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

Real Estate · ID · Market cap 108T IDR

PP PT Pantai Indah Kapuk Dua Tbk, PANI · JK
Price6,025 IDR
Fair Value1,330 IDR
Upside-77.9%
Quality41/100
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Expensive Growth
Highly profitable · 34.8% net margin
Low debt · negative free cash flow
Mixed vs. peers (6/13)
Wide moat 67/100
Evidence: Medium Range 997.42 IDR – 1,662 IDR Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated yesterday

Share price +2.1% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (1,662 IDR). The favourable scenario is already priced in.
  • Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

19,100 IDR 7.03 IDR Fair Value 1,330 IDR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 7.03 IDR – 19,100 IDR · fair‑value band 997.42 IDR – 1,662 IDR · the 6,025 IDR price screens above the 1,330 IDR fair value. Dashed = 300-day average. As of Aug 13, 2026.

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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 1,330 IDR, implying the stock looks roughly 77.9% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

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 13, 2026

Our scenario range runs from 997.42 IDR (bear case) to 1,662 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 15% fair-value upside, at -78%, PANI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

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 (83.86 IDR to 3,003 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
Residual Income 1,137 IDR 1,131 IDR 1,045 IDR 76
ROIC Compounder 1,155 IDR 1,325 IDR 1,476 IDR 72
Gordon GGM 46.89 IDR 102.38 IDR 172.26 IDR 70
All 17 models by family
DCF Models
Owner Earnings 1,075 IDR 2,262 IDR 4,865 IDR 31
Earnings-Based
Graham-Dodd 430.63 IDR 3,003 IDR 4,215 IDR 54
Lynch FV 1,552 IDR 2,216 IDR 2,881 IDR 50
PEG = 1.0 1,552 IDR 2,216 IDR 2,881 IDR 46
EPV 1,155 IDR 1,325 IDR 1,476 IDR 59
Dividend Discount
Gordon GGM 46.89 IDR 102.38 IDR 172.26 IDR 70
DDM Multi-Stage 46.89 IDR 83.86 IDR 106.69 IDR 61
Multiples
P/E Multiple 997.42 IDR 1,330 IDR 1,662 IDR 63
P/S Multiple 285.88 IDR 381.17 IDR 476.46 IDR 58
P/B Multiple 807.44 IDR 1,077 IDR 1,346 IDR 55
EV/EBIT 1,556 IDR 2,011 IDR 2,467 IDR 53
EV/EBITDA 1,242 IDR 1,592 IDR 1,942 IDR 54
EV/Revenue 441.07 IDR 548.28 IDR 655.48 IDR 43
Asset-Based
NCAV (Graham) 749.43 IDR 1,004 IDR 1,499 IDR 50
Economic Profit
Residual Income 1,137 IDR 1,131 IDR 1,045 IDR 76
ROIC Compounder 1,155 IDR 1,325 IDR 1,476 IDR 72
Growth Earnings
Growth-Adj P/E 2,029 IDR 2,899 IDR 3,769 IDR 68

Widest divergence: Growth Earnings (2,899 IDR) versus Dividend Discount (83.86 IDR). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 4.8T IDR
Revenue growth (YoY) +81.5%
Net margin 34.8%
Return on equity 8.3%
Free cash flow −248B IDR FY2025
P/E ratio 62.2
More key figures
Operating margin 61.3%
EPS (TTM) 96.80 IDR
EPS growth (YoY) +987%
Net cash 3.3T IDR FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 41/100

Of which business quality 38 · Market factors (momentum, volatility) 20

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 6
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 14
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.

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.

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. 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. 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. 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%
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 78% overvalued. Compare with DLF Limited →

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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 · 592 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 40 · Below median
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 8% · Above median
Return on assets 3% · Top 25%
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 61% · Top 25%
Revenue growth 82% · Top 25%
Dividend yield (TTM) 0.0% · 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 3.99× · Pricier than 75% of peers
P/S (TTM) 22.48× · Pricier than 75% of peers
EV/EBITDA 39.9× · Pricier than 75% of peers

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.

VALUE 0 · sector 47
FUTURE 100 · sector 0
PAST 33 · sector 10
HEALTH 99 · sector 85
DIVIDEND 0 · sector 37

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
DLF Limited DLF ₹661.75 ₹146.13 -78%
Lodha Developers Limited LODHA ₹1,209 ₹583.43 -52%
PT Jaya Real Property, Tbk., JRPT 1,080 IDR 1,674 IDR +55%
PT Bumi Serpong Damai Tbk, BSDE 595.00 IDR 1,488 IDR +150%
PT Sentul City Tbk, BKSL 73.00 IDR 84.16 IDR +15%
PT Ciputra Development Tbk, CTRA 610.00 IDR 1,525 IDR +150%
Khang Dien House Trading and Investment Joint Stock Company KDH 18,150 VND 20,338 VND +12%
PT Duta Pertiwi Tbk DUTI 4,300 IDR 6,239 IDR +45%
PT Puradelta Lestari Tbk DMAS 147.00 IDR 164.33 IDR +12%
Phat Dat Real Estate Development Corporation PDR 12,100 VND 4,943 VND -59%

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Frequently asked questions

Is PT Pantai Indah Kapuk Dua Tbk, (PANI) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 1,330 IDR versus a price of 6,025 IDR, about −78% (overvalued).
What is the fair value of PANI?
Our model-based fair value for PT Pantai Indah Kapuk Dua Tbk, is 1,330 IDR (as of Aug 13, 2026), built from audited fundamentals. The current price is 6,025 IDR.
What is the quality score of PANI?
PT Pantai Indah Kapuk Dua Tbk, has a Quality Score of 41/100. 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 13, 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.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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