Chapter 6

Customer Concentration

Two customers produced 69.7% of the March 2026 quarter's revenue. The larger of them — a Rp268.8 billion land sale to PT Global Jet Express — had already been disclosed as revenue in the nine months to September 2025, then vanished from the audited full-year accounts, then reappeared in the March quarter at the identical rupiah amount. The second buyer shares a commissioner with CBDK. No filing in the corpus explains either fact.

Where the March quarter's revenue came from

The three months to 31 March 2026 are the strongest period in CBDK's short public record: Rp742.6 billion of revenue against Rp426.3 billion a year earlier, gross profit of Rp615.9 billion [1], and Rp541.4 billion of profit attributable to shareholders, or Rp95.58 per share against Rp22.92 [2].

Note 17 to those statements names where it came from. Two individual customers each exceeded 10% of consolidated net revenue: PT Global Jet Express at Rp268,827,273 thousand and PT Erajaya Swasembada Tbk at Rp248,882,883 thousand, Rp517.7 billion together, against a nil comparative for the same quarter of 2025 [3]. That is 69.7% of the quarter's revenue and 71.5% of its Rp724.4 billion of land-and-building sales [4].

Sources: Q1 2026 interim statements, Note 17 [5]; statement of profit or loss [6]; statement of financial position [7].

The real estate segment released Rp86.8 billion of inventory cost against Rp736.8 billion of revenue, an 88.2% gross margin [8]. Applying that margin uniformly, the two named sales carry roughly Rp457 billion of gross profit — about three-quarters of the quarter's consolidated gross profit and 84% of the profit attributable to shareholders. The plot-level cost is not disclosed, so the split between the two buyers is an estimate; the aggregate is not.

Neither sale brought money in. Trade receivables from third parties stood at Rp395.6 million at 31 March 2026, down from Rp1.8 billion three months earlier [9], the quarter collected Rp278.8 billion of cash from customers [10], and advances from customers fell Rp465.2 billion to Rp9,081.7 billion [11]. Both buyers had paid before handover, out of the pool whose drawdown Financials and Estimates tracks.

The same sale in three filings

Customer concentration has only been disclosed twice in the company's published record, and the same rupiah figure carries both entries.

Sources: FY2023 audited statements, Note 15 net revenues [12]; FY2024 audited statements, Note 23 net revenues [13]; Q1 2025 interim, Note 24 net revenues [14]; H1 2025 interim, Note 24 net revenues [15]; 9M 2025 interim, Note 24 net revenues [16]; FY2025 audited statements, Note 17 net revenues [17]; Q1 2026 interim, Note 17 net revenues [18].

The nine-month note is unambiguous: "There were sales to PT Global Jet Express amounting to Rp 268,827,273 which exceeded 10% of consolidated net revenues", against nine-month revenue of Rp2,298.1 billion — 11.7% of it [19]. Three months later the audited full-year note states that "There were no sales to any individual customers which exceeded 10% of consolidated net revenues" [20], and the annual report repeats it verbatim [21]. Full-year revenue was Rp2,503.6 billion, so the 10% threshold was Rp250.4 billion and the Global Jet sale is 10.74% of the year. Had it remained in FY2025 revenue, the disclosure was required.

Three readings fit the words. The sale was recognised in the September quarter, unwound before the year end, and recognised again in the March quarter. Or it stayed in FY2025 revenue and the audited note is incomplete — in which case the Q1 2026 note repeats a sale already booked. Or the nine-month note named a sale the audited accounts do not support. Each is material: the amount is 10.7% of FY2025 revenue and 36.2% of the March quarter's.

The quarterly shape favours one reading

Interim statements are cumulative, so the individual quarters have to be differenced out. Doing that puts the fourth quarter of 2025 outside every other quarter in the record.

Sources: derived by differencing cumulative interim statements — Q1 2025 [22], [23]; H1 2025 [24], [25]; 9M 2025 [26], [27]; FY2025 [28], [29]; Q1 2026 [30], [31].

The September quarter was 44.0% of FY2025 revenue and 58.2% of the year's profit to shareholders. The December quarter was 8.2% and 3.9% — Rp205.5 billion of revenue and Rp52.7 billion of profit, against Rp1,102.7 billion and Rp794.5 billion three months earlier.

The margins move the same way. Measured as land-and-building sales less the real estate cost of revenues, the gross margin runs 55.8%, 63.3% and 78.2% through the first three quarters of 2025, then 38.4% in the fourth, then 88.0% in the March 2026 quarter. Move the Rp268.8 billion sale from the third quarter into the fourth and both return to the range: the fourth quarter reads 76.4% and the third 70.8%. A reversal of a high-margin sale takes almost all revenue out and very little cost, which is exactly the footprint the reported fourth quarter carries.

Source: derived from the same cumulative interim statements as the chart above, Notes on net revenues and cost of revenues [32], [33].

