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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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