Daily Brief Indonesia: Ciputra Property, Bank Mandiri Persero and more

• Leading Diversified Property Developer in a Favorable Market: PT Ciputra Development Tbk (CTRA) is one of Indonesia’s largest and most diversified property developers with a strong brand reputation and a wide geographic footprint across 33 cities. The Indonesian property market is poised for growth, driven by a growing middle class, urbanization, and government infrastructure spending, creating a positive operating environment for CTRA.
• Strong Financial Performance and Attractive Valuation: The company has demonstrated a solid track record of revenue and earnings growth. For the full year 2025, CTRA reported a significant increase in both revenue and net income. The stock is currently trading at attractive valuation multiples, including a low Price-to-Earnings (P/E) ratio compared to its peers and the industry average, suggesting a potential undervaluation.
• Commitment to Shareholder Returns: CTRA has a consistent history of dividend payments and recently announced a 50% increase in its annual dividend. The company’s dividend yield is higher than the industry average, making it an attractive proposition for income-focused investors.

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• Bank Mandiri stands as Indonesia’s largest bank by assets, leveraging its state-owned status and extensive network to maintain a dominant position in the corporate and wholesale banking sectors.
• The bank’s digital transformation is a core strategic pillar, with its Livin’ by Mandiri (retail) and Kopra by Mandiri (wholesale) super-apps driving significant transaction growth and enhancing customer engagement.
• While facing persistent net interest margin (NIM) pressure and a high loan-to-deposit ratio, the bank demonstrates robust loan growth, strong asset quality, and a commitment to shareholder returns through a high dividend yield.

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