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PT Pantai Indah Kapuk Dua Tbk (PANI) Fair Value & Analysis

Real Estate · ID · Market cap 106T IDR (≈ $10.6B) · ISIN ID1000145303

What is PT Pantai Indah Kapuk Dua Tbk really worth?

PP PT Pantai Indah Kapuk Dua Tbk PANI · JK
Price6,025 IDR
Fair Value1,325 IDR
Upside−78.0%
Quality39/100

Below-average quality, and trading another 355% above our fair value of 1,325 IDR.

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Strengths

✓Highly profitable · 45.2% net margin
✓Wide moat 69/100

Risks

!Expensive Growth (revenue 5y +88.7 %/yr)
!Low debt · negative free cash flow
!Mixed vs. peers (6/13)
!Evidence only low, so the estimate is less certain
!Weak on dividend: 2 out of 100
Evidence: Low Range 993.45 IDR – 1,656 IDR

Fair value as of: Aug 30, 2026

From 17 valuation models · updated 6 days ago

Share price −5.9% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (1,656 IDR). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

19,100 IDR 7.10 IDR Fair Value 1,325 IDR Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range 7.10 IDR – 19,100 IDR · fair‑value band 993.45 IDR – 1,656 IDR · the 6,025 IDR price screens above the 1,325 IDR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.

Full chart & analysis →

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Analysis

PT Pantai Indah Kapuk Dua Tbk (PANI) currently trades at 6,025 IDR, while our model-based Fair Value estimate is 1,325 IDR, implying the stock looks roughly 354.8% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Real Estate sector. Bull case: the Growth Earnings group reads highest at a median of 2,888 IDR per share, and 0 of the 17 models we run sit above the 6,025 IDR price. Bear case: the Asset-Based group reads lowest at 1,000 IDR, and 17 of the 17 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, PT Pantai Indah Kapuk Dua Tbk generated revenue of 4.8T IDR at a net margin of 34.8%. Revenue grew 81.5% year over year. It earns a return on equity of 8.3%. The balance sheet holds a net cash position of 3.3T IDR. Fundamentals as of Aug 30, 2026

Our scenario range runs from 993.45 IDR (bear case) to 1,656 IDR (bull case); at 6,025 IDR, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 64% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −9% fair-value upside, at −78%, PANI screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 65.55 IDR per share, which is 4.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (83.53 IDR to 2,991 IDR). Read the values as a conservative anchor, not as a price target.
Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
EPV 1,150 IDR 1,320 IDR 1,470 IDR 74
Residual Income 1,132 IDR 1,126 IDR 1,041 IDR 74
ROIC Compounder 1,150 IDR 1,320 IDR 1,470 IDR 70
All 17 models by family
DCF Models
Owner Earnings 1,071 IDR 2,253 IDR 4,846 IDR 68
Earnings-Based
Graham-Dodd 428.92 IDR 2,991 IDR 4,198 IDR 61
Lynch FV 1,545 IDR 2,208 IDR 2,870 IDR 59
PEG = 1.0 1,545 IDR 2,208 IDR 2,870 IDR 55
EPV 1,150 IDR 1,320 IDR 1,470 IDR 74
Dividend Discount
Gordon GGM 46.71 IDR 101.97 IDR 171.57 IDR 63
DDM Multi-Stage 46.71 IDR 83.53 IDR 106.27 IDR 64
Multiples
P/E Multiple 993.45 IDR 1,325 IDR 1,656 IDR 63
P/S Multiple 284.74 IDR 379.65 IDR 474.56 IDR 58
P/B Multiple 804.22 IDR 1,072 IDR 1,340 IDR 55
EV/EBIT 1,550 IDR 2,003 IDR 2,457 IDR 66
EV/EBITDA 1,237 IDR 1,586 IDR 1,935 IDR 67
EV/Revenue 439.32 IDR 546.09 IDR 652.87 IDR 54
Asset-Based
NCAV (Graham) 746.45 IDR 1,000 IDR 1,493 IDR 54
Economic Profit
Residual Income 1,132 IDR 1,126 IDR 1,041 IDR 74
ROIC Compounder 1,150 IDR 1,320 IDR 1,470 IDR 70
Growth Earnings
Growth-Adj P/E 2,021 IDR 2,888 IDR 3,754 IDR 65

Widest divergence: Growth Earnings (2,888 IDR) versus Dividend Discount (83.53 IDR). Highest evidence: EPV (74).

