CTRA : Well Diversified Portfolio

21 Jun 2024 Valdy

>Net profit grew 17.1% yoy to IDR 413 billion in 3M24. Revenue rose 8.7% yoy to IDR 2.3 trillion in 3M24.

>CTRA recorded marketing sales of IDR 3.3 trillion in 3M24, equivalent to 30% of the FY24F marketing sales target.

>A geographically diversified product portfolio is CTRA’s advantage. As of
3M24, CTRA has 88 projects in 34 cities in Indonesia.

>Consistent growth of Recurring Income. The majority of CTRA’s Recurring Income comes from shopping centers (37%) and health facilities (32%).

>Management targets marketing sales to reach IDR 11.1 trillion (+9% yoy).
CTRA’s solid bottom line performance is accompanied by a stable debt condition (net gearing ratio –11.1%).

>Using the Discounted Cash Flow and Revalued Net Asset Value methods we
estimate the fair value of CTRA at 1390 (13.44x expected P/E FY24F and 40%
discount to NAV).

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