Company Update

12 September 2023

CTRA IJ - MNC Sekuritas Equity Report September 12, 2023

Optimistic Marketing Sales Target in FY23E

Key Takeaways:
• CTRA’s marketing sales reached a solid IDR5.1tn in 1H23 or grew 27.4% YoY (vs IDR3.9tn in 1H22), accomplishing 57% of management’s target for FY23E.
• CTRA has raised their marketing sales target to IDR9.8tn for FY23E (from its previous target of IDR8.9tn), supported by the launching of new clusters in 2H23.
• We recommend BUY for CTRA, with a TP of: IDR1,300 which implies PE/PBV 9.8x/1.0x in FY23E. CTRA’s valuation has become attractive as it is currently traded at a level of –0.5 STD (average 5-years PE) at 11.8x.

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