Ciputra Achieves Record-Breaking Marketing Sales, Stock Receives 'Buy' Recommendation

JAKARTA, Investortrust.id – PT Ciputra Development Tbk, or CTRA, a leading Indonesian property developer, has achieved a milestone with marketing sales reaching $671 million in 2024, the highest in the company's history. The strong performance has led multiple securities firms to issue a buy recommendation on CTRA’s stock, citing robust growth prospects in Indonesia’s property market.

CTRA marketing sales, which measure pre-sales or contracted sales not transfer of ownership, marketing sales, rose to Rp 11 trillion ($671 million) in 2024, a 7.8% increase from Rp 10.2 trillion in 2023. The accomplishment aligns with CTRA’s management target set at the beginning of 2024.

“CTRA’s ability to achieve its marketing sales target reinforces our ‘buy’ recommendation with a price target of Rp 1,700,” wrote Mandiri Sekuritas analysts Robin Sutanto and Danif Nouval Esfandiari in their latest research note.

Despite meeting its annual target, CTRA’s fourth-quarter 2024 marketing sales of IDR 2.3 trillion were lower compared to the third quarter of 2024 and the fourth quarter of 2023. Approximately Rp 716 billion of the sales came from homes benefiting from Indonesia’s value-added tax (VAT) exemption incentives.

BRI Danareksa Sekuritas

Strong Endorsements from Analysts

BRI Danareksa Sekuritas analysts also expressed optimism about CTRA’s performance. Analyst Ismail Fakhri Suweleh highlighted that the Rp 11 trillion in 2024 marketing sales represents a historic milestone for the company.

“This achievement reflects CTRA’s ability to cater to demand from middle- to upper-class homebuyers, particularly for properties priced between Rp 1 billion and Rp 5 billion,” Suweleh wrote in a report released today.

BRI Danareksa Sekuritas

Key Contributors to Sales

Suweleh further noted that landed housing accounted for 82% of the total marketing sales. Homes priced between Rp 1 billion and Rp 2 billion contributed 31% of the total, while those priced between Rp 2 billion and Rp 5 billion generated Rp 43 billion.

CTRA’s consistent performance and strategic positioning in the mid-to-high-end property market underpin the favorable outlook among market analysts.

CTRA Stock Chart