PT. Panorama Sentrawisata, Tbk

What PT. Panorama Sentrawisata, Tbk does

PT. Panorama Sentrawisata, Tbk (IDX: PANR) is an Indonesia-headquartered tourism group with operational roots dating to 1972 and a holding-company structure since 1995. It was listed on the Indonesia Stock Exchange in September 2001 and operates a multi-pillar portfolio: inbound tour operations (via listed subsidiary PT Destinasi Tirta Nusantara / PDES, listed 2008) bringing international visitors to Indonesia, Thailand, and Malaysia; outbound leisure and holiday services for Indonesian travelers; corporate travel through a joint venture with Carlson Wagonlit Travel dating to 1999; Panorama JTB Tours, a joint venture with Japan's JTB Corporation established in 2017; Panorama Media running nine annual exhibitions in Jakarta; and White Horse Deluxe Coach transportation through listed subsidiary WEHA (listed 2007).

The group's business model is revenue-generating across multiple travel verticals: tour package margins, corporate travel commissions, exhibition booth and sponsorship fees, and coach charter fees. Distribution combines direct B2C channels, B2B travel agent networks, and JV-led inbound/outbound demand pipelines that span Indonesia, Thailand, Malaysia, Philippines, Vietnam, Singapore, Korea, UAE, Qatar, USA, and Brazil. Capital structure includes three IDX-listed entities (PANR, WEHA, PDES), the Alvis mobile app as a digital front-end, and sustainability programs (Panorama Green Initiatives, Travel For Change) supporting ESG-aligned travel offerings.

The group is family-controlled by the Tirtawisata family, with Budi Tirtawisata as President Director/Group CEO since 2011, Rama Tirtawisata as Deputy President Director, and Satrijanto and Dharmayanto Tirtawisata serving in commissioner roles. FY2025 revenue was IDR 3.8 trillion with operating profit of IDR 206.3 billion, and Q1 2026 revenue grew 17.5% YoY to IDR 1.0 trillion with inbound arrivals up 22.9% YoY, indicating a post-pandemic recovery trajectory.

Name

PT. Panorama Sentrawisata, Tbk

Legal name

PT Panorama Sentrawisata Tbk

Website

https://panorama-sentrawisata.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

PT. Panorama Sentrawisata, Tbk (IDX: PANR) is a Jakarta-based, family-controlled Indonesian tourism group operating inbound tours, outbound leisure, corporate travel, exhibitions, and coach transportation through subsidiaries WEHA and PDES and JVs with JTB and Carlson Wagonlit.

Ownership category

akta.pro rank

Product category

Travel and Tourism Services

NAICS

Tour Operators (561520), Travel Agencies (56151), Tour Operators (56152), Travel Agencies (561510), Charter Bus Industry (4855), Scenic and Sightseeing Transportation, Land (48711), Scenic and Sightseeing Transportation, Other (4879), Scenic and Sightseeing Transportation (487)

akta.pro primary industry

Tours, Activities & Experiences Booking Marketplaces (THALAFAF)

akta.pro secondary industries

B2B Travel Distribution Marketplaces & Wholesalers (Beds/Inventory Exchanges) (THALAFAJ), Online Booking & Reservation Platforms (B2B/B2C) (THALAMAA), B2B OTA/White-Label Booking Platforms & Affiliate Networks (THAKAAAO)

Keywords

• Travel agency services
• Corporate travel management
• Inbound tour packages
• Outbound leisure travel
• Exhibition management services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain, Others

Revenue model

1. Inbound Tours: Holiday packages for international tourists visiting Indonesia, Thailand, and Malaysia, available as all-inclusive or themed options including tropical beach holidays, nature exploration, and honeymoons. Revenue is generated through tour package sales and related travel services.
2. Travel & Leisure (Outbound): Holiday packages for Indonesian travelers visiting international destinations across Asia, the Middle East, and Europe. Includes corporate meeting, incentive, and travel services for business clients.
3. Corporate Services: Flight and train ticket bookings, hotel reservations, visa processing, travel insurance, vehicle rental for business trips, and strategic meeting management services for corporate clients domestically and internationally.
4. Exhibitions and Events (Panorama Media): Organizing 9 major exhibitions and expos in Jakarta covering interior and property, business and franchising, pop culture, restaurants and cafés, and lifestyle sectors, serving both B2C consumers and B2B trade audiences.
5. Transportation: White Horse Deluxe Coach bus services with three bus sizes (large, medium, van) equipped with on-board facilities for comfortable travel.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

PT Panorama Sentrawisata Tbk is a multi-pillar Indonesian tourism group that sells inbound tour packages to international visitors (covering Indonesia, Thailand, and Malaysia), outbound leisure holiday packages to Indonesian travelers, corporate business travel and meeting management services through its Panorama JTB joint venture, exhibitions and expos under Panorama Media, and premium bus transportation under the White Horse Deluxe Coach brand. Distribution combines B2C digital channels (Alvis mobile app, brand websites), B2B enterprise sales (COBT booking tool, CCC call center), and B2B2C partnerships with international travel agents built through trade events such as ITB Berlin and the ASEAN Tourism Forum.

