CTRA – Focused in Developing New Cluster in Existing Projects

In 3Q21, CTRA booked a significant increase in revenue and profit by 83.1% YoY and 747.3% YoY. Meanwhile, throughout 9M21, marketing sales reached 85% of the year’s target. The highest increase in marketing sales was supported by landed house sales in Surabaya, Medan, and Tangerang. In the future, CTRA will focus on building new clusters in existing projects such as CitraRaya Tangerang, Citra Sentul Raya, Citra Maja Raya, and CitraLand Surabaya.

PWON – Economic Recovery Boosts Recurring Income

In 3Q21, PWON booked a profit of IDR257 billion (+117.8% YoY). Meanwhile, real estate sales that went up 102.5% YoY boosted the company’s revenue to IDR1.32 trillion (+23.9% YoY). If the relaxation of PPKM continues well into 2022, PWON will benefit from it, since the company has a larger recurring income contribution than other property issuers.

PTPP – Targeting National Strategic Project (PSN) Contracts

Meanwhile, profit jumped 316% YoY. PTPP revised down the new contracts to IDR27.8 trillion, in which PTPP has acquired IDR13.48 trillion of new contracts or 48.4% of the target. In the future, PTPP will aim for the National Strategic Project (PSN) in the infrastructure and EPC field with a target contract of IDR5.9 trillion.

WIKA – Gearing Ratio Level Still Maintained

WIKA recorded 1H21 revenue of IDR6.76 trillion, or down 5% YoY, due to delays from the project owner’s side for some ongoing projects. Meanwhile, WIKA cut the new contract target to IDR35 trillion. However, we see that this year’s achievement will be better with new contracts estimated to go up by 38% YoY. Although the company has issued bonds twice, WIKA’s gearing ratio is still well maintained.

CTRA – Optimistic Marketing Sales Target will be Achieved

In 2Q21, CTRA successfully booked a net profit of IDR240 billion (vs net loss of IDR8 billion in 2Q20). Boosted by a significant increase in Revenue by 67.6% YoY to IDR2.17 trillion. Meanwhile, throughout 1H21, CTRA managed to reach 62% of the FY21 marketing sales target. CTRA also held Ciputra Festival 4.0 in an effort to boost sales.

PWON – Challenges from Falling Occupancy Rate

PWON booked total revenue of IDR1.34 trillion (315.2% YoY) in 2Q21. Development and recurring income also grew 676.1% YoY and 195.5% YoY. While marketing sales also had a significant growth, the company is currently faced with challenges in the form of falling occupancy rates from several shopping malls under management.

BSDE – Marketing Sales Growth Momentum

BSDE recorded 2Q21 top line increase of 88.2% YoY. Housing and building sales also jumped 115% YoY due to the low based effect in 2Q20. BSDE also successfully booked marketing sales of IDR4.5 trillion or up 55.2% YoY. In 2H21, BSDE will only need to book IDR2.5 trillion to achieve the marketing sales target of the year.

SMGR – Lower Financial Costs, Boosts Performance

SMGR’s revenue and profit in 2Q21 both grew 9.3% YoY and 4.2% YoY. Export sales volume increased 35.5% YoY. However, domestic sales went down 1.5%. We believe that SMGR should maximize its domestic sales, as we predict that export sales will tend to slow due to lockdowns in some export destination regions.

INTP – 1H21 Performance in Line with Estimates

INTP successfully booked stellar performance. Throughout 1H21, revenue increased 8% YoY, followed by profit which went up 24.8% YoY. Usage of alternative fuel and LCV (Low Calorie Value) for cost efficiency has proven to be effective to withstand the decline of GPM. Meanwhile in 2Q21, sales volume both domestic and export also increased.