On high speed
Maintained | Rp780.00 - Tgt. Rp1,250.00
▍CTRP’s share price jumped 8% today following its 2012-13 earnings guidance that was 44-48% ahead of our estimates and 54-111% above consensus numbers.
The higher guidance reflects unexpected en bloc sales of its upscale residences and strata offices. Taking our cue from the guidance, we jack up our earnings numbers by 41-47% for FY12-13 while cutting FY14 by 16% as sales are brought forward. This raises our DCF-based target price to Rp1,250, which implies 11x CY14 P/E.
We maintain our Outperform rating, with the catalysts being consensus upgrades and its aggressive launch of eight budget hotel projects this year.
me @ LOTS Trading Club (LTC)
Maintained | Rp780.00 - Tgt. Rp1,250.00
▍CTRP’s share price jumped 8% today following its 2012-13 earnings guidance that was 44-48% ahead of our estimates and 54-111% above consensus numbers.
The higher guidance reflects unexpected en bloc sales of its upscale residences and strata offices. Taking our cue from the guidance, we jack up our earnings numbers by 41-47% for FY12-13 while cutting FY14 by 16% as sales are brought forward. This raises our DCF-based target price to Rp1,250, which implies 11x CY14 P/E.
We maintain our Outperform rating, with the catalysts being consensus upgrades and its aggressive launch of eight budget hotel projects this year.
me @ LOTS Trading Club (LTC)
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