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Strength
Solid 2Q24 revenue growth of 16.4% YoY supported by landlots, residential, and shophouses sales (74% of topline) which grew by 43.6% YoY; 1H24 pre-sales of IDR6.1tn (+19.1% YoY) was above (54.8%) with CTRA’s target of IDR 11.1tn
Opportunity
CTRA has a high proportion of mortgage payers, approximately 70%, and will therefore benefit from the anticipated decline in global interest rates in 2H24 and beyond
Weakness
2Q24 GPM fell to 46.7% (1Q24: 50.9%), mainly due to changes in product mix, with more low-end products handed over to customers compared to previous quarter; despite this, CTRA still booked YoY improvements in 1H24 margins
Threat
The government’s 100% borne incentives which ended on 30 June 2024 could hamper landed residential demand (84% of marketing sales); recent price out-performance may result in profit taking
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
