PT. Pantai Indah Kapuk Dua Tbk (PANI) Stellar Margins and a Massive Profit Surge in 1H26 Key Takeaways: - Stellar 1H26 Profitability. Net income surged by 484% y/y to IDR 1,669bn, driven by robust top-line growth and margin efficiency. - Margin Expansion. GPM and EBITDA margins expanded significantly to 75.70% and 65.68%, respectively. - Solid Pre-Sales Execution. Reached IDR 1.9 trillion in 1H26 (+66% y/y), securing 45% of the FY26 target, largely supported by robust residential demand. Recommendation: "BUY” We maintain our BUY recommendation based on our RNAV-based valuation, which captures the underlying value of the company's vast 1,825-hectare landbank. Applying a 55% discount to our base RNAV estimate of IDR 18,893 per share, we arrive at a 12-month target price of IDR 8,500. This presents a compelling 37.10% upside potential from the last close of IDR 6,200 (as of 3 Aug 26). Valuations reflect the massive growth pipeline, trading 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