Kiwoom Research | 1Q26 Equity Initiation - 06 July 2026 PT. Pantai Indah Kapuk Dua Tbk (PANI) Unlocking Massive Value in PIK 2 Mega Development Key Takeaways: - Solid Financial Performance: PANI delivered a massive 1,066% y/y surge in 1Q26 net income, while simultaneously maintaining strong pre-sales momentum to hit its IDR 4.3 trillion target for 2026. - Aggressive Land Monetization: The massive development of its 1,825-hectare land bank serves as the core foundation for unlocking long-term fundamental value. - Commercial & Infrastructure Catalysts: The NICE exhibition center's operations and the upcoming Kataraja toll road will significantly boost recurring income and the township's commercial appeal. Recommendation: "BUY” We initiate coverage with a BUY recommendation based on our RNAV-based valuation. Applying a 55% discount to our RNAV estimate, we arrive at a 12-month target price of IDR 8,500. This presents a compelling 42.26% upside potential from the last close of IDR 5,975 (as of 3 Jul 26). Valuations reflect the massive growth pipeline, at a 2026F P/BV of 4.51x and a 2026F P/E of 69.50x. Downside risks include: 1) Slower-than-expected pre-sales realization; 2) Delays in key infrastructure completions; 3) Broader macroeconomic headwinds or interest rate risks affecting property purchasing power. Adrian Djie Equity Research KIWOOM SEKURITAS INDONESIA