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Company Reports

31 October 2024

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CTRA: BUY (Maintain) – TP: IDR 1,600 – 3Q24 Results

Strength

Shopping center revenue (33% of recurring income) rose +11.7% YoY to IDR 190bn,  leading to +8.3% YoY growth in 3Q24 recurring revenue (24% of CTRA’s top-line) to IDR 585bn

 

Weakness

Development sales (72% of CTRA’s top-line) fell -5.3% YoY to IDR 1.5tn, resulting in -1.9% YoY decline in 3Q24 revenue to IDR 2.1tn; QoQ drop in OPM and NPM, driven mainly by +28% YoY jump in commission fee (10% of opex) on the back of accounting changes

 

Opportunity

Given that CTRA has sizable interest charges (54% of pre-tax profit), the company will benefit from the anticipated BI rate cuts

 

Threat

Discontinuation of property VAT incentives may hinder CTRA's growth, as property sales account for 76% of its revenue

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CTRA 3Q24 results

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CTRA 3Q24 results

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