HOSPITAL: Ciputra dan Lippo bisnis klinik kesehatan di mal

Pengembang properti makin agresif merambah bisnis rumah sakit. Seperti Grup Ciputra lewat Ciputra Healthcare yang meresmikan klinik pertama di mal bertajuk Ciputra Medical Center (CMC) di Lotte Shopping Avenue, Ciputra Wolrd Jakarta 1 akhir pekan lalu. Menurut Direktur Ciputra Mitra Medika, Veimeirawaty Kusnadi, Ciputra  sengaja memilih lokasi ini demi merangkul eksekutif dan profesional yang beraktivitas di Ciputra Wolrd Jakarta, seperti…

CTRA: Limited Upside Despite Upgrade

Post the latest BI decision to cut the benchmark interest rate to 7.5%, as well as the recovery in consumer spending, we adjust our TP for Ciputra Development to IDR1,490 (from IDR1,350, 5% upside). Nonetheless, we downgrade our recommendation to NEUTRAL (from Buy) due to limited upside to our new TP and prefer Ciputra Surya among the listed Ciputra entities….

Revision of income tax for property

 Tax official was quoted by online news report as saying the gov’t will revise income tax regulation on the sale of property; property to be categorized as luxury item.  Currently, income tax is charged on sale of property in primary mkt valued above IDR5b and building area >500sqm. This will be lowered to IDR2b and building area >400sqm….

CTRA: Moving target?

 CTRA accomplished marketing sales of Rp8.6tn for FY14F, a slight decline compared to last year’s target of Rpp8.9tn. Further details yet to be released for FY15F marketing sales, but the company is looking for 10-15% marketing sales growth. We maintain our Neutral recommendation for CTRA.  Looking for 10-15% growth. Last year, CTRA accomplished marketing sales of Rp8.6tn, after…

CTRA: Revising down marketing sales target

Another slight downward revision. CTRA menurunkan target marketing sales untuk kedua kalinya tahun ini, dari Rp9,2 triliun menjadi Rp8,5 triliun (turun 8%). Meskipun marketing sales di Ciputra Office Kemayoran, Citra Raya Maja, dan Citra Raya Tangerang sudah lebih baik daripada ekspektasi, kinerja tersebut tidak mampu menahan penurunan di proyek lain. Proyeksi turun itu disebabkan kinerja marketing sales PT Ciputra Property…

CTRP menjual apartemen kelas atas Ascott di Kuningan ke Capitaland Ltd melalui anak usahanya yaitu Ciputra Adigraha senilai SG$90 juta (setara Rp840 miliar)

PT Ciputra Property Tbk (CTRP) menjual apartemen kelas atas Ascott di Kuningan ke Capitaland Ltd melalui anak usahanya yaitu Ciputra Adigraha senilai SG$90 juta (setara Rp840 miliar). Berdasarkan manajemen Ascott, akuisisi itu adalah langkah strategis untuk menguatkan posisi pasar emiten di Indonesia.

Ciputra Group bekerja sama dengan Mitsui Fudosan pada proyek kondominium CitraLake Tower B yang dibangun di lahan 6 ha

Ciputra Group bekerja sama dengan Mitsui Fudosan pada proyek kondominium CitraLake Tower B yang dibangun di lahan 6 ha. Dua tipe kamar yang tersedia adalah: seluas 48,97 meter persegi dengan rerata harga jual (ASP) Rp900 juta per unit; dan seluas 70,65 meter persegi dengan ASP Rp1,5 miliar per unit. Sejak dipasarkan mulai Juni lalu, sebanyak 90% dari total tersedia 126…

CTRP to extend deadline for treasury stock refloat

PT Ciputra Property Tbk (CTRP) memutuskan untuk memperpanjang waktu penjualan treasury stock yang sudah dibeli pada Desember 2011. Tenggat waktunya diperpanjang dari 19 Januari 2015 menjadi 19 Januari 2017. Perpanjangan waktu itu disebabkan harga saham yang relatif masih rendah.

