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Dec 05,2016 15:03:37

Ciputra Group delays EGM plan to 27 December

Ciputra Group has delayed its EGM plan to 27 December from 2 December previously. At the EGM, the group will ask for shareholders approval to merge Ciputra Development ($CTRA), Ciputra Surya ($CTRS) and Ciputra Property ($CTRP) in order to simplify the group’s business structure and its liquidity in the stock market. Separately, CTRA has allocated IDR710.84bn to buy back CTRP/CTRS shares if shareholders decided not to approve the planned merger. (, Kontan)

Jun 16,2016 22:21:24

Cum Dividend CTRA
•Dividend Tunai Rp 6 (22 Juni 2016)
•Dividend Saham 161 os : 1 ns (12 Juli 2016)

Cum Dividend CTRP
•Dividend Tunai Rp 4  (22 Juni 2016)
•Dividend Saham 101 os : 1 ns (12 Juli 2016)

Cum Dividend CTRS
•Dividend Tunai Rp 22 (22 Juni 2016)
•Dividend Saham 69 os : 1 ns (12 Juli 2016)


(OCBC, Disclaimer On)


May 09,2016 15:03:39
Ciputra Development: Keeping It Under Control

We expect greater revenue recognition and better presales performance in 2H16. The near-term catalyst should be the tax amnesty bill. With numerous portfolios and land, Ciputra is one of the sector players that is likely to be at an advantage when the bill is passed. The company is also taking the opportunity from the amnesty to undertake its plan to merge listed subsidiaries Ciputra Surya and Ciputra Property. Maintain BUY and IDR1,540 TP (20% upside).

¨ Greater revenue recognition in 2H16. Delays in revenue recognition during Ciputra Development’s (Ciputra) 1Q6 results were mainly due to stretched instalment payments. 1Q also tends to be the weakest period. As such, we keep our forecasts unchanged, with greater revenue recognition in 2H16. Referring to our 26 Feb (Smooth Sailing In Turbulent Times…), we expect FY16F earnings to be flat at IDR1.3trn. This is on the back FY14-15 presales that should be significantly recognised in FY18.

¨ The benefit of tax amnesty. We continue to believe the tax amnesty approval could serve as a near-term major catalyst for the property sector. This is as people take the opportunity to revalue their assets and buy properties. With a large portfolio and landbank, Ciputra should be one of the property firms that is at an advantage when the amnesty is passed. Meanwhile, management advises that subsidiary Ciputra Surya (CTRS IJ, BUY, TP: IDR5,000) is to participate in the tax amnesty by transferring its assets into a subsidiary. This is part of the company’s plan to undertake its long waited plan to merged Ciputra Surya and another listed unit, Ciputra Property.

¨ Maintain BUY and IDR1,540 TP as we like Ciputra’s cash management, healthy balance sheet and vast project pipeline while it is still trading at a steeper 50% discount, ie -0.6SD to its 35% mean. The downside risks are slower revenue delivery, further delays in the tax amnesty plan and changes in government regulations that impact economic growth and/or property demand.

May 09,2016 15:00:21
Ciputra Surya (CTRS): Maintaining a Net Cash Position

We like the fact that Ciputra Surya has continuously maintained a net cash position since FY12. Amidst our expectation of flat FY16 earnings, we expect a further unlocking of value from its potential merger with Ciputra. Revenue recognition from two of its big FY15 presales should only happen in FY18. Maintain BUY and IDR5,000 TP (148% upside).

¨       Balance sheet remains strong. Ciputra Surya remains in a net cash position as at 1Q16. The current net cash balance is around IDR650bn, which we believe should be sufficient to internally finance its IDR1trn capex for this year. Regardless, it still has plenty of room for leverage. It has secured ~IDR500bn in bank loan facilities and plans to top up another IDR700bn, if needed, to finance the IDR1.2trn capex total for the Makassar reclamation project.

