Mandiri Sekuritas CTRA: FY09 result is in line with our consensus (CTRA, Rp870, Buy, TP: 780)

􀂄 CTRA recorded net revenue FY09 Rp1.33 bn, which in line with ours and consensus estimate. However, the gross margin fell to 45% FY09, mainly due to increase in cost material over the year, nurtured to bottom line figure to Rp136 bn, slipped by 32,6% yoy, beside also its exposure in forex which loss to –Rp102 bn FY (Rp90 bn FY08). As of 2010, the company plans to have a conservative growth by 20%, mainly result from the booked in apartment revenue from Ciputra World and increase land price in Citra Garden City Jakarta due to JORR toll road open access. CTRA is currently trading at a
discount of 24.4% to its NAV. We are currently reviewing our forecast and assumption.