Company Update / Property / CTRA IJ / Click here for full PDF version
Author(s): Ryan Dimitry ;Anthony
- 1Q24 presales of Rp3.3tr (-4% yoy), a beat as it formed 30% of ours/company's FY24F presales target
- 1Q24 presales driven by Sumatra region projects i.e. CitraLand Sampali and Tanjung Morawa, growing by +236% yoy.
- We reiterate our Buy rating with unchanged TP of Rp1,430. CTRA remains as our top pick in the property sector.
1Q24 presales: above ours and company's target
CTRA booked a 1Q24 presales of Rp3.3tr (-4% yoy) which came above ours/company's estimate at 30% for FY24F presales target (vs. 5Y average of 24%). Despite the fasting period and presidential election, CTRA had some successful launches, notably in Medan and Tanjung Morawa which contributed Rp1.3tr. CTRA was also able to accelerate construction on its VAT-exempt inventory, contributing Rp1.1tr in presales.
New launches in Sumatra were driving the overall performance
Sales of property projects in Sumatra region reached Rp1.2tr (+236% yoy) and had two successful launches of CitraLand Sampali KDM/CitraLand Tanjung Morawa KDM contributed Rp844/213bn in presales (32% of 1Q24 presales). Greater Jakarta/Surabaya recorded presales of Rp1.1/0.6tr, which dropped -36/-26% yoy due to a high base in 1Q23 from the launches of CitraGarden Serpong and CitraLand Surabaya. Meanwhile, Sulawesi recorded presales of Rp209bn (-34% yoy) due to limited remaining inventory at CitraLand City Loasari Makassar. CTRA plans to launch five new projects in the remainder of FY24F, CitraGarden Serpong - Elaia Cluster, CitraLand Gama City Medan - Sentosa Cove Phase 2, Citra City Sentul - Corvina Cluster, CitraLand City Losari Makassar - Canal Drive Shophouse, CitraLand Gresik - Township with a total target of c.Rp1.4-1.5tr.
Mortgage buyers remain the majority
Mortgages remained the predominant use for payment with 71% contribution, growing +4% yoy. Instalment and cash payment contributed to 13/16% declining by -22/-16% yoy.
Reiterate Buy with unchanged TP of Rp1,430/sh
We maintain our presales forecast, and price target with an unchanged TP of Rp1,430/share from a blended-valuation of P/E multiple 12x and disc. to NAV of -57%. Currently CTRA trades at 10.5x P/E and a disc. to NAV of -65%. Risk is weaker purchasing power post-election and Lebaran.
Sumber : IPS
powered by: IPOTNEWS.COM
