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CTRA – 1Q20: Low Income and Margin Suppressed Profit

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Ajeng Kartika Hapsari
Ajeng Kartika Hapsari
Analyst - Property, Construction
Ajeng Kartika Hapsari
Latest posts by Ajeng Kartika Hapsari (see all)
  • CTRA – Focused in Developing New Cluster in Existing Projects - December 8, 2021
  • PWON – Economic Recovery Boosts Recurring Income - December 1, 2021
  • PTPP – Targeting National Strategic Project (PSN) Contracts - November 22, 2021

CTRA’s development and recurring income weakened by 11% and 2%, respectively, making CTRA revenue in 1Q20 declined by 8.3% YoY. In addition, low margins due to increased operational expenses also pushed CTRA’s profit to IDR178 billion or a 37.3% YoY decline. On the other hand, CTRA’s marketing sales grew 2.3% to IDR1.14 trillion supported by online launching method. We estimate CTRA’s FY20 revenue will increase by 12%-14% when the pandemic slows down. We recommend a BUY rating with TP of IDR810.

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