CTRA: Slower Revenue Recognition

Ciputra Development’s 3Q14 net profit of IDR282bn (-24% q-o-q, +3% y-o-y) brought 9M14 net profit to IDR882bn, in line with our/consensus expectations at 71%/73% of the respective full-year estimates. 3Q14 gross margin edged lower by 20bps to 51.3%, but was still above our 50.2% GPM estimate for FY14. We keep our earnings forecast unchanged. Maintain BUY with an IDR1,350 TP,…

CTRP sets aside IDR1.5tn to expand Citradream budget hotels

Ciputra Property (CTRP) has allocated IDR1.5tn to expand its Citradream budget hotel chain, with plans to build 30 hotels over the next 3 years. It will be funded using bank loans and internal cash. With the addition of the 30 hotels, the company hopes to grow its revenue from hotels to 25% from 10% currently.

CTRA: Marketing sales downgrade risk?

CTRA membukukan marketing sales senilai Rp5,8 triliun pada 9M2014 sebesar 59% dari target tahun ini sebesar Rp10 triliun. Marketing sales PT Ciputra Surya Tbk (CTRS) dibukuakn Rp1,3 triliun, 74% dari target yang sudah direvisi sebesar Rp1,8 triliun. PT Ciputra Property Tbk (CTRP) per 9M2014 membukukan marketing sales sebesar Rp833 miliar, 49% dari target marketing sales 2014 sebesar Rp1,7 triliun. Berdasarkan…

CTRP: Potential turn-around on the cards

§ Significant marketing-sales boost from robust sales of new condo: On the back of robust demand at CTRP’s new condominium tower at its Ciputra International mixed-use project in Puri Indah, West Jakarta, the company booked 8M14 marketing sales of IDR750bn, up 156% m-m, translating to 44% of its full-year target of IDR1.7tn. Sales of the Ciputra International condominium units contributed…

CTRA’s subsidiary CTRP to book sales from Puri project

Long waited license for Puri project finally obtained The company reported that they have received the license for its Ciputra International project in Puri area, West Jakarta last week. This approval includes the license for 1 apartment tower and 1 office tower, which implies license for 2 out of 3 towers planned to be launched this year. The license allows…

The new toll road JORR W2 to increase the nearby land prices

The new toll road JORR W2 to increase the nearby land prices. According to IPW (Indonesia Property Watch) executive director, area around the toll road will become a target for developers. He predicted that West Jakarta area, especially Puri Indah, Kebon Jeruk, Permata Hijau will become Jakarta’s new golden triangle. He estimated that land prices around those areas are now…

CTRA Aug14 pre-sales is encouraging

Ciputra Development (CTRA) booked YTD Aug-14 pre-sales of IDR4,807bn which makes up 70% of our forecast and 48% of the company’s target. Pre-sales in Aug was encouraging at IDR951bn driven by the sales of first apartment tower of Ciputra International in Puri area, West Jakarta. This is one of the long awaited project by Ciputra Property (CTRP). Both CTRA and…

CTRP lewat anak usaha PT Ciputra Puri Trisula menggaet Trisula Group dalam menggarap proyek Ciputra International di atas lahan 7,4HA yang terletak di Jalan Lingkar Luar Barat

PT Ciputra Property (CTRP) lewat anak usaha PT Ciputra Puri Trisula menggaet Trisula Group dalam menggarap proyek Ciputra International di atas lahan 7,4HA yang terletak di Jalan Lingkar Luar Barat. Proyek berupa mixed-use development terdiri dari 10 menara dengan 6 menara perkantoran, 3 apartemen dan 1 hotel berbintang 5.

