Mandiri Sekuritas Property: CTRA’s middle-up segment residential highly supports its sales

• CTRA’s marketing sales target of Rp1,7 tn this year, will be highly supported by its middle-up segment residential in outside java, including, Citra Garden Banjarmasin, CitraLand City Samarinda, Citra Bukit Indah Balikpapan, CitraGrand City Palembang and CitraLand Celebes Makasar. The sales of these residential will capture ±30% of the total target at the end of year.

• As per 1Q2010, CTRA has booked 26.6% of their total marketing sales target this year, and for its residential portfolio outside java itself, on average it has booked 36.0% of its target, thanks to its residential in Banjarmasin, Samarinda and Balikpapan that have met the sales target above average.

• CTRA currently trades at 35% discount to our RNAV10, we still see much potential upside on the stock, considering the bullish market condition.