CTRA reported marketing sales for 4M10 of Rp652bn, 37% of company’s FY10 target of Rp1.75tn, and 40% of our FY10 target of Rp1.6tn. The sales in April was up 9.5% MoM, and 4M10 was up 71% YoY. Strong April sales came more from higher sales of CTRS’ projects, notably in Surabaya, and Sidoarjo.
CTRA Greater Jakarta sales for 4M10 reached Rp199bn, up 73% YoY, 40% of company’s FY10 target. CTRA’s other regional sales also increased 32% YoY. On a MoM basis, CTRA (Greater Jkt + Regional) sales in April declined 20% solely due to lower sales in regional, notably Samarinda, Balikpapan and Makassar (less launches). (sales in
greater jakarta for April was flat MoM)
CTRS reported a strong sales of Rp202bn in 4M10, with April sales doubling from the previous month. Compared to last year, 4M10 sales increased by 2.5x. Ciputra World Surabaya had good sales in April, up 63% MoM, with 4M10 sales 32.7% of FY10 target.
Sales in Surabaya and Sidoardjo also increased a lot from the previous month.
CTRP: disappointing Ciputra World Jakarta Lot 3&5. No sales made in April. 4M10
sales was Rp2.8bn (made in January). The company targeted Rp93bn this year from
sales of CW Jakarta. Seems hard to achieve at this stage. Hence if we strip this out of
their group’s FY target, total sales this year might be Rp1.66tn (slightly higher than our
expectation of Rp1.6tn)
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