BSDE IJ - Solid Marketing Sales Offset Softer Earnings Amid Cost Pressures
BSDE reported revenue of IDR6.4 trillion in 1H25, representing a decline of 13.0% YoY (vs IDR7.3 trillion in 1H24), and achieving 49.4% and 50.6%...
190 Views
Bumi Serpong Damai (BSDE.IJ) Trimming Our FY25F/26F Net Profit By -34%/-25%
Maintain Buy with a lower TP of Rp1,450; BSDE is an attractive laggard play in the sector as thesis of well-connected township remains intact.
271 Views
Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)
We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.
286 Views
Equity Strategy: 2H25: Positioning for a Growth Rebound
We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.
177 Views
Property - Overall: KTA from Meeting with JLL
JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.
236 Views