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.
Download full report HERE.