CTRP: 2Q14 results: Improving, but still below expectations

§ 2Q14 bottom line +221.1% q-q and +61.6% y-y: CTRP booked 2Q14 net profit of IDR97bn (87% of our 2Q14 estimate), +221.1% q-q and +61.6% y-y, translating into 1H14 net profit of IDR127bn (-49.6% y-y). Despite better 2Q14 performance compared to 1Q14, CTRP’s 1H14 results still were below our (32%) and consensus (36%) estimates. § Revenue supported by office sales:…

Indonesia Property: Potential Structural Changes

If KPU announces Jokowi win on 22 July, what does it mean for property stocks? We think a Jokowi presidency would likely introduce long-term structural improvement for Indonesia’s property sector. This could present upside for property share prices due to potential valuation rerating. We are positive on 2H pre-sales outlook. We maintain our top pick status on SMRA, second preferred…

CTRP menghabiskan dana Rp225 miliar untuk investasi pengembangan lima hotel budget tahun 2014

Ciputra Property (CTRP) menghabiskan dana Rp225 miliar untuk investasi pengembangan lima hotel budget tahun 2014. Perseroan menyatakan, tahun ini akan ada setidaknya tiga hotel yang beroperasi. Nilai total masing-masing hotel tersebut sebesar Rp45 miliar per hotel. Selanjutnya, diluar lima hotel budget tersebut, perseroan juga sedang mempersiapkan pembangunan proyek serupa di Bengkulu dan Serpong. Untuk hotel di Bengkulu rencanannya akan mulai…

Ciputra Development’s improving pre-sales in May-14

Ciputra Development (CTRA) booked pre-sales of IDR1,030bn in May-14, bringing its YTD pre-sales to IDR2,893bn (29% of its FY2014F target). In previous months, the company on average booked pre-sales of IDR500bn per month. CTRA managed to book higher monthly pre-sales on the back of one new shophouse cluster launching in Citra Raya Tangerang amounting IDR360bn. Ciputra Development and Ciputra Surya…

Ciputra Group announced its May 2014’s pre-sales performance after the market

CTRA, CTRS, CTRP – Ciputra Group announced its May 2014’s pre-sales performance after the market. CTRA booked encouraging pre-sales, while CTRP and CTRS booked weak pre-sales. CTRA strong pre-sales was driven by shop house and house products sales, which jumped 66% and 448% MoM. Mortgage financing portion increased to 39% in May 2014 from 36% in April 2014, but still below…

Property: 1Q14 Marketing Sales Tally

· As expected 1Q14 marketing sales showed slowdown, where most company achieve 15-20% of their FY14 target. We see that developers with strong brand name managed to book in-line marketing sales. · 1Q14 extraordinaires. APLN and BSDE managed to book strong marketing sales in 1Q14. In APLN’s case strong sales coming from the newly launched Harco Glodok, Orchard Park Batam,…

Marketing sales weak YoY (as expected) but improve QoQ

Marketing sales improve QoQ in 1Q14 Overall, 1Q14 marketing sales of companies under our coverage (ex-industrial estate) reached Rp7.4tr (-26% YoY, but +10% QoQ). This accounts for 19% of the companies’ guidance and 21% of our forecast for FY14. The YoY marketing sales decline was expected due to the impact of higher mortgage rate environment, tighter mortgage regulation, and lack…

Indonesia Property: Mixed 1Q14 pre-sales

The 1Q14 pre-sales of four developers were relatively mixed. There were generally fewer project launches during the period than in the past. We sense many of the developers are delaying project launches to avoid disappointments or low take-up rates as interest rate remains high at 7.5% and mortgage availability was tight in the first two months of this year. Bumi…

CTRA 1Q2014 marketing sales 13.7% of FY14 target

Ciputra Development (CTRA) announced its 1Q14 marketing sales of IDR1,362bn which makes up 13.7% of its FY2014 target of IDR9,959bn. The Ciputra Surya (CTRS) contributed lower marketing sales in Mar14 of IDR77bn (vs. IDR150bn in Feb14) and Ciputra Property (CTRP) booked negative IDR45bn pre-sales as some units from the Raffles Apartment and CWJ1 Office pre-sales were cancelled. The Group did…

