Equity 22 17,398 19% 3,225
16 MBMA IJ Equity 40 62,022 28% 17,654 51 MIDI IJ Equity 11 14,147 22% 3,146
17 SMGR IJ Equity 80 32,337 49% 15,761 52 BTPS IJ Equity 15 9,913 30% 2,973
18 UNVR IJ Equity 51 103,313 15% 15,505 53 ERAA IJ Equity 13 6,688 44% 2,952
19 PGAS IJ Equity 66 33,820 43% 14,549 54 SCMA IJ Equity 10 10,292 24% 2,505
20 MIKA IJ Equity 35 40,606 35% 14,147 55 BSDE IJ Equity 19 22,467 11% 2,471
21 MTEL IJ Equity 21 54,037 26% 13,893 56 SRTG IJ Equity 39 23,922 10% 2,314
22 FILM IJ Equity 35 40,403 34% 13,733 57 INDY IJ Equity 15 7,545 29% 2,165
23 ISAT IJ Equity 48 83,622 16% 13,536 58 MNCN IJ Equity 24 5,054 42% 2,100
24 MAPI IJ Equity 42 27,357 49% 13,305 59 TINS IJ Equity 38 6,777 29% 1,959
25 BRMS IJ Equity 115 27,458 47% 12,965 60 DSNG IJ Equity 26 7,577 24% 1,805
26 ANTM IJ Equity 105 36,142 35% 12,631 61 AUTO IJ Equity 13 10,770 15% 1,626
27 INTP IJ Equity 20 28,922 40% 11,667 62 MPMX IJ Equity 10 4,553 33% 1,488
28 PANI IJ Equity 84 113,989 10% 11,493 63 GJTL IJ Equity 29 4,049 35% 1,417
29 PTBA IJ Equity 48 31,253 34% 10,630 64 ELSA IJ Equity 18 3,197 39% 1,243
30 EMTK IJ Equity 17 27,834 38% 10,450 65 BDKR IJ Equity 15 2,935 37% 1,080
31 AKRA IJ Equity 45 31,131 33% 10,275 66 BMTR IJ Equity 11 3,894 27% 1,045
32 ITMG IJ Equity 37 29,279 35% 10,170 67 MAHA IJ Equity 6 3,248 25% 800
33 EXCL IJ Equity 54 29,592 33% 9,822 68 SMIL IJ Equity 33 1,637 19% 311
34 CTRA IJ Equity 28 22,742 43% 9,801 69 WIFI IJ Equity 30 507 50% 252
35 ADMR IJ Equity 39 55,749 16% 9,008 70 PTMP IJ Equity 13 453 24% 109

2) Then we select 60 stocks based on highest FF to market-cap,

3) Afterwards, we evaluate and sort based on 1Y ADTV to identify the 30 stocks that potential for inclusion in the JII index.

No Company ADTV - IDR Bn Average market cap - IDR Bn

FF FF market cap - IDR Bn
1 TLKM IJ Equity 396 328,158 48% 156,940
2 AMMN IJ Equity 344 682,212 18% 121,657
3 ASII IJ Equity 328 204,203 42% 86,424
4 GOTO IJ Equity 273 81,516 66% 54,196
5 TPIA IJ Equity 218 639,426 26% 164,081
6 BRPT IJ Equity 203 100,564 28% 28,456
7 ADRO IJ Equity 187 94,791 41% 38,572
8 BRMS IJ Equity 115 27,458 47% 12,965
9 MDKA IJ Equity 112 59,709 51% 30,268
10 UNTR IJ Equity 106 91,011 38% 34,453
11 ANTM IJ Equity 105 36,142 35% 12,631
12 BRIS IJ Equity 100 114,597 33% 37,911
13 PANI IJ Equity 84 113,989 10% 11,493
14 SMGR IJ Equity 80 32,337 49% 15,761
15 INCO IJ Equity 78 41,514 20% 8,353
16 MEDC IJ Equity 76 32,251 23% 7,296
17 PGAS IJ Equity 66 33,820 43% 14,549
18 INDF IJ Equity 62 57,543 50% 28,724
19 ICBP IJ Equity 61 130,216 19% 25,349
20 KLBF IJ Equity 57 73,723 40% 29,646
21 EXCL IJ Equity 54 29,592 33% 9,822
22 UNVR IJ Equity 51 103,313 15% 15,505
23 INKP IJ Equity 50 46,413 42% 19,403
24 ISAT IJ Equity 48 83,622 16% 13,536
25 PTBA IJ Equity 48 31,253 34% 10,630
26 AKRA IJ Equity 45 31,131 33% 10,275
27 PGEO IJ Equity 44 49,136 10% 5,034
28 MAPI IJ Equity 42 27,357 49% 13,305
29 ACES IJ Equity 40 14,106 40% 5,616
30 MBMA IJ Equity 40 62,022 28% 17,654

