XA Initiation Report | PT Perintis Triniti Properti Tbk. (TRIN) — Strategic Pivot Unlocks Future Value
By Axell Ebenhaezer & Kevin Pratama
06-Feb-2026
PT Perintis Triniti Properti Tbk. (TRIN) is a property developer established in 2009 and listed on the Indonesia Stock Exchange in 2020. The company focuses on mixed-use, residential, and commercial developments, with key projects including Collins Boulevard, Marc’s Boulevard, Sequoia Hills, Holdwell Business Park, and the TanaMori development in Labuan Bajo. The company has also announced a strategic move through the appointment of Rahayu Saraswati Djojohadikusumo as President Commissioner and Strategic Partner, while outlining plans to expand into logistic parks, data centers, and ultra-luxury hospitality starting in 2026 under a green development approach.
🔹 Sales Momentum Building, Earnings to Follow
• 9M25 Revenue Softness is to be Offset by Profit Turnaround. 9M25 revenue declined 6.5% YoY to IDR 181.6 bn, primarily reflecting the continued impact of PSAK 72, where revenue can only be recognized upon unit handover. During the period, the company recorded marketing revenue of IDR 917.6 bn, supported mainly by ongoing sales at Sequoia Hills, Collins Boulevard, and Marc’s Boulevard Batam, indicating that operational momentum remains intact. Despite softer reported revenue, profitability improved, with net profit turning positive at IDR 28.6 bn in 9M25 from a loss in 9M24. Gross profit margin stood at around 24%, while the earnings turnaround reflects stabilizing operating performance. We expect earnings to improve further as more projects enter the handover phase.
🔹 Ongoing Projects Moving Closer to Monetization
• TRIN’s ongoing projects continue to move forward across several key locations. Sequoia Hills, the company’s flagship township with a total project value of IDR 13.2 tn, remains the main contributor, supported by ongoing construction and phased handovers across multiple residential clusters. Marc’s Boulevard in Batam, a 23-hectare mixed-use superblock valued at around IDR 5 tn, has reached important construction progress and is preparing for unit handovers, which will be key for near-term revenue recognition. At the same time, Collins Boulevard Tower II (The Scott), part of the IDR 2.05 tn mixed-use development, remains under active construction. Holdwell Business Park, valued at IDR 800 bn, and TanaMori Collection of Wonders in Labuan Bajo, valued at IDR 10 tn, also saw good progress.
🔹 Laying the Groundwork for Future Growth
•TRIN has announced a strategic leadership move with the appointment of Rahayu Saraswati Djojohadikusumo as President Commissioner and Strategic Partner. This move serves as part of the company’s long-term plan to strengthen its foundation and prepare for the next stage of growth. Per management statement, this appointment is intended to bring new perspectives, fresh energy, and broader strategic collaboration opportunities as the company adapts to changes in the property industry. Alongside this leadership change, TRIN has outlined plans to expand into logistic parks, data centers, and ultraluxury hospitality starting in 2026, with all new developments adopting a green development approach. These initiatives are intended to diversify the company’s portfolio beyond conventional residential projects and gradually build longer-term and more sustainable growth drivers. Although these initiatives remain at a preparatory stage, they reflect TRIN’s intention to broaden its development focus, explore new business segments, and strengthen its long-term positioning.
🔹 BUY Recommendation with a TP of IDR 2,200 (+111.5%)
• We give a Buy rating for TRIN with a target price of IDR 2,200. Using the 5-Yr Discounted Cash Flow method (DCF), we determined the total value to the firm / market cap to be IDR 9.3 trillion, a potential 111.5% in upside. This target price implies a forward PE ratio of 44.8x, PBV of 9.5x, and EV/EBITDA of 20.0x using FY30 forecasts
• We expect the company’s upcoming handover of existing projects to be the main driver behind its medium-term growth. However, our financial forecasts does not yet reflect potential boosts from recurring income projects that are still in the pipeline, such data center & logistic park. We justify our premium valuation based on the large potential of these projects driving performance, boosting margins, and diversifying revenue streams
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