CTRA: Top line disappointing

Ciputra Development (CTRA) booked net earnings of IDR977bn (+66% YoY) in FY2013 which is below our expectation and in-line with consensus estimates. The top line of IDR5,077bn (+53% YoY) in FY2013 fell short of our and consensus estimates. We think this is due from the weak revenue bookings contributed by Ciputra Property (CTRP) which mainly offers high-rise property products. However,…

CTRA: Still weak marketing sales in 2M14

„ Weak 2M14 marketing sales. For 2M14, CTRA recorded marketing sales of Rp1tn, out of expected 2M14 marketing sales target of Rp1.7tn. For 2M14, the company booked marketing sales of 10%. CTRS booked Rp272bn of marketing sales in 2M14, versus its 2M14 target of Rp308bn. CTRP only booked Rp86bn from its FY14F target of Rp1.7tn. Office and its apartment in…

CTRA: February pre-sales remains soft

Ciputra Development (CTRA) booked YTD Feb14 pre-sales of IDR1,0.34bn which makes up 10.4% of its FY2014 target. Subsidiary Ciputra Surya (CTRS) continues to perform relatively well in the slowing property market with realized pre-sales of 83% of its monthly target while Ciputra Property (CTRP) booked the weakest sales realized pre-sales of only 26% to its monthly target in the same…

CTRA, CTRS & CTRP – announced February’s marketing sales

CTRA, CTRS & CTRP – announced February’s marketing sales. CTRA posted February marketing sales of Rp1tn (US$83mn), 10% of company’s FY14 target. CTRS and CTRP posted February’s marketing sales of Rp272bn (US$23mn) and Rp86bn (US$7mn), respectively, 12% and 5% of each FY14 target In-house financing still dominates funding source, but mortgage portion picking up.

Property: New in the Hood: February 2014

Penjualan properti sepanjang Februari lumayan baik, setelah emiten-emiten memperkenalkan produknya dengan harga rendah (kurang dari Rp2 miliar per unit). Beberapa peluncuran produk menunjukkan permintaan yang tinggi, yang sebagian besar mengalami kelebihan permintaan sebesar 1,5x-2x. Peluncuran selanjutnya pada Maret mengindikasikan perusahaan properti akan fokus pada produk yang harganya di bawah Rp2 miliar. Pada Februari, PT Summarecon Agung Tbk (SMRA) meluncurkan klaster…

CTRA: Aiming for 11% YoY marketing sales growth in FY14F to Rp10tr

· CTRA currently is aiming for 11% YoY growth of marketing sales for FY14F, from Rp8.9tr to Rp10tr. The company is targeting 11% marketing sales growth in FY14F on the back of new projects. Excluding CTRS and CTRP, CTRA is aiming for 17% YoY growth in marketing sales in FY14F. CTRP is expecting a steep 218% YoY growth of marketing…

CTRA: Optimistic Pre-sales Target, But Not Reflected Yet in January Pre-sales

Company released 2014 pre-sales guidance of +11% yoy growth. The company expects Rp9.96trn of 2014 pre-sales, +11% yoy and 10% higher than Citi’s expectation. Compared to our expectations, the company expects 13% lower presales from CTRS, 36% higher from CTRP, and 15% higher from CTRA direct projects. We remain comfortable with our pre-sales expectation as we believe the majority of…

CTRA published its 2014F consolidated marketing sales of IDR9,959bn (11% YoY growth)

Ciputra Development (CTRA) published its 2014F consolidated marketing sales of IDR9,959bn (11% YoY growth). Several notable new projects which the company plans to launch this year include Mixed-use development in Kemayoran and Fatmawati, Jakarta which will be developed by Ciputra Development (CTRA). Another mixed-use development project to be launched this year is located in Puri, West Jakarta which will be…

