Weak sales continue
Indonesia’s property sales continue to be weak. Ciputra Development (CTRA) reported January 2009 marketing sales of Rp56.8 bn, 31.4% below management’s guidance and down 25% MoM and 49% YoY. Much of CTRA’s January 2009 sales was supported by landed residential sales and Ciputra World Jakarta failed to sell even a single apartment.
Property sales in Indonesia currently lack the necessary drivers, in our view, given softer end-user demand on the back of softer purchasing power and weak mortgage-financed property purchase, given lack of mortgage availability and high mortgage rate.
CTRA is currently trading at a 70% discount to 2009E RNAV, versus the regional average of a 42% discount. However, while we believe that CTRA offers attractive value for long-term investors, we recommend that only investors with holding power should accumulate on the counter and only on weakness.
Maintain OUTPERFORM rating and target price of Rp610.
Tidak ada komentar:
Posting Komentar