Ciputra Development - A US$300m bet
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05 Oct 2010 Indonesia | |
| Ciputra Development | |
| Company update - A US$300m bet - by Lydia Toisuta | |
| (CTRA IJ / CTRA.JK, OUTPERFORM - Maintained, Rp375 - Tgt. Rp510, Property) | |
| Maintain OUTPERFORM. We maintain our OUTPERFORM call on Ciputra and roll over our target price from an end-10 DCF-based Rp450 (WACC 13%) to an end-11 Rp510, based on the same assumptions but with a lower RNAV discount of 20% vs. 25% as we take into account faster progress in Ciputra Property's Lot 3-5 project. However, we adjust our FY10-12 earnings estimates by -6-+5% due to changes in its development schedule for Lot 6 and 11. Major potential catalysts are 1) earnings realisation in 2H10-12, and 2) commercialisation of Ciputra World Jakarta (CWJ). | |
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