¨       Potential unlocking of value. We expect a potential unlocking of value if the tax amnesty bill is passed. Ciputra Surya is to participate in the amnesty by transferring its assets into a subsidiary. This is part of its parent entity Ciputra Development’s (Ciputra) (CTRA IJ, BUY, TP: IDR1,540) plan to undertake its long awaited merger with the company and another listed unit, Ciputra Property. The total book value has yet to be disclosed, but the potential tax penalty would be ~4.5% (2.5% land transfer title tax and 2% amnesty penalty).

¨       1Q16 earnings: results below expectations

¨       Maintain BUY and IDR5,000 TP, as we like Ciputra Surya’s net cash position, which it has held since FY12. The counter is still trading at a hefty 79% discount to its IDR9,818/share RNAV and at 7.2x FY16F P/E (-1SD to its average 3-year rolling P/E). Downside risks include a lack of liquidity, a delay in the reclamation progress and project completions, further delays in the tax amnesty plan, and a smaller-than-expected Bank Indonesia rate cut.

May 02,2016 15:54:14
Ciputra Development: 1Q16 NPAT is 10% of ours and consensus

- Weak 1Q16 result. CTRA reported earnings of Rp144bn (-37% YoY & -59% QoQ), which is only 10% of ours and
consensus. Slower delivery is the culprit of weak earnings. Revenue declines by 8% YoY to Rp1.3tn. CTRA’s development
revenue is down by 16% YoY to Rp940bn. CTRA’s G&A cost increase by 17% YoY, which is mainly driven by 32% YoY
increase in salary cost.

- Gearing remains healthy. The company is standing at net gearing of 29% with net debt of Rp2.5tn. Sales advances is at
Rp5.7tn, stable on QoQ basis. Due to spike in income tax payment (tax paid Rp320bn versus reported final tax expense of
Rp68bn), the company generates negative operating cashflow of Rp37bn.

- Maintain Buy. We think slower deliveries are the main culprit for CTRA’s weak earnings. Also cashflow from operations
still looks healthy (turn negative which we suspect due to early repayment of income taxes). We expect better revenue
deliveries in the coming quarters. Maintain Buy with PT of Rp1,600.


Apr 20,2016 08:50:54
Akhirnya, Pemerintah Terbitkan Aturan Kepemilikan Hunian untuk Orang Asing

Berikut daftar harga minimal pembelian rumah tinggal oleh orang asing:

DKI Jakarta Rp 10 miliar
Banten Rp 5 miliar
Jawa Barat Rp 5 miliar
Jawa Tengah Rp 3 miliar
Yogyakarta Rp 3 miliar
Jawa Timur Rp 5 miliar
Bali Rp 3 miliar
Nusa Tenggara Barat Rp 2 miliar
Sumatera Utara Rp 2 miliar
Kalimantan Timur Rp 2 miliar
Sulawesi Selatan Rp 2 miliar
Daerah lainnya Rp 1 miliar

Berikut daftar harga minimal pembelian satuan rumah susun (apartemen) oleh orang asing:

DKI Jakarta Rp 5 miliar
Banten Rp 1 miliar
Jawa Barat Rp 1 miliar
Jawa Tengah
Yogyakarta Rp 1 miliar
Jawa Timur Rp 1,5 miliar
Bali Rp 2 miliar
Nusa Tenggara Barat Rp 1 miliar
Sumatera Utara Rp 1 miliar
Kalimantan Timur Rp 1 miliar
Sulawesi Selatan Rp 1 miliar
Daerah lain Rp 750 juta

Akhirnya, Pemerintah Terbitkan Aturan Kepemilikan Hunian untuk Orang Asing

Kementerian Agraria dan Tata Ruang/Badan Pertanahan Nasional (ATR/BPN) akhirnya mengeluarkan aturan kepemilikan hunian bagi orang asing.

Aturan tersebut tertuang dalam Peraturan Menteri ATR/Kepala BPN Nomor 13 Tahun 2016 tentang tata cara pemberian, pelepasan, atau pengalihan hak atas pemilikan rumah tempat tinggal atau hunian oleh orang asing yang berkedudukan di Indonesia.

