CTRA - First quarter 2023 marketing sales at IDR3.4 tn

Ciputra Development (CTRA) booked marketing sales at IDR3.4 tn in 1Q23. This massive growth from IDR1.9 tn in 1Q22 which surpassing CTRA expectation still driven mainly by landed house segment. Several cluster such as has overall support the pre sales achievement. CitraGarden Serpong, contributes more than IDR1.3 tn of the total 1,000 units offered. CTRA launched three new cluster in CitraLand Surabaya and CitraLand Gama City Medan. The developer guding IDR8.9 tn marketing sales this year. (Source : Kontan). Comment : Seeing the 1Q23 achievement, we expect CTRA to reach its 2023 marketing sales target. Aside from its massive JV and strong presence in various locations, we think CTRA’s landed house price tag portfolio will continue to be accepted by consumer and thus could overall support earnings growth this year. We also expect its shophouse and high rise products will continue to make contribution to CTRA’s topline.