Net profit grew 11.99% yoy to IDR1.3 trillion in 9M24. Revenue rose 8% yoy to
IDR7.1 trillion in 9M24.

CTRA recorded marketing sales of IDR8.7 trillion in 9M24, equivalent to 78% of the FY24F marketing sales target. This achievement continues the upward trend in 2023, where CTRA recorded its highest marketing sales.

A geographically diversified product portfolio is CTRA’s advantage. As of 9M24, CTRA has 89 projects in 34 cities in Indonesia.

Management targets marketing sales to reach IDR11.1 trillion (+9% yoy). We estimate that CTRA can record revenue growth of 9% yoy to IDR10.1 trillion and net profit of +10% yoy in FY24F.

Using Discounted Cash Flow and Revalued Net Asset Value methods, we estimate CTRA’s fair value at 1570 (15.46x expected P/E FY24F and 35% discount to NAV). Considering CTRA’s fair price, we give CTRA a buy rating with a potential upside of 31.54%

By PHINTRACO SEKURITAS | Research
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