Source: Bloomberg, IDX, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 7

 Figure 8. Changes in our forecast Figure 9. Our forecast on PANI’s pre-sales

Old New Changes %

Description
FY24F FY25F FY26F FY24F FY25F FY26F FY24F FY25F FY26F
Pre-sales 5,700 7,125 8,550 6,000 7,500 9,000 5.3% 5.3% 5.3%

Revenue 2,861 3,752 4,552 3,015 4,243 5,209 5.4% 13.1% 14.4%
Gross Profit 1,670 2,308 2,904 1,760 2,779 3,615 5.4% 20.4% 24.5%
Operating Profit 1,175 1,539 1,901 1,346 2,152 2,859 14.5% 39.9% 50.4%
NPATMI 546 860 1,086 649 1,148 1,515 18.9% 33.5% 39.5%

GPM 58.4% 61.5% 63.8% 58.4% 65.5% 69.4%

OPM 41.1% 41.0% 41.8% 44.6% 50.7% 54.9%
NPM 19.1% 22.9% 23.9% 21.5% 27.1% 29.1%

Source: Company, Trimegah Research Source: Company, Trimegah Research

Figure 10. Our forecast on PANI’s financial performances Figure 11. Our forecast on PANI’s financial margin

Source: Company, Trimegah Research Source: Company, Trimegah Research

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 Figure 12. Our forecast on PANI’s balance sheet Figure 13. Our forecast on PANI’s ROAA/ROAE

Source: Company, Trimegah Research Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 9

 Figure 14. Our FY25F RNAV estimates on PANI

Description Ownership Total land banks (Ha) Effective ownership (Ha) % Saleable Saleable Effective ownership (Ha) ASP (IDR mn/sqm) - Old *ASP (IDR mn/sqm)- New Gross Value (IDR Bn) Capex Infra (IDR Bn) Marketing fees + PPH (IDR Bn) NAV (IDR Bn)

BKS 51% 104 53.0 97% 51.6 42 47 24,355 1,024 1,075 22,256
MAS 29% 463 132.4 76% 100.3 30 34 33,815 2,005 1,488 30,322
CGIC 29% 164 46.9 49% 23.1 41 46 10,645 470 481 9,695
PET 99% 273 270.3 59% 159.8 42 47 75,441 3,136 3,296 69,009
BMW 94% 234 218.8 50% 109.1 40 45 49,033 2,186 2,186 44,660
CISN 100% 232 231.5 50% 116.0 40 45 52,154 2,311 2,282 47,561
JIS 93% 104 96.6 50% 48.5 40 45 21,790 966 954 19,870
KKU 97% 32 31.1 48% 15.0 21 24 3,541 307 161 3,073
KUS 99% 100 99.2 50% 50.0 21 24 11,802 995 523 10,284
SCU 91% 56 50.9 99% 50.5 30 34 17,032 1,018 763 15,251
SHM 92% 110 100.7 50% 50.4 42 47 23,780 1,010 1,060 21,711
CKI 29% 8 2.3 97% 2.3 42 47 1,065 45 40 980
Total (Average) 1,880.0 1,333.8 65% 776.4 36 40 324,453 15,472 14,270 294,671
* Our land prices estimates that the toll KATARAJA Phase 1 operates in 2025F Additional: FY25F Debt 650
Deduct: FY25F Cash 3,074
Deduct: FY25F Advance 19,964
Total 272,283
Shares out (post NPRI) -Mn 16.9
RNAV - IDR/sh 16,127
Premium to RNAV 55%
TP - IDR/sh 25,075
Rounding TP - IDR/sh 25,075
Current prices 15,200
Upside Potential 65%

