External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.</li><li>Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.</li><li>We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.Our channel check on the new launches indicates potential Rp188bn in pre-sales in 3Q24; this leads us to raise our FY24F target by 23%.We resume coverage with a Buy rating and RNAV-based TP of Rp1,550; Key risks are related to pre-sales growth and awaited ROE improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).</li><li>Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.</li><li>While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23).Sales from residential, land, and commercial sectors, accounted for 88% of the 1H24 revenues.While the remaining 12% came from rental, hotel, estate management, water, recreation, toll road operating services, and construction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSDE IJ - More Focus On Residential and Shop-House

<ul><li>In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.</li><li>BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.</li><li>As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In FY23, BSDE achieved marketing sales of IDR9.5tn reflecting 108% of the company and MNCS FY23 target.BSDE is targeting IDR9.5tn marketing sales in FY24E, a moderate and conservative view for the overall property demand compared to FY23 performance.As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or approximately IDR5.3tn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

<ul><li>BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyers</li><li>We maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bank</li><li>Maintaining its marketing sales target at IDR8.8tn</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and premium home buyersWe maintain our BUY call on the company as we believe the shares are still undervalued given its: 1) robust marketing sales, 2) strong balance sheet, and 3) huge undeveloped land bankMaintaining its marketing sales target at IDR8.8tnContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

Indonesia

PT Bumi Serpong Damai Tbk is a prominent Indonesian real estate developer specializing in integrated urban development. The company develops residential, commercial, and mixed-use properties, including townships, housing areas, commercial spaces, retail areas, industrial estates, and hospitality properties. Its flagship project is the master-planned BSD City, an integrated residential and business area. The company was founded in 1984 and is headquartered in Tangerang, Indonesia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bumi Serpong Damai (BSDE IJ)

Bumi Serpong Damai - Well-Connected Township Remains Key Selling Points...

BSDE's projects boast the key value-add of strong connectivity, which we expect to support a 4% CAGR growth in FY24F-26F core pre-sales.

BRI Danareksa Research

BSDE IJ - More Focus On Residential and Shop-House

BSDE recorded revenues of IDR7.3tn in 1H24 or grew by 67.9% YoY (vs IDR5.0tn in 1H23). Sales from residential, land, and commercial sectors,...

MNC Sekuritas

BSDE IJ - MNC Sekuritas Equity Report February 6, 2024

As a flagship project, sales from properties in BSD City township are aimed to reach a 56% contribution to the overall marketing sales target, or...

MNC Sekuritas

Bumi Serpong Damai(BSDE IJ) - Remained Positive in 2023

BSDE is looking to achieve its FY23 marketing sales target, which will still be driven by its two main segments namely first home buyers and...

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)