CBDKIDXThe short version
PT Bangun Kosambi Sukses Tbk
CBDK develops the central business district of PIK 2, a coastal township west of Jakarta. It sells serviced plots and buildings before they are built, collecting the cash years before it books the revenue.
The window opens at Rp7,300 on 26 January 2026 and closes at Rp3,760 on 23 July — down 49% in six months, with a low of Rp3,140 on 8 June.
Net cash Rp2.9TP/E FY26E 16.6×
Rp3,760
Share price, 23 Jul 2026
Rp2,504bn
FY2025 revenue
Rp9,547bn
Customer money held, end-2025
−79.7%
2025 order intake
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IThe business
What CBDK sells
One 700-hectare district, sold plot by plot — and four fifths of it is bare commercial land
2025 order intake by segment
Commercial land plotsRp bn343.580%
Commercial productsRp bn8319%
ResidentialRp bn3.71%
Marketing sales, full year 2025. The 2024 book was Rp2,115bn across the same three lines.
- The estate. Inventory is not a national portfolio but 702 hectares in one place, sold across 16 products at the end of 2025 — serviced plots, shop-offices, a convention centre and a hotel.
- Who pays. Commercial land plots, bought in bulk by corporates, were 79.9% of 2025 intake. Residential was Rp3.7bn, or 0.9% — and residential is the segment Indonesia's housing VAT relief reaches.
- Who owns it. PT Pantai Indah Kapuk Dua held 87.27% at end-2025 and the public exactly 10.00%, the exchange minimum. No director or commissioner owns shares directly.
How the money arrives
Buyers pay years before handover, so reported revenue is an old collection being released
Customer money held vs revenue recognised
Advances from customers at each year end, against the revenue released that year.
- The mechanism. Money received before a unit is delivered sits as advances from customers, not receivables, and becomes revenue only on handover. CBDK carries almost no trade receivables at all.
- The pool. Advances stood at Rp9,547bn at end-2025 — 42% of the balance sheet and nearly four times the year's revenue. It is the largest claim ranking ahead of shareholders.
- It has started shrinking. 2025 was the first year the pool fell, by Rp390bn, meaning recognition ran ahead of fresh collections for the first time in the reported record.
Where the margin comes from
The land is carried at what it cost, and sold at central-business-district prices
Land value per square metre
Carried cost
Rp m2.0
Implied by the share price
Rp m3.7
FY2025 realisation on cost
Rp m6.1
Inventory is 62% of total assets at 31 March 2026.
- The take. Cost of revenues was Rp850bn against Rp2,504bn of sales in FY2025 — a 66.1% gross margin, widening to 82.9% in the March 2026 quarter as higher-value plots were handed over.
- The cost base. Roughly 7.0 million square metres carried at about Rp1.99m each. Peers carry land far cheaper — Rp0.57m at Alam Sutera, Rp0.41m at Bumi Serpong Damai — on less central sites.
- It releases slowly. At the FY2025 rate of inventory cost released, the Rp13,978bn book is 17.4 years of sales. A land bank does not have to sell on schedule; it has to sell eventually.
IIThe record
The reported record
Revenue, margin and profit rose for three straight years, and the March quarter extended it
Reported results
| Period | Revenue (Rp bn) | Profit to parent (Rp bn) | Gross margin |
|---|---|---|---|
| FY2023 | 1,953 | 579 | 50.5% |
| FY2024 | 2,249 | 925 | 56.6% |
| FY2025 | 2,504 | 1,364 | 66.1% |
| 1Q26 | 743 | 541 | 82.9% |
The quarter is not comparable to the full years; it is shown to carry the trend forward.
- The driver. Not volume but mix and margin: that historic-cost land meeting commercial pricing lifted gross margin 15.6 points across three years, while revenue rose 28%.
- Per share. Earnings per share went from Rp113.40 in 2023 to Rp241.45 in 2025. The March 2026 quarter alone earned Rp95.58, against Rp22.92 a year earlier.
- Lumpy by construction. A single corporate land purchase can be most of a quarter, so the quarterly gross margin has swung between 38% and 88% on the same cost base.
Cash against revenue
In 2025 CBDK booked more revenue than it collected from customers for the first time
Received from customers vs revenue recognised
The lines crossed in FY2025 — the first year recognition ran ahead of collection.
