Ciputra Development (CTRA IJ)
Analyst: Chelene Indriani
HOLD / TP: IDR:1,300 (+4.0%)
Fairly valued
• Weak 1H19 net income, but expected
• Robust revenue recognition YoY, albeit slowing down QoQ
• Gearing inched up
• Expecting better marketing pre-sales in 2H19
• Downgrade to HOLD with unchanged target price of IDR1,300