Net profit grew 117% YoY to IDR4.9 trillion in FY24. This growth is in line with the increase in revenue of 19.6% YoY to IDR13.8 trillion in FY24. In addition, the revenue margin also increased.

Land and building sales remain the segment with the highest margin in FY24. Gross profit margin (GPM) from land and building sales was 66%, followed by the water management segment at 64% and Construction at 59%.

BSDE marketing sales grew 2% YoY to IDR 9.7 trillion and exceeded the target of IDR 9.5 trillion in FY24. For FY25, BSDE is targeting marketing sales of IDR10 trillion (+3% YoY), which is contributed by the residential segment (51%), commercial (34%), and others (15%).

The BSD city residential segment, as the flagship project of BSDE, is targeted tocontribute 18% of the total FY25F marketing sales target.

We estimate that revenue will grow 8% YoY to reach IDR 15 trillion in FY25E. The continued implementation of loan-to-value (LTV) discounts, government-covered VAT incentives in 2025, and BSDE’s strong reputation in project development are expected to be key growth drivers

We maintain our buy rating for BSDE, which has an estimated fair value of 1185 (previously 1425) and a potential upside of 50.78%. The fair value is derived using the discounted cash flow method and net asset value revaluation, which reflects an expected P/E of 7.48x FY25F and a discount to NAV of 65%.

By PHINTRACO SEKURITAS | Research
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