PT Paramita Bangun Sarana TbkFull report →1 / 14
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PT Paramita Bangun Sarana Tbk

PT Paramita Bangun Sarana is a debt-free Indonesian contractor that builds palm-oil mills and jetties for one industrial group, with a record 2025 profit that a large securities portfolio helped set.

The window opens in late January 2026 near Rp2,330 — the tail of an H2-2025 spike the exchange had suspended — then slides to a Rp605 low in June before settling at Rp775.
Rp775
Share price, 24 Jul 2026
Rp2.3tn
Market capitalisation
Rp1.59tn
FY2025 revenue
31%
of pretax profit from unrealized marks
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The statements

A decade of lumpy growth, a record 2025 — and cash that lags profit

FY2018 → FY2025as reported · Rp
RevenueRp1.6T+38%
Operating margin15.3%−1.3pp
Net incomeRp320.1B+49%
EPSRp106.61+49%
Free cash flowRp350.5B+Rp421.4B
Open the full statements →
As-reported IDR income statement and cash flow, FY2018–FY2025.
  • Record top line. FY2025 revenue reached Rp1.59tn and net profit Rp320bn, both records — but revenue has swung from Rp1.27tn in 2016 to a Rp279bn trough in 2021, the signature of a project contractor.
  • High returns, no debt. Reported return on equity was 34% on Rp929bn of equity, with effectively no borrowings and Rp473bn of cash and securities at year-end.
  • Cash is lumpy too. FY2025 operating cash flow swung to Rp367bn after a negative Rp43bn in FY2024, as percentage-of-completion working capital moved the other way.
Two engines diverge

One quarter shows the headline and the construction engine are not the same number

Q1 FY2025 vs Q1 FY2026 (Rp bn)
Operating income grew 59.8%; a Rp71.62bn unrealized mark-loss cut net profit 94%.
  • The wedge, on one page. In Q1 FY2026 PBSA's construction-driven operating income grew 59.8% to Rp81.34bn, yet net profit fell 94% to Rp1.47bn because the investment portfolio swung to an unrealized fair-value loss of Rp71.62bn.
  • It cuts both ways. The swing is unrealized and non-cash: it never touches the cash the construction work generates, so the near-zero net understates the quarter exactly as FY2025's positive marks overstated the year.
Earnings quality

Strip the unrealized marks and a third of the record profit disappears

FY2025 profit bridge (Rp bn)
LineRp bn
Reported net profit320.1
Less: unrealized fair-value gain−111.5
Less: realized gain on sale−5.7
Construction-only net profit202.9
Construction-only EPS is about Rp67.6 against the reported Rp106.61.
  • A marked-to-model third. FY2025's Rp111.5bn fair-value gain — 31% of pretax profit — is an unrealized mark on Nusadana-managed funds; realized gains on actual sales were only Rp5.7bn.
  • One holding does the work. KPD Nusadana, a discretionary managed account, was revalued from Rp884 to Rp2,533 per unit in a year — a 187% mark-up on units the company already owned.
  • Still a real business. Construction-only profit of about Rp203bn is a record on its own and cash-backed; the concern is quality, not existence — the same marks swung to a loss the next quarter.
When it appeared

Operating profit and reported profit tracked each other until FY2023

Operating income vs pretax profit (Rp bn)
The two lines tracked closely until FY2023; investment income has driven the gap since.
  • A new engine at scale. The link between what PBSA builds and what it reports broke in FY2023 and has not been restored; investment results supplied about a third of the three-year pretax total.
  • Two very different windfalls. FY2023's gap was a real, taxed cash exit — the EcoOils stake sold for Rp216bn. FY2024–FY2025's is unrealized marks on a fund book that never touched a buyer.
  • Untaxed, for now. Because the FY2025 mark is unrealized it is untaxed, but it carries an unbooked tax cost on the day it is sold — PBSA paid Rp38.8bn of cash tax when it last harvested the book.
The second engine

A Rp328bn fund book, mostly one manager, valued at its own reported NAV

Rp328bn securities book (Rp bn)
83% sits in Nusadana-branded funds carried at manager NAV; only Indah Kiat has a market price.
  • It quadrupled in a year. The book grew from Rp89bn to Rp328bn during FY2025, nearly a quarter of total assets, funded by fresh cash — PBSA was a net buyer of Rp122bn of units, not a seller.
  • A reserve, not just a bet. The portfolio doubles as working capital: in Q1 FY2026 the company sold Rp50bn of units to bridge a soft quarter, which is one reason the position is unlikely to shrink to zero.
The customer base

Every major customer, and the entire order book, is one palm-oil group

FY2024 disclosed order book by owner (Rp bn)
About Rp651bn of contracts above Rp10bn — all Sinar Mas / Golden Agri palm-oil entities.
  • Concentration, not degree. For FY2024 and FY2025, every customer above 10% of revenue was a Sinar Mas or Golden Agri entity; construction is 91.6% of revenue, with no meaningful line outside the group.
  • Growing, and lumpy. Revenue rose 101.5% in FY2024 and 37.9% in FY2025 to Rp1.59tn, but the backlog turns over roughly annually — no multi-year cushion, so the top line can double or fall by a fifth.
  • Diversification is a plan. Management targets industrial estates, energy and EPC work, but the nearest non-palm job in the book still sits inside Sinar Mas — credible intent, not yet a fact.
Governance

The funds that set a third of profit share a name with vehicles insiders once ran

