Winner Nusantara Jaya Targets Laxo, Merging Real Estate and the Internet

PT Winner Nusantara Jaya Tbk (WINR) is expanding its business direction from property development into the digital connectivity sector. 

The company has revised its acquisition plan for Laxo Global Akses, an internet service provider (ISP), by increasing its targeted ownership from 60% to 90%.

This move is not simply an expansion into the internet business. WINR sees an opportunity to combine connectivity services with the property projects developed by the company. 

The strategy is expected to create added value for consumers while building a source of recurring revenue beyond property sales.

WINR Raises Laxo Ownership to 90%

Based on the disclosure published on September 3, 2026, WINR currently owns approximately 8.5% of PT Laxo Global Akses. 

Through an addendum to the acquisition agreement, the company now plans to increase its ownership to 90%.

The increase in ownership is planned through an additional capital contribution. Since the transaction is an affiliated transaction, WINR stated that it will comply with the applicable regulations.

With a 90% stake, WINR's position in Laxo Global Akses will shift from a minority investor to a majority shareholder with significantly greater control over the company's business direction.

For WINR, the main reason lies in the potential synergy between the property and internet businesses.

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Why Is WINR Targeting Laxo's ISP Business?

The property business generally relies heavily on unit sales. Once a transaction is completed, developers can still generate revenue from managing the area or facilities, but these revenue sources are not always as significant as property sales.

Entering the ISP business provides a different structure. Internet customers pay for services periodically, which could create recurring revenue for WINR if the business integration proceeds as planned.

WINR's management also sees connectivity as a facility that can increase the appeal of property projects. Residents are not only buying a house or unit, but also gaining access to integrated internet services.

This concept can be developed through internet bundles with property purchases as well as smart connectivity facilities. In practice, connectivity can become part of the area ecosystem offered to prospective buyers.

This strategy makes the Laxo acquisition more than just business diversification. WINR is attempting to build a connection between physical assets in the form of property and digital services that residents use regularly.

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Laxo Already Has an Established Customer Base

The appeal of the Laxo acquisition also comes from its existing operations.

Laxo Global Akses currently operates in around 30 major cities across Indonesia. The company also has more than 100 corporate and government institution customers, as well as more than 10,000 retail customers.

This customer base provides WINR with an operational asset that differs from building an ISP business from scratch.

Laxo is also targeting expansion into other cities. If network expansion is able to increase its customer base, the contribution of the internet business to WINR's revenue could become increasingly significant.

However, such growth will still depend on Laxo's ability to retain customers, expand its network, manage infrastructure costs, and compete in the competitive ISP market.

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Property and Internet Could Form a New Ecosystem

The synergy between these two sectors is the most interesting part of WINR's business expansion.

Property can serve as a base for distributing internet services, while the ISP can provide recurring services to residents. This model allows WINR to develop an ecosystem that connects property development with digital services.

In the long term, this concept could expand into smart home services, area connectivity, network-based security systems, and various other digital services.

Nevertheless, potential synergies do not automatically result in higher profits. WINR still needs to demonstrate that the integration can increase property sales, add Laxo customers, and generate consistent cash flow.

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WINR's Performance Provides a Foundation for Expansion

The expansion into the internet sector is also taking place as WINR's financial performance experiences growth.

In 2025, WINR recorded revenue of approximately Rp51.27 billion, up from Rp31.50 billion in the previous year. 

Net profit attributable to owners of the parent entity also increased to approximately Rp17.86 billion from Rp7.90 billion in 2024.

The company's total assets at the end of 2025 reached approximately Rp506.76 billion.

In the property sector itself, WINR, through its subsidiaries, is also preparing to develop several land parcels in Yogyakarta and Central Java. The company is targeting 10 new projects with marketing sales of approximately Rp880 billion.

This means the property issuer is not abandoning its core business. The Laxo acquisition is instead an effort to add a business line with a different revenue profile.

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What Is the Outlook for WINR Stock?

For investors monitoring WINR stock, the success of this strategy will depend heavily on execution.

The acquisition of 90% of Laxo could provide an opportunity to diversify revenue while strengthening the property ecosystem. However, investors need to monitor Laxo's contribution to revenue and profit after consolidation, rather than focusing solely on the strategic value of the transaction.

Data cited by Investor also shows that WINR stock is on the special monitoring board. On September 3, 2026, WINR stock was around Rp21, with a PBV of approximately 0.30 times and an annualized PER of around 8.45 times.

A seemingly low valuation does not automatically mean WINR stock is an attractive investment. Stock liquidity, profit prospects, expansion risks, transaction structure, and management's ability to integrate the ISP business still need to be considered.

Therefore, the Laxo acquisition should be viewed as a catalyst that still needs to be proven through financial performance.

Conclusion

Winner Nusantara Jaya's plan to increase its ownership of Laxo Global Akses to 90% shows a strategic shift for WINR. The company not only wants to remain a property developer but also aims to build a source of revenue from internet services.

The combination of property and ISP businesses creates opportunities to offer smart connectivity and bundled packages while strengthening recurring income.

However, the true value of the Laxo acquisition will only become apparent once the business makes a tangible contribution to WINR's revenue and profit. 

Therefore, developments in customer numbers, network expansion, ISP business margins, and the effectiveness of integration with property projects are important indicators to monitor.

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FAQ

What is Laxo Global Akses?

Laxo Global Akses is an internet service provider (ISP) currently operating in around 30 major cities across Indonesia.

How much of Laxo does WINR own?

WINR currently owns approximately 8.5% of Laxo Global Akses and plans to increase its ownership to 90% through an additional capital contribution.

Why is WINR acquiring Laxo?

WINR wants to integrate internet services with property projects through bundled packages and smart connectivity while building recurring revenue.

Is the Laxo acquisition automatically positive for WINR stock?

Not necessarily. The impact on WINR stock will depend on successful integration, Laxo's customer growth, revenue contribution, profitability, and property business conditions.