BSDE’s revenue decrease 13% YoY to Rp6.4 trillion in 6M25 but BSDE’s cost of goods sold only fell 6% YoY to Rp2.3 trillion in 6M25. Land and building sales were the primary contributor to BSDE’s revenue (87% in 6M25).

Salary expenses also increased 28.3% to Rp1.1 trillion in 6M25. As a result, BSDE’s net profit fell 48.9% YoY to Rp1.35 trillion in 6M25.

Land and building sales remained one of the highest-margin segments in 6M25. The gross profit margin for the recreation arena was 72%, followed by land and building sales at 65%, and water management at 65% in 6M25.

BSDE marketing sales grew 5% YoY to Rp5.08 trillion in 6M25 (51% of BSDE’s FY25F target). Residential segment contributed 55% and commercial segment contributed 45% of total marketing sales in 6M25.

For FY25 BSDE targets marketing sales of Rp10 trillion (+3% YoY), The BSD city residential segment, as BSDE’s flagship project, is targeted to contribute 18% of the total FY25F marketing sales target.

Thus, even though the 6M25 performance was relatively below our expectations, we still maintain a Buy rating for BSDE with the same projection and fair value as in the previous BSDE company update IDR 1.185, with a potential upside of 49.06%.

By PHINTRACO SEKURITAS | Research
– Disclaimer On –