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Imagination is the Limit

The popularity of tennis has been steadily rising in Indonesia in recent years, especially following the significant success of Indonesian tennis at the 2023 SEA Games. It has transformed into a burgeoning and trendy sport, gaining popularity among celebrities.

Source: Viva.co.id

With the tennis trend booming in Jakarta, securing a tennis court has become increasingly challenging...


Being a tennis enthusiast myself, residing in the SCBD area, I often find myself making the journey to PIK 2 for a tennis court. Plus the added benefit of indoor tennis is a game-changer, we can play at any hour without the constraint of sunlight!


The journey to PIK 2 typically takes 30-40 minutes with the toll, providing a seamless ride various food options to look forward to after tennis session. Each week, PIK spawns new restaurants, making it an enjoyable experience and a great weekend destination.


I've personally witnessed and experienced the development of PIK 2, beginning with Pantjoran PIK, providing a miniature Chinatown experience. This progress continued with The Cove Batavia, By the Sea, and Central Market introducing expansive semi-outdoor, pet-friendly areas.


Their most recent addition, Aloha Beach Club, is nearly fully occupied with a variety of restaurants.

Source: Youtube

Beginning as a food destination (they have a dedicated team to curate local delicacies to open at PIK area), PIK 2 has become a lifestyle destination drawing interests from small to large corporations to explore business opportunities in the area.


It also attracts food enthusiasts and YouTubers to create content in the well-developed amenities within the PIK area.


A renowned food influencer I closely follow, NexCarlos, not only resides in PIK 2 but also contributes to bringing business to the area!

Source: Youtube, Hops.id


PIK 2 is under the umbrella of PT PANI Tbk. PT Multi Artha Pratama (MAP), jointly owned by two major conglomerates, Agung Sedayu and Salim Group, holds an 88.7% stake in PT PANI Tbk, with the remaining shares owned by the public.


Spanning an expansive development area of 748 ha with a book value of IDR 12.4 tn, numerous ongoing developments are in progress since their commencement in 2018. It’s important to note, PIK 2 spans over 6,000 ha, and these endeavors may be consolidated under PANI, as PANI serves as the sales entity.

Source: Company


With that massive land area, a renowned reputation for well-developed amenities in PIK and PIK 2 and backed by two major conglomerates in Indonesia- imagination is the limit.


Moreover, highlighting their prudent financial profile, with a net zero debt stance, consolidates PANI’s readiness to venture into the capital market.


Proximity to the airport is a significant advantage, and the anticipated completion of toll access to PIK 2 in 3Q24 will further enhance its land value. Coupled with the MRT phase 1 expansion plan to PIK, the future development prospects for PIK 2 is looking bright!


In terms of performance, PANI successfully achieved a net income of IDR 699.83 bn, skyrocketing by 2,038% from IDR 32.72 bn last year.


PANI also recorded pre-sales for 9M23 amounting to IDR1.7 tn, achieving 82% of the 2023 target. The majority of this comprises sales of shop-houses, home offices, SOHO, and warehouses. Notably, ~90% of their sales are in hard cash or through developer installments, ensuring a robust cash flow for PANI.


PANI is currently is gearing up for its second-phase rights issue after approval at the Shareholders meetings on September 15, 2023. In this issuance, PANI plans to release up to 8 bn new shares, with the exercise price expected to be announced today.


The majority shareholder, MAP will fully exercise its rights by subscribing up to 7.04 bn pre-emptive rights. The anticipated funds of IDR 9.48 tn will be injected into various subsidiaries, with the remainder allocated for overall business development.


Stay tuned for our comprehensive report and eagerly awaited details on the rights issue!

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