ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Ciputra Development (CTRA IJ) - The Cosmopolitan Developer

CrossASEAN Indonesia Strategy - The Stars Are Aligned

Indonesia Property - In Search of the End of the Rainbow - Part 1 - Ciputra Development (CTRA IJ)

Mitra Adiperkasa (MAPI IJ) - One Step Beyond

Matahari Department Store (LPPF IJ) - Turning Corners

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> is one of Indonesia's largest property companies involved in property development for sale in townships, residential, condominiums, and offices. It remains well-positioned to tap into the recovery in the local property market, especially for affordable housing, as activity picks up as mobility restrictions lifted and vaccinations rates improve</p>
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<p>In 1H2021 79% of revenues came from property development, and 21% from recurring income from malls, hotels, hospitals, and offices. The company is the most geographically diverse across the archipelago of Indonesian developers.</p>
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<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> booked a strong set of 1H2021 results with revenues up by +43.4% YoY, driven by a +49.8% increase in revenues from the property development segment and +23.1% growth from recurrent income.</p>
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<p>The company is seeing a higher portion of sales financed by mortgages, with a larger portion of end user buyers and it also continues to focus on selling more affordable properties, with 65% of total sales in 1H2021 below IDR2bn.</p>
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<p><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a> is well-positioned in terms of its land bank, with sufficient supply to sustain the company's property development plans for the next 15 years and it supplements its land supply significantly through joining operating projects</p>
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<p>The company recorded strong marketing sales up to the end of August 2021, as zero down payment and Value Added Tax policy (exemption) helped to boost the company's performance, despite some mobility restrictions.</p>
<p><span data-preserver-spaces="true"><a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development (CTRA IJ)</a>  remains one of our top picks to play the recovery in the residential property market in Indonesia, with the most geographically diverse exposure of the local developers. It trades at a discount to historical perspective both on PBV and PER.</span></p>



Ciputra Development (CTRA IJ) is one of Indonesia's largest property companies involved in property development for sale in townships, residential, condominiums, and offices. It remains well-positioned to tap into the recovery in the local property market, especially for affordable housing, as activity picks up as mobility restrictions lifted and vaccinations rates improve

In 1H2021 79% of revenues came from property development, and 21% from recurring income from malls, hotels, hospitals, and offices. The company is the most geographically diverse across the archipelago of Indonesian developers.


Ciputra Development (CTRA IJ) booked a strong set of 1H2021 results with revenues up by +43.4% YoY, driven by a +49.8% increase in revenues from the property development segment and +23.1% growth from recurrent income.






The company is seeing a higher portion of sales financed by mortgages, with a larger portion of end user buyers and it also continues to focus on selling more affordable properties, with 65% of total sales in 1H2021 below IDR2bn.


Ciputra Development (CTRA IJ) is well-positioned in terms of its land bank, with sufficient supply to sustain the company's property development plans for the next 15 years and it supplements its land supply significantly through joining operating projects

The company recorded strong marketing sales up to the end of August 2021, as zero down payment and Value Added Tax policy (exemption) helped to boost the company's performance, despite some mobility restrictions.
Ciputra Development (CTRA IJ)  remains one of our top picks to play the recovery in the residential property market in Indonesia, with the most geographically diverse exposure of the local developers. It trades at a discount to historical perspective both on PBV and PER.

Ciputra Development (CTRA IJ) - Primed for the Recovery