A Fundamental Analysis of PT Jakarta Setiabudi Internasional Tbk (JSPT)

PT Jakarta Setiabudi Internasional Tbk (JSPT) is an Indonesian-based property developer and investment company. Listed on the Indonesia Stock Exchange (IDX), the company operates across several key segments, including hotels, real estate, and the rental of office and retail spaces. For investors considering JSPT, a fundamental analysis is crucial to understand its intrinsic value and future potential. This article provides a comprehensive overview of JSPT's financial health, performance, and key valuation metrics.

Company Overview and Business Segments

Founded in 1975, Jakarta Setiabudi Internasional has established itself as a significant player in Indonesia's property sector. The company's diverse portfolio includes hotels in major tourist destinations, commercial properties like office buildings and retail centers, as well as residential properties. JSPT's revenue streams are primarily segmented into:

Hotel: This segment includes revenue from hotel room rentals, restaurant services, and other related facilities.
Real Estate: This segment focuses on the sale of land, buildings, and apartment units.
Rental of Office Space: JSPT generates income from leasing office spaces in its commercial buildings.
Rental of Retail Center: This segment involves the rental of retail spaces in properties like Setiabudi One, Plaza Menteng, and Bali Collection.

The company's broad operational scope provides a degree of diversification, making it less dependent on a single property market segment.

Financial Performance Analysis

A deep dive into JSPT's financial statements reveals its recent performance trajectory. The company has shown a positive trend in its profitability, particularly over the last couple of years.

In 2024, JSPT reported a net profit of Rp 261.3 billion, a notable increase from the Rp 191.2 billion recorded in 2023. This is a significant turnaround from the loss of Rp 45.1 billion in 2022. This impressive rebound highlights the company's ability to navigate challenging economic conditions and capitalize on the post-pandemic recovery in the real estate and hospitality sectors. The company's revenue also saw strong growth, reaching Rp 2.4 trillion in 2024, an increase of over 35% from the previous year.

Key profitability and efficiency ratios also provide insight into the company's health:

Gross Margin: JSPT maintains a strong gross margin, which stood at around 66.7% in 2024. This indicates the company's efficiency in controlling its cost of goods and services.
Net Profit Margin: The net profit margin of around 10.9% in 2024 suggests that the company is effective at converting its revenue into profit.
Return on Assets (ROA) & Return on Equity (ROE): JSPT’s ROA of 6.5% and ROE of 17.6% indicate that the company is generating reasonable returns from its assets and shareholder equity.

Valuation Metrics

When analyzing JSPT's stock, several key valuation metrics can help determine if it's overvalued, undervalued, or fairly priced.

Price-to-Earnings (P/E) Ratio: As of late 2025, JSPT's P/E ratio is approximately 25.5x. This is higher than the average P/E of some of its peers in the real estate sector, which trade at around 11.3x. A higher P/E ratio suggests that investors have higher growth expectations for JSPT compared to its competitors.
Price-to-Book (P/B) Ratio: JSPT’s P/B ratio is around 4.2x, significantly higher than the peer average of 1.4x. This metric suggests that the market values the company at a premium to its book value, possibly due to a strong brand reputation, valuable assets, or future growth prospects.
Price-to-Sales (P/S) Ratio: The P/S ratio stands at around 3.8x, which is relatively high compared to the sector average of 1.0x. This can be a sign of a company with strong revenue growth.

The elevated valuation ratios compared to its peers could be attributed to several factors, including market sentiment, specific corporate developments, or a perception of stronger growth potential.

Dividend and Share Performance

JSPT has a history of paying dividends, which can be an attractive feature for income-oriented investors. The company's latest dividend was Rp 10 per share, with an ex-dividend date in July 2025. This results in a dividend yield of around 0.49%. While the yield may seem modest, the company's payout ratio is around 7.77%, suggesting a conservative dividend policy that allows for the reinvestment of a significant portion of its earnings back into the business for growth. The company also announced a dividend of Rp 20 per share with a payment date on July 23, 2025.

In terms of stock performance, JSPT has experienced significant volatility. The stock has seen a massive price increase of over 104% in the past year, with a 52-week range of Rp 1,750 to Rp 21,250. This high volatility, as reflected by its negative beta of -0.74 (indicating lower volatility than the broader market), suggests that the stock can experience rapid price swings, which might be influenced by speculative trading rather than purely fundamental factors.

Conclusion

PT Jakarta Setiabudi Internasional Tbk (JSPT) presents an intriguing case for fundamental analysis. The company has demonstrated a strong financial recovery and impressive growth in both revenue and profit. Its diversified business model in a recovering property and hospitality market is a key strength.

However, the stock’s current valuation metrics, such as its high P/E and P/B ratios compared to its peers, suggest that the market has already priced in much of this positive performance and future growth. For potential investors, it's crucial to weigh the company's solid fundamentals against its elevated valuation. The stock's recent volatility and high price swings indicate a need for caution and a long-term investment horizon. A thorough understanding of its business strategy, including future expansion plans and market dynamics, is essential before making an investment decision.

A Fundamental Analysis of PT Jakarta Setiabudi Internasional Tbk (JSPT)