<\/p>\n
PT Vastland Indonesia Tbk (VAST) is a rising industrial property developer in Indonesia. The company’s main focus is <\/span> the rental of built-to-suit and ready-made warehouses<\/strong>, which now cover about <\/span>20 hectares of strategic land<\/strong>. With a broad client portfolio, high occupancy rate, and continuous business expansion, VAST is becoming an important player in the national warehousing industry.<\/span><\/p>\n<\/div>\n VAST is here as the main solution for warehousing needs in Indonesia<\/strong>, serving various industrial sectors such as FMCG, logistics, e-commerce, and pharmaceuticals<\/strong>. With more than 12 years<\/strong> of experience, the company has managed to build a reputation as a high-quality warehouse provider with flexibility to suit customer needs<\/strong>. As of November 2024, VAST’s occupancy rate reached 98%,<\/strong> reflecting the high demand for their services.<\/p>\n One of VAST’s main assets is the Tembesu warehouse complex in Lampung<\/strong>, which spans an area of 14.4 hectares<\/strong>. Of this total area, 7 hectares are VAST’s land<\/strong>, with 4 hectares already developed into warehouses<\/strong> rented by large tenants such as Indomarco, HM Sampoerna, Danone, and Coca-Cola<\/strong>. With a long-term contract and a reserve of 5,049m\u00b2 of land<\/strong> for expansion, the complex becomes an important logistics hub.<\/p>\n Not only in Lampung, VAST also operates warehouses in Tangerang, Palembang, Bengkulu, Jambi, Pekanbaru, and Klaten<\/strong>, with a total land area of 5.8 hectares<\/strong>. These locations support the distribution of various products throughout Indonesia, making VAST a dominant player in this sector.<\/p>\n VAST continues to record solid performance growth. In Q3 2024<\/strong>, the company posted revenue of IDR 10 billion<\/strong>, an increase of +5.5% QoQ and +50.3% YoY<\/strong>. The main revenue came from warehouse rentals (92.3%),<\/strong> reflecting a stable core business.<\/p>\n VAST’s gross margin remained high above 80%,<\/strong> while the EBITDA margin reached more than 30%.<\/strong> With an occupancy rate of 99.6% for general warehouses<\/strong> and 98.5% for built-to-suit warehouses<\/strong>, the company was able to maintain strong profitability. Net profit also jumped to Rp6 billion (+18.3% QoQ, +60.4% YoY),<\/strong> bringing net profit throughout 9M24 to Rp14 billion (+41.9% YoY).<\/strong><\/p>\n In terms of profitability, VAST has an average return on equity (ROE) of 32.8% and a return on assets (ROA) of 23.7%<\/strong> in the 2021-2023 period. In addition, the net debt-to-equity ratio is only 0.1x<\/strong>, indicating healthy financial conditions with minimal leverage. With a solid financial structure, VAST has the flexibility to continue expanding without excessive debt burden.<\/p>\n In terms of valuation, VAST shares are still undervalued compared to the industry average<\/strong>. Currently, VAST shares trade at a P\/E of 3.0x and a PBV of 0.8x<\/strong>, well below the industry averages of 8.1x P\/E and a PBV of 0.9x<\/strong>. With strong fundamentals, high growth prospects, and an aggressive expansion strategy, the stock offers attractive price upside potential<\/strong>.<\/p>\n To continue growing, VAST plans to expand its land portfolio, including with the acquisition of family land and expansion into eastern Indonesia<\/strong>. With a strong client base, long-term contracts, and high occupancy rates, VAST is on track to maintain its growth momentum.<\/p>\n For investors looking for stocks with low valuations but high growth<\/strong>, VAST can be an attractive option. With an almost full occupancy rate, high profitability, and low leverage<\/strong>, the stock has solid fundamentals. Despite risks such as rising land prices and lower-than-expected tenant demand<\/strong>, VAST’s strategic advantages still make it a worthy industrial property stock<\/strong>.<\/p>\n References: ((Vastland Indonesia<\/a><\/span>))<\/p>\nVAST’s Work in the Indonesian Warehousing Industry<\/h2>\n
Strategic Warehouse Network Throughout Indonesia<\/h3>\n
Brilliant Financial Performance: Revenue and Profits Continue to Increase<\/h2>\n
Solid Financial Ratios with Low Leverage<\/h3>\n
VAST Stock Potential: Cheap Stocks with Bright Prospects<\/h2>\n
Expansion and Future Strategy<\/h3>\n
Conclusion<\/h2>\n