Panorama Sentrawisata

Stock Quote Panorama Sentrawisata - PANR:

Business Summary

Panorama Sentrawisata is the largest integrated tourism company in Indonesia and has more than 40 years of experience. The company is regarded a market leader in the inbound and travel & leisure sectors in Indonesia. The company developed partnerships with several leading global tourism firms such as the Carlson Rezidor Hotel Group, Reed Elsevier, and the Chan Brothers.

The tourism sector of Indonesia has shown structural growth in recent years evidenced by continuously rising foreign tourist arrivals as well as growing domestic tourism. Several factors that support this performance are improved marketing abroad, no major radical Islamic attacks since 2009, and government efforts to improve Indonesia's infrastructure (roads, ports and airports). The tourism sector is now Indonesia's fourth-largest foreign exchange earner. Meanwhile, domestic tourism has also been growing rapidly as the country's middle class and affluent consumers segments have been expanding. This development has been a trigger for robust hotel construction as well as MICE (meeting, incentive, convention, and exhibition) business development.

Click here for an analysis and overview of Indonesia's tourism industry

Foreign Tourist Arrivals in Indonesia, 2007-2015:

	2008	2009	2010	2011	2012	2013	2014	2015
Foreign Tourists (in millions)	6.23	6.32	7.00	7.65	8.04	8.80	9.44	9.73

^{Source: Statistics Indonesia (BPS)}

Strengths of Panorama Sentrawisata:

• Vast business network, diversified & integrated business portfolio
• Wide variety of products with well-known brands
• Access to global tourism industry through e-platforms and partnerships with global leading companies in tourism industry
• Indonesian government is committed to boost tourism industry and infrastructure development

Weaknesses of Panorama Sentrawisata:

• Increase in leverage to finance business expansion
• Tougher competition from apps-based firms

Panorama Sentrawisata's Financial Highlights:

	2011	2012	2013	2014	2015	2016F	2017F
Net Sales	1,194.0	1,547.0	1,694.0	1,956.0	1,923.0	2,172.0	2,507.0
Gross Profit	223.0	267.0	324.0	389.0	400.0	509.0	595.0
EBITDA	101.0	134.0	202.0	232.0	178.0	219.0	266.0
Net Income	15.0	25.0	39.0	46.0	49.0	76.0	100.0
Income before Tax	37.0	49.0	70.0	81.0	67.0	111.0	148.0
Total Assets	763.0	1,022.0	1,282.0	1,670.0	1,746.0	1,824.0	2,002.0
Total Liabilities	504.0	731.0	915.0	1,233.0	1,333.0	1,350.0	1,446.0
Earnings per Share¹	18,4	27,4	32,7	38,4	40.8	63,6	83,0
P/E Ratio (x)	8.5	7.2	11.6	12.4	11.0	8.5	6.5
P/BV (x)	0.7	0.8	1.2	1.3	1.3	1.4	1.2

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Pefindo (01/06/2016)}

Stock Performance Panorama Sentrawisata (PANR) versus Jakarta Composite Index (JKSE):*

^{* normalized stocks, 1 January 2015 = 100}