$PANI lonjakan Rp 53 miliar ongkos pajak shm pendiri akibat penawaran umum CBDK jd sebab utama profit PANI turun di Q1-2025 ini....... Rp 53 miliar beban pajak yg sgt menguras profit PANI smp turun 60% y-o-y dr Rp 122 miliar jd Rp 50 miliar.......tanpa ongkos pajak shm pendiri itu profit PANI hny turun 16% y-o-y......gross margin PANI di Q1-2025 msh di kisaran 56%......msh sgt baik
ongkos pajak sebesar ini gak mgkn terjd lg krn ini adlh biaya pajak yg hrs dibayar PANI krn penawaran umum ipo CBDK........jd kinerja kuartal setelah ini sehrsny kembali ke tren normalny........
ad sdkt penurunan di pendapatan yg diakui mgkn krn proses handover yg lbh lambat krn kehebohan isu pagar itu........
sehrsny kinerja akan membaik krn isu2x kmrn sdh mulai tenggelam n toll PIK 2 segera dibuka di bln ini........tp bagi yg yakin isu ini akan berkepanjangan trs menerus n akan mempengaruhi penjualan y silahkan jual sj ato tdk usah dibeli ehehehe.......tp bagi yg yakin ini adalah puncak sentimen negatif y silahkan putuskan sendiri jg.....
gua lampirkan jg catatan dr sekuritas lain yg jg mereview kinerja Q1-2025 PANI.......
PANI: Revenue remain stable amid net profit declined attributed by non-recurring expenses
Arvin - Bahana
- PANI booked 1Q25 net profit of IDR50bn (-59% y-y, -64% q-q), pressured by non-recurring IDR52bn tax expense from CBDK IPO and higher salary expenses from Eid bonuses. As most of the drag came from one-offs, net margins should improve in the upcoming quarters.
- Revenue remain solid at IDR612bn (-4% y-y, -17% q-q), revenue decline was caused by different timing in product handover towards customer. PANI still has plenty of handover backlog as PANI handover schedule typically took longer than peers average of 18-24 months.
- CBDK remained PANI’s main revenue contributor in 1Q25, accounting for 69% of total revenue, as it is the earliest subsidiary with products entering the handover phase. Going forward, we expect higher revenue recognition from PANI’s own projects, along with contributions from CBDK’s commercial products and the upcoming NICE project operations