- The crossover. Receipts ran Rp1,146bn ahead of revenue in 2023 and Rp1,025bn ahead in 2024. In 2025 the sign flipped: Rp178bn less collected than recognised.
- It widened. In the March 2026 quarter receipts were Rp279bn against Rp743bn of revenue, and operating cash flow turned negative at minus Rp131bn against Rp546bn of reported profit.
- The balance sheet absorbs it. Cash was Rp3,121bn against Rp249.5bn of bank debt at end-2025. Free cash flow was negative for the first time in the record, at minus Rp592bn, on the MICE build-out.
IIIThe story now
The same year, four ways
Three Indonesian developers moved between +3.4% and −22.8% in 2025; CBDK moved −79.7%
Change in marketing sales, 2025 against 2024
Four developers, one country, one calendar year, one incentive regime.
- The peer year. In calendar 2025 Bumi Serpong Damai grew presales 3.35% to Rp10.04 trillion, Ciputra Development fell 14.1% to Rp9,461 billion and Alam Sutera Realty fell 22.8% to Rp2,439 billion, while CBDK's marketing sales fell 79.7% to Rp430 billion.
- The counter. Scale cuts the other way. CBDK's total assets were Rp18,157m against Rp32,053m to Rp67,863m for the four peers it names in its own prospectus, and commercial land plots were Rp1,489bn of 2024 intake — one or two absent bulk sales move a book this small this far.
- The read. The peer spread across that year is 26.1 percentage points wide and CBDK sits 56.9 points below the worst of them. A flat-to-soft national market does not describe an 80% fall.
Where the IPO money went
The whole net listing raise went into one convention centre that has yet to cover its depreciation
Rp2,296bn
Net IPO proceedsAll of it, one subscription
Rp2,589bn
NICE building, carried cost
Rp45.2bn
Revenue, whole operating life1.75% of cost
−Rp41.1bn
Cumulative gross result
The venue opened in August 2025 and reached full operation in early 2026.
- The annual charge. Twenty-year straight-line depreciation on the building is Rp129.4bn a year — 9.5% of FY2025 profit to owners — against Rp45.2bn of revenue across the venue's entire operating life.
- And a second placement. On 21 October 2025 the group put Rp850bn into Patriot Bonds maturing 2030 and 2032 at 2%, against its own bank borrowing cost of 6.50% to 9.00% — a shortfall of Rp38.3bn a year.
- The counter. NICE only reached full operation in early 2026 and its calendar loads into mid-year, so no period yet observed is a fair run rate. The Hilton's remaining Rp700bn starts depreciating in 2027.
The whole of CBDK's Rp2,295,606,434 thousand of net IPO proceeds was applied to a single subscription for new shares in PT Industri Pameran Nusantara, whose NICE building is carried at Rp2,588,619,247 thousand and has produced Rp45,208,947 thousand of revenue — 1.75% of its cost — across its entire operating life to date at a cumulative gross loss of Rp41,074,736 thousand, while on 21 October 2025 the group placed a further Rp850,000 million of cash into Danantara Patriot Bonds maturing in 2030 and 2032 at 2% per annum against its own bank borrowing cost of 6.50% to 9.00%.
Who bought the quarter
Two buyers produced 70% of the March quarter, and one of them shares a commissioner with CBDK
March 2026 quarter revenue by buyer
PT Global Jet ExpressRp bn268.836%
PT Erajaya SwasembadaRp bn248.934%
All other buyersRp bn224.930%
Revenue of Rp742.6bn in the three months to March 2026.
- The concentration. Rp517.7bn from two named buyers, against nil in the comparative quarter. The audited FY2025 note states that no single customer exceeded 10% of consolidated revenue.
- The connection. President Commissioner Richard Halim Kusuma has sat on Erajaya's board since 2006. On the affiliate definition CBDK published in its own prospectus, that is a sale to an affiliate. The accounts present it as third-party.
- What it replaces. Those two handovers were 1.5 times all the commercial land CBDK sold in the whole of 2025, and 92% of everything it plans to sell in 2026.
Control and affiliates
A family holds about 87% through four layers, is paid almost nothing, and sits on both sides of the book
Board and commissioner pay, 2025
| Company | Remuneration (Rp bn) | Share of profit |
|---|---|---|
| CBDK | 2.7 | 0.20% |
| BSDE | 81.2 | 3.19% |
| ASRI | 32.5 | 10.37% |
| LPKR | 80.7 | 17.19% |
Total remuneration of the board of directors and board of commissioners.