Source: Company, Trimegah Research

PT Trimegah Sekuritas Indonesia Tbk – www.trimegah.com 10

 Research Team
Willinoy Sitorus HOR, Strategy, Energy and Auto willinoy.sitorus@trimegah.com +62-21 2924 9105
Fakhrul Fulvian Economics, Fixed Income fakhrul.fulvian@trimegah.com +62-21 2924 9097
Heribertus Ariando Consumer, Retail and Pharma heribertus.ariando@trimegah.com +62-21 2924 9143
Kharel Devin Fielim Property, CPO, Cement, Toll, Small Caps kharel.devin@trimegah.com +62-21 2924 9099
Alpinus Dewangga Energy-related, Pulp and Paper alpinus.raditya@trimegah.com +62-21 2924 9099
Ignatius Samon Consumer, Cigarette and Poultry ignatius.samon@trimegah.com +62-21 2924 9143
Sabrina Telco, Tower, Tech, ESG and Healthcare sabrina@trimegah.com +62-21 2924 9018
Jonathan Gunawan Banks, and Financial-related jonathan.gunawan@trimegah.com +62-21 2924 9107
Alberto Jonas Kusuma Property, CPO, Cement, Toll, Small Caps alberto.kusuma@trimegah.com +62-21 2924 9107
Martin Nathanael Energy-related, Mining martin.nathanel@trimegah.com +62-21 2924 9123
Vincentius Frodo Gozali Telco, Tower, Tech, ESG and Healthcare vincentius.gozali@trimegah.com +62-21 2924 9128
Luther Avery Consumer, Retail, Pharma, Cigarette luther.avery@trimegah.com +62-21 2924 9196
Reinaldy Sutanto Economics, Fixed Income reinaldy.sutanto@trimegah.com +62-21 2924 9196

Corporate Access
Nur Marini Corporate Access marini@trimegah.com +62-21 2924 6323

Institutional Sales Team

Beatrix Susanto Head of Institutional Sales beatrix.susanto@trimegah.com +62-21 2924 9086
Henry Sidarta, CFTe Head of Institutional Dealing henry.sidarta@trimegah.com +62-21 3043 9072
Stefanus Indarto Equity Institutional Sales stefanus.indarto@trimegah.com +62-21 2924 9081
Calvina Karmoko Equity Institutional Sales calvina.karmoko@trimegah.com +62-21 2924 9080
Sanni Utomo Equity Institutional Sales sanni.utomo@trimegah.com +62-21 2924 9146
Morgan Gindo Equity Institutional Sales morgan.gindo@trimegah.com +62-21 2924 9076

Retail Sales Team

Billy Budiman Head of Retail Equity Sales billy.budiman@trimegah.com +62-21 3043 6310
Hasbie Sukaton Head of Retail Mutual Fund Sales hasbie.sukaton@trimegah.com +62-21 2924 9088
Ceasarini Felicia Branch Manager Cabang Sudirman (AG) ceasarini.felicia@trimegah.com +62-21 2924 8096
Jakarta Area
Ignatius Candra Perwira Kelapa Gading, Jakarta ignatius.perwira@trimegah.com +62-21 8061 7270
Aloysius Primasyah BSD, Jakarta primasyah.kristanto@trimegah.com +62-21 5089 8959
Sumatera
Alfon Ariapati Medan, Sumatera Utara alfon.ariapati@trimegah.com +62-61 4100 0000
Eastern Indonesia
Carlo Ernest Frits Coutrier Makasar, Sulawesi Selatan carlo.coutrier@trimegah.com +62-411 3604 379
East Java
Pandu Wibisono Surabaya, Jawa Timur pandu.wibisono@trimegah.com +62-31 2973 18000
Central Java, Area
Aloysius Primasyah Semarang, Jawa Tengah primasyah.kristanto@trimegah.com +62-24 8600 2310
Laili Ma’muroh Solo, Jawa Tengah laili.mamuroh@trimegah.com +62-271 6775 590
West Java
Bhisma Herlambang Bandung, Jawa Barat bhisma.herlambang@trimegah.com +62-22 8602 6290
Renny Nurhayati Hidayat Cirebon, Jawa Barat renny.nurhayati@trimegah.com +62-231 8851 009
Bali
Kurnia Ferdiansyah Denpasar, Bali kurnia.ferdiansyah@trimegah.com +62-361 248 966