Product overview

PT Panorama Sentrawisata Tbk operates a multi-pillar tourism business with a portfolio of travel and leisure products. The company offers Inbound Tours (holiday packages for international tourists to Indonesia, Thailand, and Malaysia, including MICE travel experiences) through panorama-destination.com, Corporate Services (flight tickets, hotels, visas, COBT booking tools, and meeting management) through panorama-jtb.com, and Leisure and Holidays (outbound tour packages). Additional offerings include Panorama Media Exhibitions (9 B2C/B2B expos in Jakarta), White Horse Deluxe Coach transportation, Alvis mobile app for travel bookings, and sustainability initiatives including Panorama Green Initiatives and Travel For Change social programs.

Differentiator

Problem solved

Functional benefit

Brands

• Panorama JTB Tours: Joint venture with JTB Corporation providing corporate travel and leisure services
• Panorama Media
• Panorama Destination
• Alvis by Panorama JTB
• White Horse Deluxe Coach

Products and services

• Inbound Tours

Quantifiable outcome

• 23% revenue growth in 2025, from IDR 3.1 trillion to IDR 3.8 trillion
• +3 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Philippines-based Travel AgentsminorChannel Partner/ Reseller/ Distributor · 28 January 2026Travel agents from the Philippines expressed interest in seeking direct partnerships with Panorama for Indonesian destinations, as they previously had to work through partners in Manila. This represents new B2B distribution channels for the inbound tourism business.
• Southeast Asian and US Travel Agent NetworkminorChannel Partner/ Reseller/ Distributor · 1 January 2026Panorama secured leads from travel agents across Asia, Brazil, and the United States through participation in ATF 2026, broadening access for these markets to Indonesian destinations.
• JTB CorporationcoreStrategic or Co-development Partner · 1 January 2017Entered into a joint venture with JTB Corporation from Japan in 2017, transforming PT Panorama Tours Indonesia into PT Panorama JTB Tours Indonesia. This strategic partnership brings together JTB Corp's 113 years of global travel expertise with Panorama's local market leadership, forming the core Travel & Leisure pillar. The partnership also involves the JTB Brighter Earth Project global sustainability initiative, under which Panorama JTB Tours conducts environmental activities including carbon emission calculations and mangrove tree planting.
• Chan Brothers TravelminorStrategic or Co-development Partner · 1 January 2002Entered into a joint venture with Chan Brothers Travel from Singapore in 2002 to operate the retail travel business segment. This partnership expanded Panorama's retail travel distribution capabilities in the Indonesian market.
• Carlson Wagonlit TravelcoreStrategic or Co-development Partner · 1 January 1999Entered into a joint venture with Carlson Wagonlit Travel, headquartered in the US, in 1999 to develop the Corporate Travel segment. This partnership established Panorama's presence in the B2B corporate travel management business, serving corporate clients with travel booking and management services.

Scale indicators9 records

Recent moves10 records

Expansion highlights5 records

Emerging players

• Traveloka: Traveloka is Indonesia's leading online travel platform offering flights, hotels, and attractions booking. While Panorama operates a more traditional tour operator model, both compete for Indonesian leisure travel wallet share, with Traveloka representing the digital-native alternative.
• Tiket.com: Tiket.com is a major Indonesian OTA competing with Traveloka for online travel bookings. It represents the digital channel that increasingly commoditizes the airline and hotel booking portions of Panorama's corporate services.

Regional players

• H.I.S. Co., Ltd. H.I.S. is a major Japanese travel agency with outbound and inbound operations. Comparable to Panorama as a regional tour operator with Japan-centric flow, and a potential competitor in the Japan-Indonesia corridor.
• Hana Tour Co., Ltd. Hana Tour is South Korea's largest travel agency with outbound and inbound operations. Comparable to Panorama as a vertically integrated regional tour operator, particularly relevant given the Korean outbound market to Indonesia.

Direct peers

• Destination Asia: Destination Asia is a Southeast Asian destination management company operating in Indonesia, Thailand, Vietnam, and other regional markets. Directly comparable to Panorama's inbound business with similar FIT and group services for international tour operators.
• EXO Travel Group: EXO is a Southeast Asia-focused inbound tour operator and DMC with operations across Indonesia, Vietnam, Thailand, and Malaysia. Directly comparable to Panorama's inbound tourism pillar, serving international travelers with locally-designed tour packages and MICE experiences.
• Khiri Travel Group: Khiri Travel is a DMC and inbound tour operator across Southeast Asia including Indonesia, Thailand, and Vietnam. Comparable to Panorama's inbound pillar with similar target customers (international travelers) and product offerings (curated tours, MICE).

Broad incumbents

• Trip.com Group: Trip.com (formerly Ctrip) is a global OTA serving the Asia-Pacific market with flights, hotels, and packages. Represents the global incumbent alternative to Panorama's outbound and inbound packages, especially for cross-border Southeast Asian travel.
• Carlson Wagonlit Travel (CWT): CWT is a global corporate travel management company and Panorama's JV partner for the corporate travel segment. Comparable as a corporate travel incumbent with global scale, with the JV relationship making the operational overlap particularly close.
• JTB Corporation: JTB is one of the world's largest travel agencies and Panorama's joint venture partner for the corporate and leisure travel business. Comparable as a broad incumbent in Asian travel with global reach, particularly relevant given the strategic JV relationship.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pt-panorama-sentra-wisata-tbk

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PT. Panorama Sentrawisata, Tbk