- The chain. PT Pantai Indah Kapuk Dua holds 87.27%, and above it sit PT Multi Artha Pratama, PT Agung Sedayu and the family vehicles — four layers to the Kusuma family. The free float is 10.00%.
- The pay. Board and commissioner remuneration was Rp2.674bn in 2025, or 0.20% of profit to owners. Three listed peers paid between 3.2% and 17.2% of theirs.
- Both sides of the table. Nine affiliated transactions were signed in 2025 worth Rp7,472bn — a third of the balance sheet — with no conflict of interest reported in any of them.
IVThe price
What the shares have done
The shares have given back everything they gained since listing, while reported earnings accelerated
Daily closes. The 2025 high of Rp11,450 sits before this window opens.
- The arithmetic. At Rp3,760 the market capitalisation is Rp21,315bn — about 12 times trailing profit to parent of Rp1,776bn, and 2.4 times a book that carries the land at cost.
- Against listing. The shares came at Rp4,060 in January 2025, touched Rp11,450, closed 2025 at Rp8,750, and now sit 7% below the capitalisation at which the company listed.
- What is left over. Strip out net cash of Rp2,512bn and the run-off profit the pool already funds, and the residual for everything unsold is 0.84 to 1.10 times its carried cost.
What intake supports
Over a long enough horizon revenue cannot exceed intake, and the multiple runs from 16 to 93 times
Earnings multiple at Rp3,760, by sustained intake
2025 intake rate (Rp430bn)
93.1×
2026 target (Rp563bn)
70.1×
Halfway back (Rp1,500bn)
25.6×
2023–24 average (Rp2,177bn)
17.5×
Memo: FY2025 as reported
15.6×
CBDK's own FY2025 cost structure, run at each sustained level of order intake.
- The model. Applied to FY2025's actual revenue it returns Rp1,503bn of profit against Rp1,467bn reported — 2.4% high, which is the accuracy the ladder carries.
- The replacement rate. In 2023 the company sold Rp1.15 of new product for every Rp1.00 handed over; in 2024, Rp0.94; in 2025, Rp0.17. Management's 2026 target does not aim at replacement either.
- The clock. The Rp9,082bn pool at 31 March 2026 covers about three years of revenue at the current rate. That is how long there is to find out which of those paths holds.
What the market says
One analyst covers this company, and the twelve-month target has not moved with the share price
The forward view
| Measure | Value |
|---|---|
| Analysts submitting estimates | 1 |
| FY2026 EPS estimate | Rp226 |
| FY2025 reported EPS | Rp241.45 |
| 1Q26 EPS, annualised | Rp382 |
| Aggregated 12-month target | Rp13,700 |
| Named local broker targets | Rp3,500 to Rp13,100 |
| Share price, 23 July 2026 | Rp3,760 |
One analyst submits estimates; two other providers carry no target at all.
- Two anchors, opposite directions. The single estimate puts the shares on about 16.6 times forward earnings; the March quarter annualised puts them on about 9.8 times.
- The spread. Named local brokers sit nearly four times apart on the same company, and one provider states outright that coverage is insufficient to forecast growth.
- The company's own number. Management's forward commitment is not an earnings figure at all: a 2026 marketing sales target of Rp563bn, which is 20% of the only published revenue estimate for the year.
What to watch
Net cash and land at cost on one side; an order book replacing 17% of recognised revenue on the other
- 01First-half 2026 marketing sales: near Rp1.0 trillion puts the replacement rate back in a defensible range; near Rp0.2 trillion confirms the Rp563bn full-year target as a ceiling rather than a base.
- 02Receipts from customers against recognised revenue in the half-year statements, due at the end of July 2026: back above revenue for two consecutive quarters would make the 2025 crossover a delivery-schedule artefact.
- 03Convention revenue in the same segment note: above roughly Rp80bn for six months puts NICE on a path to cover its own cost of sales within the year.
- 04Whether the Rp268,827,273 thousand PT Global Jet Express figure appears again, and in which period — if it does, one sale has been recognised in two years.
This distils a guided study built chapter by chapter from CBDK's own filings and market price data.
Compiled from the full report · 2026-07-28 · For information, not investment advice.