PT CIPUTRA DEVELOPMENT TBK (CTRA.

JK)

CTRA JK
R Rf + (Beta x Rp) 0.18
Rf 0.04
Beta 2.08
Rp 0.07
K (D1/Market Value) + G 0.02
D1 = D0 (1 + G) 10.16
D0 = Dividen 2019 10.00
Constraint Growth G = ROE x Beta 0.02
ROE 2019 0.07
b 2019 0.25
G1 58%
G2 -41%
G3 -28%
Non-Constraint Growth
G4 -40%
G5 100%
G6 5%

Constraint Growth Model

0 1 2
D 10 10.16 10.33
Discounted D (Dn/1+r)^n 8.62 8.76
P5
Terminal Value
P0
Market Value

Non Constraint Growth Model

0 1 2
D 10 15.83 25.07
Discounted D 13.43 21.26
P5
Terminal Value
P0
Market Value
EVELOPMENT TBK (CTRA.JK)

Dividen
2013 11.80
2014 18.68
2015 11.10
2016 7.96
2017 4.75
2018 9.50
2019 10.00
Market Value 1,180

Net Income (2019) 1,160,000,000,000

Ekuitas (2019) 17,760,000,000,000
Dividen (2019) 148,300,000,000
DPR (2019) 0.75
ROE (2019) 0.07

3 4 5 6
10.50 10.67 10.84 11.02
8.90 9.05 9.20 Total Discounted D
1279.54
561.80
1180.00
1180.00

3 4 5 6
39.69 62.85 99.51 157.56
33.67 53.31 84.40 Total Discounted D
18292.86
8031.72
1838.32
1180.00
 44.53

206.08
 JAYA REAL PROPERTI TBK (JRPT JK)

JRPT
R Rf + (Beta x Rp) 0.10
Rf 0.04
Beta 0.94
Rp 0.07
K (D1/Market Value) + G 0.14
D1 = D0 (1 + G) 26.24
D0 = Dividen 2019 24.00
Constraint Growth G = ROE x Beta 0.09
ROE 2019 0.14
b 2019 0.68
G1 27%
G2 30%
G3 20%
Non-Constraint Growth
G4 14%
G5 117%
G6 -54%

Constraint Growth Model

0 1 2
D 24 26.24 28.68
Discounted D (Dn/1+r)^n 23.76 25.98
P5
Terminal Value
P0
Market Value

Non Constraint Growth Model

0 1 2
D 24 30.57 38.93
Discounted D 27.68 35.26
P5
Terminal Value
P0
Market Value
PROPERTI TBK (JRPT JK)

Dividen
2013 10.6
2014 13.5
2015 17.5
2016 21
2017 24
2018 52
2019 24
Market Value 590

Net Income (2019) 1,020,000,000,000

Ekuitas (2019) 7,400,000,000,000
Dividen (2019) 330,000,000,000
DPR (2019) 0.32
ROE (2019) 0.14

3 4 5 6
31.36 34.28 37.48 40.97
28.40 31.05 33.94 Total Discounted D
921.37
561.39
590.00
590.00

3 4 5 6
49.58 63.14 80.42 102.42
44.90 57.19 72.83 Total Discounted D =
2303.05
1403.25
687.33
590.00
143.13

237.86