Ciputra Development - Expect Landed-Residential to Remain a Key Pillar for 2H24 Marketing Sales
CTRA booked resilient 2Q24 pre-sales, supporting 1H24 to form 55/53% of mgmt/our FY24F, with above-expected sales from Serpong Elaia.
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Ciputra Development - Expect Strong Marketing Sales Trend to Continue in 2H24
We believe CTRA will be able to maintain its strong pre-sales trend in 2H24 (1H24 est. +3% yoy), driven by its vast landed-residential projects.
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Equity Strategy: Riding the Wave of Earnings Growth, Strong IDR and Liquidity Catalysts
We raise our FY24-end JCI target to 8,238; our preferred picks are the high beta stocks, namely BBCA, BBNI, ARTO, CTRA, SMRA, ASII, GOTO.
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Property: Riding on the Rate Cut Sentiment (OVERWEIGHT)
Historical data shows property stocks’ RNAV discounts tend to fall during a series of rate cuts or when rates plateau post a series of hikes.
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Property: KTA from Meeting with JLL
According to JLL, office markets still face occupancy issues; Retail rental rates booked healthy growth while Condos remain challenging.
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