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PWON – Top Line Increases, Indicates Business Recovery

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Ajeng Kartika Hapsari
Ajeng Kartika Hapsari
Analyst - Property, Construction
Ajeng Kartika Hapsari
Latest posts by Ajeng Kartika Hapsari (see all)
  • BSDE – Margin Increases, Performance Recovers - January 8, 2021
  • CTRA – Focus on Existing Projects - December 17, 2020
  • INTP – Higher Manufacturing Efficiency Boosts 3Q20 Performance - November 27, 2020

PWON booked an impressive 3Q20 income at IDR1.07 trillion or +10.9% above our estimates and increased 231% QoQ. The gain was supported by all income segments including condominium and office sales, indicating PWON business recovery. Meanwhile, until September, marketing sales have reached IDR725 billion or 68.4% of the target. We are optimistic that PWON can continue performance recovery in 4Q20 supported by better mobility and purchasing power.

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