Financial
analysis
Ciputra
Development tbk is owned by Indonesian tycoon, ir. Ciputra and his family. They
has more than 61 % of total share through PT.
Sang pelopor, a private company.
Accordance to
annual report of 2013, the residential houses and shop houses segment is the
key driver of their annual income. Its revenue contribution is 60 % of total
revenue in 2013. The second biggest contribution of revenue is apartments
segment.
In 2013 the company
seems investing more fund for office tower segment, its revenue is enhanced
94.3 % up compared to income from office tower segment in 2012.
In 2013 total
revenue increase 52.8 % up compared to revenue of 2012. The gross margin stays
on 52.1 of total revenue. It is higher than 5 years average growth of its
industry by reuters, which is at 51 %. In 2013 the biggest asset of the company
is at its inventory. The company may have many ongoing projects at over all
Indonesia. The portion of inventory is 24 % of total asset and its capitalized
borrowing cost is 9,061 million in 2012 and 21,720 million in 2013
respectively. And the capitalized borrowing costs of investment property and
fixed asset are 28,975 million in 2012 and 9,889 million in 2013.
The company has 56
projects in 2013, these consist residential houses, shop houses, apartment,
shopping center, hotel, hospital, family club and others.
The activity ratio
is getting better in 2013 compared to 2012. The cycle is shorter than before
the company is able to generate more cash in the same period.
The company is
quiet liquid; both in 2012 and 2013 have better current ratio, consecutively
1.56 and 1.36. On other hand, the
company has added its bank loan to finance the project 2013.
Forecast
The revenue growth
is predicted about 20 % up, the forecasting is taken based on 5 years average
revenue growth of property development and operator industry (reuters). Despite
CAGR of revenue in period of 2009 -2013 is 39 %, the lower assumption is taken
because of the political situation.
The assumption of
gross profit margin, activity ratio and net additional of fixed asset are
adjusted as the same condition of 2013.
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