DJ MARKET TALK: Buy Ciputra Property; 1H Results Strong - Citi 0350 GMT [Dow Jones] STOCK CALL: Citigroup reiterates Buy on Ciputra Property (CTRP.JK) as beats 1H expectations; this despite some setbacks to core operations, poor results from broader property sector. 1H net profit at IDR107 billion (Citi FY08E forecast IDR137 billion), operating profit +38% on-year at IDR57 billion, revenue +13% on-year to IDR157 billion, operating margin 36.5% vs 29.8% in 1H07. Solid revenue from Ciputra's hotel, mall operations in Jakarta, Central Java balanced delay to launch of its luxury serviced apartment complex, Citi says; likes stock despite likely slower-than-expected sales on second apartment comlex. Targets IDR571; stock now at IDR340, down 1.5%. (RLC) Contact us in Singapore. 65 64154 140; [EMAIL PROTECTED] (END) Dow Jones Newswires July 31, 2008 23:50 ET (03:50 GMT) Copyright (c) 2008 Dow Jones & Company, Inc.- - 11 50 PM EDT 07-31-08