Starting Feb 2014, the taxable value of property (NJOP) will be increased by between 120-240% depends on area in Jakarta

Starting Feb 2014, the taxable value of property (NJOP) will be increased by between 120-240% depends on area in Jakarta. Pasar Rebo in East Jakarta sees the lowest hike, while Jagakarsa in South Jakarta has the highest NJOP increase. City administration raised property tax because NJOP rate has not been adjusted since 2010 and to reduce the gap between the…

CIPUTRA DEVELOPMENT: Expecting mortgage availability improvement

Ciputra Development We attended Ciputra Development’s analyst meeting. The company highlighted slowing property market demand and gave updates on its projects. Seeing slower property demand Despite having to achieve its revised marketing sales target in FY13, CTRA highlights slower property demand trend in the market. This is evidenced by marketing sales in CTRA and CTRS projects starting to decline post…

Emiten Grup Ciputra menganggarkan belanja modal sebesar Rp 1,5 triliun pada 2014

Emiten Grup Ciputra yaitu Ciputra Development (CTRA), Ciputra Property (CTRP) dan Ciputra Surya (CTRS) menganggarkan belanja modal sebesar Rp 1,5 triliun pada 2014. Capex tersebut berkurang 25% dibandingkan tahun ini Rp 2 triliun. Pengurangan invesatasi tersebut menyusul kondisi ekonomi dalam negeri yang kurang kondusif serta perlambatan sektor properti. Grup Ciputra mengalokasikan capex untuk mengembangkan 30 proyek baru dan akuisisi lahan….

CTRP allocated Rp300bn fund to build office tower in Ciputra World Jakarta (CWJ) superblock in 2014

CTRP allocated Rp300bn fund to build office tower in Ciputra World Jakarta (CWJ) superblock in 2014. The development of project will take 4 years. The source of fund to develop the building is from the presales and internal cash, ĸbut the company did not rule out the possibility to borrow from banks. The tower will be consisted of 47 floors…

CTRP akan memperketat pembiayaan perseroan pada tahun depan dengan memperkecil porsi pinjaman bank

Citraland Property (CTRP) akan memperketat pembiayaan perseroan pada tahun depan dengan memperkecil porsi pinjaman bank. Perseroan menyatakan, pengurangan porsi pinjaman perbankan tersebut disebabkan peningkatan BI rate yang dapat membebankan perseroan. Untuk itu, perseroan menerapkan sumber pembiayaan yang berasal dari hasil penjualan dan sewa property dengan porsi 30:70. Strategi pendanaan campuran tersebut sudah diterapkan pada 2013 dapat membiayai operasional perseroan pada…

CTRP launches office tower 2 in Ciputra World 1 Jakarta superblock with an investment of Rp1.6tn

CTRP launches office tower 2 in Ciputra World 1 Jakarta superblock with an investment of Rp1.6tn. The building will have 47 floors with area of 70,000m2. Besides, the office tower 1, which known as DBS Bank Tower, is nearly fully leased. (FY14 PER 6.8x & PBV 0.8x)

CTRP akan memperketat pembiayaan perseroan pada tahun depan dengan memperkecil porsi pinjaman perbankan

Ciputra Property (CTRP) akan memperketat pembiayaan perseroan pada tahun depan dengan memperkecil porsi pinjaman perbankan. Pengurangan porsi pinjaman perbakan tersebut disebabkan peningkatakan BI rate yang dapat memberatkan perseroan. Untuk itu, perseroan akan menerapkan sumber pembiayan yang berasal dari dana hasil penjualan dan sewa properti dengan porsi 30:70

CTRP meluncurkan Office Tower 2 yang merupakan office tower terakhir di kawasan superblock Ciputra World 1 Jakarta