83%
of the portfolio in Nusadana-branded funds
99.7%
of securities valued at manager NAV, not market
1 of 5
board members independent
83.7%
held by two control companies
  • Self-set values. Rp272bn of the Rp328bn book — 83% — sits in Nusadana-branded funds carried at manager net asset value; only a Rp0.9bn listed stake has a market price.
  • Old ties, open question. Two directors once held senior roles at Nusadana entities. The corpus does not show the family currently owns or controls the manager, and this run could not retrieve that registry fact — a governance flag, not a proven related-party.
  • Aligned on the dividend. The 83.7% control block takes its return pro-rata through the cash dividend, on the same terms as minorities; there is no disclosed related-party leakage in pay or payout.
Capital allocation

A high, cash-backed dividend — sized to construction profit, not the headline

Net income vs dividend (Rp bn)
The FY2025 Rp180bn payout is ~56% of reported profit but ~89% of construction-only profit.
  • Paid every year. Per-share dividends climbed from Rp40 to Rp60, funded by construction cash — FY2025 operating cash flow of Rp367bn covered the payout comfortably.
  • Marks left on the balance sheet. The headline payout ratio fell to 56%, but against construction-only profit of about Rp203bn it is ~89% — the board treated the paper gains as non-distributable.
  • A small buyback, underwater. A Rp100bn programme spent just Rp19.3bn at about Rp1,276/share in early 2026; against Rp775 today it reads as a confidence signal, not a material return.
The tape

A roughly 6x spike, an exchange suspension, then a round-trip on a thin float

Share price, IDX daily close, late January to 24 July 2026.
  • A momentum round-trip. After trading near Rp364 through early 2025, the shares ran to a Rp2,160 high and closed 2025 at Rp1,500 — a market cap of Rp4.5tn — with no corporate action behind the move.
  • The exchange stepped in. With only about 16% of the stock in public hands, the IDX suspended trading for eleven days in September 2025 as a cooling measure to protect investors.
  • Back near fundamentals. By 24 July 2026 the price had fallen 64% from the peak to Rp775 — still about 40% above the pre-spike multiple, on a thin float with no analyst coverage.
Sum-of-the-parts

Value the cash separately and the market pays about 10x for the construction stub

What Rp2,325bn of market cap pays for (Rp bn)
The cushion fell 42% in a quarter — from a fifth of market cap to about an eighth.
  • Two things, not one. With near-zero debt, the cash-and-securities stack is separable from the business. Backing it out, the market pays about Rp2,053bn for construction — 10x normalized earnings, 8.4x operating income.
  • The cushion thinned fast. The stack fell from Rp473bn to Rp272bn in one quarter as a Rp71.6bn mark-loss and negative operating cash flow drained both cash and marks.
  • The swing factor. Each turn of the construction multiple is worth about Rp68/share; a 6x-to-14x range spans roughly Rp499 to Rp1,043, so the case is most sensitive to the stub multiple, not the 7.3x headline.
Scenario ladder

What the shares imply at each construction multiple, cash held fixed

Implied share price by construction P/E (Rp)
Holds the Rp272bn financial stack fixed on Rp202.9bn of normalized construction earnings.
  • The price sits at 10x. At Rp775 the market places the construction business at almost exactly 10x normalized earnings; an 8x multiple — still fair for a concentrated contractor — implies about Rp635, roughly 18% lower.
  • The second variable. The securities stack is Rp70 per share and Q1 FY2026 showed it can swing a third of its value in a quarter; a reader who marks it conservatively and discounts the stub lands well below Rp775.
Peer multiples

The lowest P/E in the peer group is the marks' arithmetic, not a discount

IDX private-sector contractors (24 Jul 2026)
TickerP/E rep.P/E norm.P/B
PBSA7.311.52.50
TOTL8.28.22.53
NRCA7.37.30.91
JKON7.97.90.34
DGIK12.512.50.90
IDPR20.120.10.85
Normalizing lifts PBSA from the cheapest reported P/E to a 3–4 turn premium over TOTL and NRCA.
  • Cheap is the cushion's arithmetic. Removing Rp117.2bn of FY2025 investment income cuts net profit to Rp202.9bn and lifts the normalized P/E from 7.3x to 11.5x — a 3–4 turn premium to net-cash peers TOTL (8.2x) and NRCA (7.3x).
  • Priced with the best, not below. The IDX prices these contractors off book and returns; on 2.5x book PBSA sits level with TOTL's 2.53x — the top of the group, without a haircut for single-customer risk.
  • Quality on the other side. The construction stub earns above 40% on operating equity and grew operating income 59.8% year-on-year in Q1 FY2026, so about 10x may be fair for that growth rather than rich.
PBSA's 7.3x reported P/E, the lowest of the six IDX private-sector contractors, is an artefact of the unrealized investment gains: removing the Rp117.2bn of FY2025 investment income cuts net profit to Rp202.9bn and lifts the normalized whole-company P/E to 11.5x — a 3-4 turn premium to the two comparable net-cash peers (TOTL 8.2x, NRCA 7.3x) — while backing out the Rp272bn cash-and-securities stack leaves the market paying ~Rp2,053bn (~10x normalized earnings, 8.4x operating income) for the construction stub, so on a clean basis PBSA sits at the sector's top book multiple (2.5x, level with TOTL's 2.53x), not at a discount.
What to watch

A genuine, cash-generative engine; whether the record profit is durable or flattered turns on a few checkable filings.

Read the full report →

This distills a nine-chapter study built filing by filing; the full report carries the evidence and the citations.

Compiled from the full report · 2026-07-24 · For information, not investment advice.