JPM Indo: Indo property sector

Liliana Bambang (analyst) publishes in-depth bullish report on Indo property sector, top pick is CTRA with 46% upside potential to PxT of Rp1050. She thinks the property upcycle could last for another 9 months, driven by (1) the absence of interest rate hike in 2010 (JPMorgan view) and (2) continuing pick-up in marketing sales across-the-board. The last upcycle in Indo property sector lasted 37 months (24 months from bottom to peak), we are now on the 13th