Valuation and Risk

Looking at annualized 2024 numbers, PANR is traded at 21.4x PE; below its regional peers at an average of 30.9x PE.
Several risks should be anticipated, including a) depreciation of Rupiah, b) weakening purchasing power, and c) emergence of new competitors

29:T667,

Indonesian integrated tourism company

Panorama Sentrawijaya (PANR IJ) is a trusted travel agency with more than 50 years of experience that provides various services: a) tour packages for international and domestic vacation (outbound), b) Inbound travel services (PDES IJ) for foreign tourists visiting Indonesia, Malaysia, Vietnam, and Thailand; and c) supporting services, including transportation (WEHA IJ) as well as media and hotel aggregator (Raja Kamar). After enjoying the post-pandemic pent-up demand, PANR relies on new strategies to achieve sustainable growth, targeting corporate incentives and taking advantage of spiking tourist traffic in Thailand. PANR is currently traded at 21.4x annualized 2024F P/E

Stronger Capital after Rights Issue

On 26 Jan 2024, PANR completed its PMHMETD, issuing as many as 187,500,000 new shares with offering price of IDR 400 per share. The company recorded additional net paid-in capital of IDR 65.625 bn, which will be used for debt repayment (IDR 7.5 bn) and fund the company's operational expenses.
PANR's DER declined to 0.6x in Mar 2024 (vs 0.76x in Dec 2023). PANR targets to cut its debt ratio further, and one of the strategies is divesting non-productive assets and/or non-core business.

Valuation and Risk

Looking at annualized 2024 numbers, PANR is traded at 21.4x PE; below its regional peers at an average of 30.9x PE.
Several risks should be anticipated, including a) depreciation of Rupiah, b) weakening purchasing power, and c) emergence of new competitors

2c:[] 2f:[] 30:T667,

Indonesian integrated tourism company

Panorama Sen

PANR - Optimism for Sustainable Growth

PANR - Optimism for Sustainable Growth

01 July 2024 - 03.58pm

PANR - Optimism for Sustainable Growth

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