PWON booked an impressive 3Q20 income at IDR1.07 trillion or +10.9% above our estimates and increased 231% QoQ. The gain was supported by all income segments including condominium and office sales, indicating PWON business recovery. Meanwhile, until September, marketing sales have reached IDR725 billion or 68.4% of the target. We are optimistic that PWON can continue performance recovery in 4Q20 supported by better mobility and purchasing power.
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