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 Disclaimer

This report has been prepared by PT Trimegah Sekuritas Indonesia Tbk on behalf of itself and its affiliated
companies and is provided for information purposes only. Under no circumstances is it to be used or
considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced
independently and the forecasts, opinions and expectations contained herein are entirely those of PT
Trimegah Sekuritas Indonesia Tbk.
While all reasonable care has been taken to ensure that information contained herein is not untrue or
misleading at the time of publication, PT Trimegah Sekuritas Indonesia Tbk makes no representation as to
its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the
information of clients of PT Trimegah Sekuritas Indonesia Tbk who are expected to make their own
investment decisions without reliance on this report. Neither PT Trimegah Sekuritas Indonesia Tbk nor any
officer or employee of PT Trimegah Sekuritas Indonesia Tbk accept any liability whatsoever for any direct
or consequential loss arising from any use of this report or its contents. PT Trimegah Sekuritas Indonesia
Tbk and/or persons connected with it may have acted upon or used the information herein contained, or
the research or analysis on which it is based, before publication. PT Trimegah Sekuritas Indonesia Tbk may
in future participate in an offering of the company’s equity securities.
This report is not intended for media publication. The media is not allowed to quote this report in any article
whether in full or in parts without permission from PT Trimegah Sekuritas Indonesia Tbk. For further
information, the media can contact the head of research of PT Trimegah Sekuritas Indonesia Tbk.
This report was prepared, approved, published and distributed by PT Trimegah Sekuritas Indonesia Tbk
located outside of the United States (a “non-US Group Company”). Neither the report nor any analyst who
prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or other regulatory requirements pertaining to research reports or research
analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a
member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.

INVESTMENT RATING RULE:

Buy : Share price is expected to exceed more than 10% over the next 12 months
Neutral : Share price is expected to trade within the range of 0%-10% over the next 12 months
Sell : Share price is expected to trade below 0% over the next 12 months
Not Rated : The company is not within Trimegah research coverage

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 Analysts Certification

The research analyst(s) of PT Trimegah Sekuritas Indonesia Tbk. primarily responsible for the content of
this research report, in whole or in part, certifies that with respect to the companies or relevant securities
that the analyst(s) covered in this report: (1) all of the views expressed accurately reflect his or her personal
views on the company or relevant securities mentioned herein; (2) no part of his or her remuneration was,
is, or will be, directly or indirectly, connected with his or her specific recommendations or views expressed
in the research report; and (3) the report does not contain any material non-public information.
The disclosure column in the following table lists the important disclosures applicable to each company that
has been rated and/or recommended in this report:

Company Ticker Disclosure (as applicable)

PANI -

Trimegah Disclosure Data

Trimegah represents that:

1. Within the past year, it has managed or co-managed a public offering for this company, for which it
received fees.
2. It had an investment banking relationship with this company in the last 12 months.
3. It received compensation for investment banking services from this company in the last 12 months.
4. It expects to receive or intends to seek compensation for investment banking services from the
subject company/ies in the next 3 months.
5. It beneficially owns 1% or more of any class of common equity securities of the subject company.
6. It makes a market in securities in respect of this company.
7. The analyst(s) or an individual who assisted in the preparation of this report (or a member of his/her
household) has a financial interest position in securities issued by this company. The financial interest
is in the common stock of the subject company, unless otherwise noted.
8. The analyst (or a member of his/her household) is an officer, director, employee or advisory board
member of this company or has received compensation from the company.

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