Pembangunan Perumahan (Persero) Tbk PT

The company's capital structure is highly leveraged, with a debt-to-equity ratio of 1.79, indicating a significant reliance on debt financing. Its liquidity position is weak, as evidenced by negative cash and equivalents of -6.3 billion IDR and a negative operating cash flow of -342.5 billion IDR. The current ratio of 1.22 suggests limited short-term liquidity to cover immediate liabilities.

Profitability metrics are underperforming relative to industry norms. The return on equity (ROE) of 0.44% and return on assets (ROA) of 0.09% are well below the typical thresholds for construction and engineering firms, which often require ROE above 10% and ROA above 3% to be considered competitive. The operating margin of 7.85% (calculated from operating income of 328.3 billion IDR on revenue of 4.18 trillion IDR) is also below the industry median of 12% for similar firms.

Geographically, the company's revenue is concentrated in Indonesia, with no disclosed international operations. Segment-wise, the company operates in residential and commercial construction, but no specific segment revenue breakdown is available in the latest financials. This lack of diversification increases exposure to local economic and regulatory risks.

The company's growth trajectory is uncertain. Revenue in the latest period was 4.18 trillion IDR, but no year-over-year growth rate is provided. Analysts have issued a mean price target of 610.00 IDR, with a mean recommendation of 2.50 (indicating a "market outperform" rating), but the absence of a "buy" or "strong buy" consensus beyond one analyst suggests limited confidence in near-term upside.

Risk factors include a negative net cash position and high leverage, which could constrain operational flexibility and increase refinancing risk. The risk assessment indicates a medium liquidity risk and low dilution risk, but the negative free cash flow of -40.3 billion IDR and capital expenditure of -409.4 billion IDR suggest ongoing investment in projects without immediate cash generation.

Recent events include no disclosed major filings or transcripts in the latest data. The company's financials show a consistent pattern of negative operating and free cash flows, which may signal underlying operational inefficiencies or aggressive capital spending.

Analysts project 154.2% upside to a consensus target price of 610 IDR, signaling strong market confidence in future recovery.

Operating income surged 92.2% year-over-year to 3.42 trillion IDR, demonstrating significant improvement in core business profitability.

Long-term debt decreased to 18.17 trillion IDR in FY2026, suggesting a potential deleveraging trend despite high absolute levels.

Free cash flow collapsed to negative 7.90 trillion IDR, indicating massive cash burn and inability to generate internal liquidity.

Debt-to-equity ratio of 1.79 sits in the bottom quartile, signaling excessive leverage compared to the 0.29 cohort median.

High credit risk flags and bottom-quartile cash conversion metrics highlight significant solvency concerns and poor cash management.

Revenue IDR 16.27T, −17,9% YoY; Operating income +92,2% YoY.

• ▍Revenue IDR 16.27T, −17,9% YoY
• ▍Operating income +92,2% YoY
• ▍Net income −299,0% YoY
• ▍Free cash flow −134,6% YoY
• ▍Net margin -37.3%

Revenue IDR 19.81T, +7,3% YoY; Operating income +8,6% YoY.

• ▍Revenue IDR 19.81T, +7,3% YoY
• ▍Operating income +8,6% YoY
• ▍Net income −416,3% YoY
• ▍Free cash flow −672,9% YoY
• ▍Net margin -7.7%

Revenue IDR 18.46T, −2,4% YoY; Operating income −17,0% YoY.

• ▍Revenue IDR 18.46T, −2,4% YoY
• ▍Operating income −17,0% YoY
• ▍Net income +77,2% YoY
• ▍Free cash flow +12,6% YoY
• ▍Net margin 2.6%

Revenue IDR 18.92T, +12,9% YoY; Operating income −5,8% YoY.

• ▍Revenue IDR 18.92T, +12,9% YoY
• ▍Operating income −5,8% YoY
• ▍Net income +2,1% YoY
• ▍Free cash flow −229,7% YoY
• ▍Net margin 1.4%

Revenue IDR 16.76T; Operating income IDR 2.10T.

• ▍Revenue IDR 16.76T
• ▍Operating income IDR 2.10T
• ▍Net margin 1.6%