Ciputra Property (CTRP) meluncurkan Office Tower 2 yang merupakan office tower terakhir di kawasan superblock Ciputra World 1 Jakarta. Office Tower 2 memiliki 47 lantai dengan luas lantai sekitar 70.000 meter persegi dengan total investasi Rp 1,6 triliun dan ditargetkan selesai pada tahun 2018. Gedung perkantoran ini akan ditawarkan kepada masyarakat umum dengan komposisi 30% untuk dijual secara Strata-Title dan…

CTRA announced 10M13 marketing sales result

CTRA – announced 10M13 marketing sales result. Details as follow: CTRA group 10M13 marketing sales: Rp7.8tn, +41% YoY, 86.7% of company’s FY target. CTRS 10M13 marketing sales: Rp2.975tn, +56% YoY, 88.7% of company’s FY target. CTRP 10M13 marketing sales: Rp 275bn, -77% YoY, 44.5% of company’s FY target

Lower CTRP sales drive lower CTRA earnings

Slower apartment sales drive lower marketing sales As part of CTRP’s recent downward revision on its FY13 marketing sales guidance from Rp1.76tr to Rp618bn, CTRA has also came up with lower FY13 marketing sales guidance of Rp9.1tr from Rp10.1tr, previously. The lower guidance is due to the slower than expected take-up rate in the company’s high-end apartment project (i.e. Raffles…

CTRP menetapkan target kinerja 2013 yang lebih rendah yaitu menjadi Rp618 miliar dari target sebelumnya Rp1,7 triliun

PT Ciputra Property Tbk (CTRP), anak usaha dari PT Ciputra Development Tbk (CTRA), menetapkan target kinerja 2013 yang lebih rendah yaitu menjadi Rp618 miliar dari target sebelumnya Rp1,7 triliun. Untuk beberapa klien, penurunan sudah bukan kejutan lagi. Pendapatan prapenjualan (marketing sales) CTRP dibukukan Rp272 miliar sepanjang 9 bulan pertama 2013. Untuk kuartal IV/2013, target marketing sales ditetapkan Rp346 miliar. Salah…

CTRP: Analyst meeting: Key takeaways

§ Major project delay due to rising costs: CTRP officially announced delay on the launch of “The Suites Apartment”, a luxurious-designed apartment from Ciputra World Jakarta (CWJ) 2, targeted to raise around IDR750b (USD66m) in 2H13. CTRP decided to push back sales by 1-2 years as ASP of around IDR40-42m/sqm does not provide the expected margins on the back of…

CTRP: 3Q13 results: Below our and consensus estimates

§ 3Q13 earnings up 55% q-q and 123% y-y: CTRP posted 3Q13 net profit of IDR92b, up 55% q-q and 123% y-y, bringing 9M13 net profit to IDR344b, up 142% y-y. This improvement still marks less than our (58%) and consensus’ (58%) estimates. § Top line supported by recurring income: CTRP booked 3Q13 top line of IDR257b, up 9% q-q…

Sektor properti saat ini membukukan kinerja yang beragam sepanjang 9 bulan pertama tahun ini

Sektor properti saat ini membukukan kinerja yang beragam sepanjang 9 bulan pertama tahun ini, yaitu 57%-93% dari target setahun penuh 2013. Dari seluruh emiten yang kami analisis secara fundamental, hanya PT Summarecon Agung Tbk (SMRA) yang menurunkan target marketing sales tahun ini dari Rp4,5 triliun menjadi Rp4 triliun. Penurunan target SMRA dipengaruhi penundaan didapatkannya izin apartemen high rise Kensington di…

CTRP: Key Takeaways From The Asian Gem Corporate Day

We invited CTRP to our recent conference and these are our key takeaways: a) 2013 marketing sales of Rp1.7t unlikely to be achieved due to unfavourable economy condition, b) 2014 marketing sales are expected to be at around Rp1.2t, c) limited impact from the new LTV regulations, d) CTRP is now expanding in Bali and West Jakarta, and e) expect…