Research & Stock Picks

Company Reports

12 November 2024

By

Property Sector – Overweight – Property 3Q24 Round-Up

  • In 3Q24, our property coverage booked modest aggregate revenue growth of +2.7% YoY. BSDE was the sole outperformer with +17.8% YoY increase, while CTRA, MKPI, and PWON recorded declines of -1.9% YoY, -6.2% YoY, and -8.8% YoY, respectively. The government's tax incentive program played pivotal role in boosting 9M24 pre-sales growth, with CTRA achieving 78% of its full-year target and 75% of SSI’s estimate, followed by PWON at 75% (SSI: 73%), BSDE at 72% (SSI: 71%), and SMRA at 53% (SSI: 58%). In terms of bottom-line performance, PWON delivered the strongest earnings, while CTRA showed the weakest.
  • The government’s plan to extend the 100% VAT incentive for housing market, originally set to end in December 2024, into 2025 is expected to serve as catalyst for FY25 pre-sales growth. Property players with high proportion of revenue from property sales, such as BSDE (87% in 9M24), CTRA (76%), and SMRA (74% in 1H24), stand to benefit significantly from the policy.
  • We have Overweight call on the property sector, supported by positive catalysts such as the VAT incentive extension and potential rate cuts in FY25. CTRA (BUY, IDR 1,600) is our top pick, thanks to its diverse development portfolio and robust marketing sales. Downside risks: 1) persistent foreign outflows, 2) lower-than-expected purchasing power, 3) sticky mortgage rate

Share This:

Download PDF

Download PDF

Property 3Q24 results

Download PDF

Property 3Q24 results

More Related

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 21, 2024

Economic Reports

Nov 21, 2024

laba bni

Company Reports

Nov 21, 2024

Morning Briefs

Nov 21, 2024

Technical Stock Analysis

Nov 21, 2024

Economic Reports

Nov 20, 2024

Morning Briefs

Nov 20, 2024

Technical Stock Analysis

Nov 20, 2024

Economic Reports

Nov 20, 2024

Morning Briefs

Nov 19, 2024

Technical Stock Analysis

Nov 19, 2024

Economic Reports

Nov 19, 2024

pertumbuhan bbca

Company Reports

Nov 18, 2024

Company Reports

Nov 18, 2024

Company Reports

Nov 18, 2024

PGAS bukukan laba bersih

Company Reports

Nov 18, 2024

laba bersih alfamart

Company Reports

Nov 18, 2024

Economic Reports

Nov 18, 2024

Morning Briefs

Nov 18, 2024

Technical Stock Analysis

Nov 18, 2024

Economic Reports

Nov 15, 2024

Technical Stock Analysis

Nov 15, 2024

Morning Briefs

Nov 15, 2024

Economic Reports

Nov 15, 2024

laba bersih era

Company Reports

Nov 14, 2024

Company Reports

Nov 14, 2024

Technical Stock Analysis

Nov 14, 2024

Morning Briefs

Nov 14, 2024

Economic Reports

Nov 13, 2024

Technical Stock Analysis

Nov 13, 2024

Morning Briefs

Nov 13, 2024

Economic Reports

Nov 12, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 12, 2024

Company Reports

Nov 12, 2024

Technical Stock Analysis

Nov 12, 2024

Economic Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Company Reports

Nov 11, 2024

Economic Reports

Nov 11, 2024

Morning Briefs

Nov 11, 2024

Technical Stock Analysis

Nov 11, 2024

Economic Reports

Nov 8, 2024

Technical Stock Analysis

Nov 8, 2024

Morning Briefs

Nov 8, 2024

Economic Reports

Nov 8, 2024

Company Reports

Nov 7, 2024

Technical Stock Analysis

Nov 7, 2024

Morning Briefs

Nov 7, 2024

Economic Reports

Nov 6, 2024

Company Reports

Nov 6, 2024

Technical Stock Analysis

Nov 6, 2024

Morning Briefs

Nov 6, 2024

Economic Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

laba antam

Company Reports

Nov 5, 2024

Economic Reports

Nov 5, 2024

Technical Stock Analysis

Nov 5, 2024

Company Reports

Nov 5, 2024

Company Reports

Nov 5, 2024

Economic Reports

Nov 4, 2024

Company Reports

Nov 4, 2024

laba bersih bukit asam

Company Reports

Nov 4, 2024

Morning Briefs

Nov 4, 2024

Technical Stock Analysis

Nov 4, 2024

Economic Reports

Nov 1, 2024

Economic Reports

Nov 1, 2024

Technical Stock Analysis

Nov 1, 2024

Morning Briefs

Nov 1, 2024

Economic Reports

Nov 1, 2024