CTRA

Infor perusahaan dr IMQ21:

Background
Founded in 1980, the company is a holding company for 31 subsidiaries, and 30 of these is majority shareholders. The company has six major projects currently under development. Perumahan Citra, located near Soekarno-Hatta international airport, is a real estate development complete with shopping, recreational and commercial facilities. The total planned development covers 455 Ha, 240 ha of it which has been developed. Ciputra Grogol is an 18 floor building consisting of shopping center, hotel, and parking area. The shopping center commenced its operation on February 1993, and the hotel did the same on September 1993. Ciputra Golden Triangle is a commercial center, apartment, hotel, office, and shopping center development which is planned to be built on a 13.5 Ha site in the central business district of Jakarta. Construction of the apartments began in early 1994, and is scheduled for completion by the middle of 1996. The whole project is estimated to be completed in about 10 years. Citra Raya Tangerang is a housing development which is planned to be built on 1,230 Ha in Tangerang. Ciputra Semarang is a two-phase shopping space center and hotel development, with the first phase comprising shopping space and shop offices, and has started operating since the end of December 1993. Citra Raya Surabaya is a 1,400 Ha residential golf course, recreation facility, commercial center project located at West Surabaya. The entire project is estimated to take about 15-20 years. The company is part of the Ciputra Group. The company through its sister company, PT. Ciputra Surya, will issue bonds worth Rp. 300 billion in the middle of 1997. The funds will be used to payoff debts, and support working capital. The bonds will provide 24 interest coupons and an interest ranging from 15.5 % to 15.625 per annum. Ciputra Group has merged the ownership of the company from 6 to 2 companies at the end of October 1997. The merger has produced PT Citra Corp. and PT Ciputra Investment whose shares are owned by the Ciputra family.

Business
Business : Property
Sector : Property and Real Estate (61)
Company Status : PMDN
Foundation : 1980

Shareholders:

Sang Pelopor, PT 35.22%
Artupic International B.V 6.19%
Rollrick Holdings Ltd 5.19%
Bayan Akochi 0.23%
Public 53.17%

Ini spreadsheet hitungannya:

http://spreadsheets.google.com/pub?key=pjRxpwjWzxzgp9-Enk9iWWw

Sedikit info: saham CTRA dari reuters hanya sampe 2006. Kalau melihat dari interim reports yang ada di reuters.com, sepertinya laporan keuangan 2007 hanya september, trus loncat ke maret 2008. Cek ke IMQ21 juga memberikan fenomena yang sama. Lho laporan interim desember 2007 mana?

Sekilas pandang ke laporan, jelas2 balance sheet banyak utangnya. Sampe2 pernah hutang lebih besar dari asset. laporan operating CF banyak merahnya... baru sekilas pandang.

Laporan lengkap menyusul.

Balance Sheet: Jelek banget! Banyak utangnya. Sampe2 pernah hutang lebih besar drpd assetnya. Bearti begitu kita beli ini saham, kita langsusng dililit hutang yang banyak hehe. Anehnya, kondisi tiba2 membaik pada tahun 2006 dimana ekuitas menjadi lebih besar daripada hutang. Bagi yang ingin berinvestasi di CTRA, lebih baik mencari tahu sebab2 jatuhnya hutang ini. Apakah perusahaan mengeluarkan right issue? Apakah ada investor strategic yang menyuntikkan dana? Kalau saya mah males ah.... Melihat balance sheetnya aza sudah bosan.

P/L: Penjualan dan op. income memang bagus dan meningkat. Tapi net income agak bergelombang. Sempat rugi pada tahun 2004. Hati2 denagn net income pada tahun 2002 dan 2006, karena net income lebih tinggi daripada operating income. Ada sumbangan extraordinary item.

Tidak ada dividen selama 4 tahun terakhir.

Coba lihat ROE perusahaan yang gila2an. Tahun 2002 ROE = 1,128.55%? Perlu diragukan kalau kita melihat DER tahun 2002 adalah 64.76, ROA yang cuma 0.90%, serta apa yang telah dijelaskan sebelumnya: bahwa ada extraordinary item yang melambungkan net income pada tahun 2002. Banyak jebak2an maut!!

CF tidak konsisten! Kadang positif kadang negatif? Bagaimana caranya memprediksi CF 10 tahun mendatang? Anggap lah menggunakan CF rata2 (Rp 106M) serta growth 10 tahun ke depan sebesar 10%. Harga wajar =Rp 158. Trading saat ini Rp 500.

update terbaru untuk semua saham IDX:

www.IDsaham.com