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Key figures & financial health

P/E ratio 62.2
P/S ratio 16.5 P/E × margin
EPS (TTM) 96.80 IDR price ÷ EPS = P/E 62.2
Dividend yield 0.1% payout 5.4%
Net margin 26.6% FY2025
Return on equity 8.3% TTM
More key figures
Profitability
Return on assets (EBIT) 2.1% avg 5y
Operating margin 61.3% TTM
Growth
Revenue (TTM) 4.8T IDR TTM
Revenue growth (YoY) +81.5% 3y avg +70.4%
EPS growth (YoY) +987%
Balance sheet & cash flow
Free cash flow −248B IDR FY2025
Net cash 3.3T IDR FY2025

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 37 · Market factors (momentum, volatility) 24

Profitability 34
Margins and returns on capital today
Quality Growth 68
Are margins and returns improving?
Cashflow 6
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 29
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 5
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PT Pantai Indah Kapuk Dua Tbk, together with its subsidiaries, operates as a property developer in Indonesia. The company develops commercial products, including shophouses; and residential landed houses. It also processes fishery products services.

Full company description

PT Pantai Indah Kapuk Dua Tbk, together with its subsidiaries, operates as a property developer in Indonesia. The company develops commercial products, including shophouses; and residential landed houses. It also processes fishery products services. The company was formerly known as PT Pratama Abadi Nusa Industri Tbk and changed its name to PT Pantai Indah Kapuk Dua Tbk in July 2023. The company was founded in 2000 and is based in Jakarta Utara, Indonesia. PT Pantai Indah Kapuk Dua Tbk operates as a subsidiary of PT Multi Artha Pratama.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PT Pantai Indah Kapuk Dua Tbk reported revenue of 4.3T IDR in FY2025 versus 316B IDR in FY2021, a compound +92.2%/yr. Reported net income was 1.1T IDR in FY2025, compounding +412.6%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.3T IDR
Latest YoY
+52.4%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+70.4%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+88.7%
Avg. revenue growth/yr (9Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+42.0%
Value creation/yr (3Y, in IDR) ⓘEarnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year. Measured in IDR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+50.8% (50.7 + 0.1)
Revenue +92.2%/yr
FY21 316B IDR
FY22 872B IDR
FY23 2.2T IDR
FY24 2.8T IDR
FY25 4.3T IDR
Net income +412.6%/yr
FY21 1.7B IDR
FY22 138B IDR
FY23 270B IDR
FY24 624B IDR
FY25 1.1T IDR

PANI screens 355% overvalued. Compare with Sun Hung Kai Properties Limited →

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PT Pantai Indah Kapuk Dua Tbk · Fair Value
1,325 IDR −355%Fair Value
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Cite: Fair Value Calculator (2026). "PT Pantai Indah Kapuk Dua Tbk Fair Value". https://www.fairvalue-calculator.com/stock/PANI

Peer Group

Real Estate - Development · 567 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 38 · Bottom 25%
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 10% · Top 25%
Return on assets 4% · Top 25%
Net margin (TTM) 45% · Top 25%
Operating margin (TTM) 73% · Top 25%
Revenue growth 75% · Top 25%
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 62.2× · Pricier than 75% of peers
P/B 3.90× · Pricier than 75% of peers
P/S (TTM) 18.94× · Pricier than 75% of peers
EV/EBITDA 29.9× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 45
FUTURE100 · sector 0
PAST42 · sector 11
HEALTH99 · sector 85
DIVIDEND2 · sector 53

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
CTP N.V CTPNV €14.36 €13.00 −9%

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Frequently asked questions

Is PT Pantai Indah Kapuk Dua Tbk (PANI) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of 1,325 IDR versus a price of 6,025 IDR, about −78% upside (overvalued).
What is the fair value of PANI?
Our model-based fair value for PT Pantai Indah Kapuk Dua Tbk is 1,325 IDR (as of Aug 30, 2026), built from audited fundamentals. The current price: 6,025 IDR.
What is the quality score of PANI?
PT Pantai Indah Kapuk Dua Tbk has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PT Pantai Indah Kapuk Dua Tbk (PANI)?
PT Pantai Indah Kapuk Dua Tbk reported trailing-twelve-month revenue of about 4.8T IDR (latest available figure, as of Aug 30, 2026).
What is the net profit margin of PANI?
The net profit margin of PT Pantai Indah Kapuk Dua Tbk is about 34.8%, meaning it keeps roughly 34.8% of revenue as net income. Based on the latest reported figures.
Does PT Pantai Indah Kapuk Dua Tbk pay a dividend?
PT Pantai Indah Kapuk Dua Tbk currently shows a dividend yield of about 0.09% relative to its recent price (as of Aug 30, 2026).
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