PT Bangun Kosambi Sukses TbkFull report →1 / 14
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 $163.8MP/E FY26E 16.6×
$0.211
Share price, 23 Jul 2026
$150M
FY2025 revenue
$573M
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
Marketing sales, full year 2025. The 2024 book was $131M 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 $0.2m, 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 $573M 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 $23M, 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
Inventory is 62% of total assets at 31 March 2026.
  • The take. Cost of revenues was $51M against $150M 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 $119 each. Peers carry land far cheaper — $34 at Alam Sutera, $25 at Bumi Serpong Damai — on less central sites.
  • It releases slowly. At the FY2025 rate of inventory cost released, the $783M 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
PeriodRevenue ($M)Profit to parent ($M)Gross margin
FY20231273850.5%
FY20241395756.6%
FY20251508266.1%
1Q26423082.9%
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 $0.0074 in 2023 to $0.0145 in 2025. The March 2026 quarter alone earned $0.0054, against $0.0013 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 $74M ahead of revenue in 2023 and $64M ahead in 2024. In 2025 the sign flipped: $11M less collected than recognised.
  • It widened. In the March 2026 quarter receipts were $16M against $42M of revenue, and operating cash flow turned negative at minus $7M against $31M of reported profit.
  • The balance sheet absorbs it. Cash was $187M against $15.0M of bank debt at end-2025. Free cash flow was negative for the first time in the record, at minus $36M, 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 $602 million, Ciputra Development fell 14.1% to $568 million and Alam Sutera Realty fell 22.8% to $146 million, while CBDK's marketing sales fell 79.7% to $26 million.
  • The counter. Scale cuts the other way. CBDK's total assets were $1,126M against $1,987M to $4,208M for the four peers it names in its own prospectus, and commercial land plots were $92M 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

$138M
Net IPO proceedsAll of it, one subscription
$155M
NICE building, carried cost
$2.71M
Revenue, whole operating life1.75% of cost
−$2.46M
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 $7.8M a year — 9.5% of FY2025 profit to owners — against $2.71M of revenue across the venue's entire operating life.
  • And a second placement. On 21 October 2025 the group put $51.0M into Patriot Bonds maturing 2030 and 2032 at 2%, against its own bank borrowing cost of 6.50% to 9.00% — a shortfall of $2.3M 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 $39M starts depreciating in 2027.
The whole of CBDK's $137,736 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 $155,317 thousand and has produced $2,713 thousand of revenue — 1.75% of its cost — across its entire operating life to date at a cumulative gross loss of $2,464 thousand, while on 21 October 2025 the group placed a further $51.0 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
Revenue of $41.6M in the three months to March 2026.
  • The concentration. $29.0M 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
CompanyRemuneration ($M)Share of profit
CBDK0.160.20%
BSDE4.873.19%
ASRI1.9510.37%
LPKR4.8417.19%
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 $0.16M 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 $448M — 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 $0.211 the market capitalisation is $1,194M — about 12 times trailing profit to parent of $99M, and 2.4 times a book that carries the land at cost.
  • Against listing. The shares came at $0.227 in January 2025, touched $0.641, closed 2025 at $0.490, and now sit 7% below the capitalisation at which the company listed.
  • What is left over. Strip out net cash of $141M 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 $0.211, by sustained intake
CBDK's own FY2025 cost structure, run at each sustained level of order intake.
  • The model. Applied to FY2025's actual revenue it returns $90M of profit against $88M 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 $509M 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
MeasureValue
Analysts submitting estimates1
FY2026 EPS estimate$0.0127
FY2025 reported EPS$0.0145
1Q26 EPS, annualised$0.0214
Aggregated 12-month target$0.767
Named local broker targets$0.196 to $0.734
Share price, 23 July 2026$0.211
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 $31.5M, 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

Read the full report →

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.