Cash never moved. The fourth quarter collected Rp531.4 billion from customers — the difference between FY2025 receipts of Rp2,325.6 billion [34] and nine-month receipts of Rp1,794.2 billion [35] — while advances from customers rose Rp327.5 billion, from Rp9,219.3 billion at 30 September [36] to Rp9,546.8 billion at the year end [37]. If a handover was unwound, the buyer's money simply sat back in the pool and waited for the next one.

On the balance of the arithmetic, the recognise-reverse-recognise reading is the one the numbers support: it explains the fourth-quarter revenue trough, the 38.4% margin and the reappearing figure at once, and it moves roughly Rp181 billion to Rp237 billion of gross profit — the Rp268.8 billion sale at FY2025's 67.4% [38] and the March quarter's 88.2% segment margins [39], 12% to 16% of FY2025 group profit of Rp1,467.3 billion [40] — out of the year the market has already judged and into the year it is judging now. Rp268.8 billion is 5.1 times the profit the December quarter actually reported.

The strongest fact against that reading sits in the same filing. The FY2025 statements carry an unmodified audit opinion [41]; revenue recognition is the single key audit matter, precisely because "the timing of revenue recognition requires judgment on whether the Group has transferred significant risks and rewards of ownership in the inventories to the customers" [42]; and the auditor states it read the sales contracts to evaluate those timing judgments [43]. A clerical repetition in an unaudited interim note is a simpler explanation and requires no reversal at all. Nothing in the corpus uses the words cancellation or reversal in connection with any sale.

The second buyer and the President Commissioner

Richard Halim Kusuma has been CBDK's President Commissioner since September 2024. The same profile page records him as a Commissioner of PT Pantai Indah Kapuk Dua Tbk since 2023 and of PT Erajaya Swasembada Tbk since 2006, in a family relationship with the President Director and Directors, and affiliated with the controlling shareholder as beneficial owner of the company [44]. The annual report's ownership section states it directly: as at 31 December 2025 he "was recorded as the ultimate beneficial owner (UBO) of the Company, indicating indirect share ownership", while holding no shares in his own name [45].

CBDK's own IPO prospectus defines an affiliate, following the capital-market law, to include a relationship between two companies having one or more of the same members of the board of directors, management, board of commissioners or supervisors [46]. On the definition the company published, CBDK and PT Erajaya Swasembada Tbk are affiliates, and the Rp248.9 billion sale is a sale to an affiliate — 33.5% of the quarter's revenue.

The Q1 2026 related-party note does not say so. Its list of related parties selling real estate is Yayasan Buddha Tzu Chi Wiyata Indonesia, PT Citra Abadi Mandiri and PT Sekarsari Aryaduta [47], and related-party advances from customers total Rp585.1 billion, Rp551.9 billion of it from PT Citra Abadi Mandiri [48]. Erajaya appears nowhere in it; the sale sits in the third-party concentration note instead [49].

The two definitions are not the same instrument. The related-party note follows the accounting standard, whose test is not reproduced anywhere in the statements, and it turns on control rather than on a shared board seat; the prospectus definition is the capital-market one, and it is the definition that governs the affiliated-transaction disclosures discussed in Ownership and Affiliates. A commissioner seat held at a listed electronics distributor since 2006 is also not evidence that the plot was mispriced: Erajaya has its own board and its own minority shareholders, and no filing in this corpus gives an area or a price per square metre for either plot. What the record does establish is narrower and still material — the largest identified sale of the March quarter was to a company connected to CBDK by a shared commissioner, and CBDK's accounts present it as a third-party transaction.

What has to replace them

The sales that produced the March quarter were booked as orders in earlier years; the orders being written now are the ones that fund later quarters. On the company's own comparison, commercial land plots — the line the company identifies as the March quarter's largest revenue contribution, up 492% year on year [50] — generated Rp343.5 billion of marketing sales across the whole of 2025, against a 2026 target of Rp364.0 billion and a total 2026 order-intake target of Rp563.1 billion [51].

Sources: FY2025 Annual Report, 2025 realisation and 2026 targets [52]; Q1 2026 interim, Note 17 [53].

Two buyers in three months took delivery of 1.5 times the commercial land plots CBDK sold in all of 2025, and 92% of everything it plans to sell in 2026. That is the arithmetic of a business releasing a backlog faster than it is writing one, and it is why the composition of the next disclosure matters more than the level of the last one.

Four things the corpus does not contain, each of which would change how much weight this quarter can bear: any buyer-level breakdown of the Rp9,081.7 billion advances pool beyond the Rp585.1 billion owed to related parties; any statement of what either company bought its plot for; any area or price per square metre for either sale; and any review or audit opinion on the interim statements that carry the concentration disclosure — the March 2026 statements were authorised for issue by the directors on 29 April 2026 [54] with no auditor's report attached.