Ciputra Development booked a net profit of Rp136bn, down 32% YoY, but 30% above our estimate and 11% above consensus. Company also booked a gain on investment sales of Rp27bn, stripping this out, net profit came at Rp109bn, which was 5.8% above our expectation, and 10% below consensus. Sales was booked at Rp1,332bn, 7% above our expectation, and the company also booked a lower operating expenses, hence EBIT margin came at 21.2%, above our expectation of 18.8%. The consensus was also expecting a 18.8% EBIT margin. Maintain a BUY on CTRA, with Tp Rp1,050/sh. Now trading at 30% discount to our NAV assumption.
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