NISP Ciputra Property allocates Rp800.0bn for capex (CTRP, Rp335)

• Ciputra Property is allocating a capex of Rp800bn for 2010 that will be funded from internal cash. The company states that its cash position of Rp1.50tn is enough without requiring the company to seek external loans this year.

• 95% of the budget will be used for the development of Ciputra World Jakarta where investment cost is Rp3.0tn.The project is currently 20% under progress and estimated to be finished in 1Q12.

• CTRP is trading at 2010F consensus PER of 13.2x and EV/EBITDA of 3.0x.