Ciputra Development Tbk (CTRA) booked IDR 3.3 trillion in sales in the period of January to July 2017. The biggest contribution derived from sales of landed home and shop houses reaching IDR 2.18 trillion.
The land sale contributed the second largest to marketing sales, with a value of IDR 758 billion, an increase of almost six times from IDR 109 billion in the same period last year. Apartment sales reached IDR 265 billion, down 49.9 percent over the same period last year. Sales of office space contributed IDR 102 billion, down 64.6 percent over the same period last year.
BCA Sekuritas said that the acquisition of marketing sales up to July 2017 reflects 40.3 percent of analyst consensus. The landed house sales are underpinned by the launch of CitraLand Cibubur worth IDR 340 billion.
“The launch of Newton 2 Apartment in Ciputra World as much as 400 units in the fourth quarter of 2017 will be a catalyst for marketing sales with a contribution of around IDR 400 billion,” said BCA Sekuritas.
BCA Sekuritas recommended BUY for CTRA with a target price of IDR 1,960. In the first trading session on Wednesday (16/8), CTRA rose 1.69 percent to IDR 1,200. (*)