"Sudah saya tanda tangani dan ini menjadi tindak lanjut dari Peraturan Pemerintah Nomor 103 Tahun 2015," ujar Menteri ATR/BPN Ferry Mursyidan Baldan di Batam, Kamis (14/4/2016).

Aturan kepemilikan hunian bagi orang asing dikeluarkan untuk mendorong iklim investasi di Indonesia. Menurut Ferry, selama ini investor asing membutuhkan fasilitas perumahan untuk mendukung bisnis mereka di Indonesia.

"Ini bagian kemudahan perizinan. Kita berikan percepatan, ketepatan, dan kepastian bagi investor," katanya.

Kepemilikan dapat berupa rumah tunggal ataupun rumah susun dan hanya diberikan kepada orang asing yang memiliki izin tinggal di Indonesia.

Selain itu, pembelian hanya berlaku untuk pembelian baru langsung dari pengembang atau pemilik.

Feb 28,2016 10:34:16
Ciputra Development ($CTRA), Smooth Sailing In Turbulent Times…

… as its operating cash flow remains positive despite a slowdown in the property sector. We upgrade Ciputra to BUY with a higher IDR1,540 TP (17% upside). The company’s wide-ranging and numerous projects through tie-ups with local land owners reduce funds for acquiring land, mitigating the risk of a slowdown in property demand. We lower FY16F-17F earnings by 8%/13% to better reflect: i) significant presales recognition in FY18F and ii) flat presales guidance for FY16F.

? Good cash management. We think Ciputra Development (Ciputra) is one of the property companies with good cash management as it has been able to maintain positive operating cash flow amid the unfavourable business environment over the last two years (Figure 1). Balance sheet remains healthy with net gearing of 0.2x as at 9M15 vs average peers’ 0.5x over the same period. We expect interest coverage ratio to be 7.4x/8.0x for FY16F-17F (from 6.6x in 9M15), above average peers’ 6.2x/6.7x. This is attributed to the company’s joint operation schemes with local land owners, which allow it to avoid the messy business of acquiring land as well as reduce funds for land acquisition. Its wide-ranging and numerous project locations should also mitigate headwinds from a slowdown in property demand.

? Flat guidance for FY16F. Ciputra guided presales of IDR9.3trn for FY16F, flat from FY15 presales of IDR9.2trn. About IDR1.5trn comes from eight new project launches, of which four are projects diverted from FY15 and mostly under joint operation schemes. Its subsidiary, Ciputra Surya ($CTRS) targets lower presales of IDR3.1trn (FY15: IDR4.1trn) due to: i) a high base effect from good presales in Makassar, ii) future toll road access that boosted presales in North Citraland Surabaya, as well as iii) good office demand in Ciputra World Surabaya. Meanwhile, Ciputra Property ($CTRP) is targeting IDR1trn presales for FY16, with office strata sales contributing 48% of FY16 target, 43% from apartment strata sales, and the remainder from Nivata Villa and resorts in Bali. Note that Ciputra recorded total marketing sales of IDR347bn in Jan 2016 (3.7% of FY16F presales).

? Changes to our forecast. In addition to flat presales guidance for FY16F, we expect FY14-15 presales to be significantly recognised in FY18F. Thus, we lower our FY16F-17F earnings by 8%/13%, translating to earnings growth of 0.3%/9.4% respectively.

? Upgrade to BUY (from Neutral) and, after adjusting for higher land selling price, we raise our RNAV-derived TP to IDR1,540 (vs IDR1,490), maintaining our 40% discount to RNAV/share of IDR2,562. We note also that the counter trades at a steeper 49% discount, which is -0.5SD to its mean of 34% discount. Our BUY call is mostly on the company’s good cash management and healthy balance sheet with vast projects in the pipeline. Key risks: i) a change in government regulations, and ii) slower-than-expected economic growth that could hurt property demand.
Quotes delayed, except where indicated otherwise.
2,710.00 0.00 (0.00%)
Ciputra Surya Tbk.
Last Update 02:54:10