Net profit grew 52.72% yoy to IDR2.7 trillion in 9M24. This growth is in line with the increase in revenue of 37.75% yoy to IDR10.1 trillion in 9M24.

BSD City is designated as a National Strategic Project (PSN). This project is carried out in approximately 59.6 hectares, focusing on developing the education, biomedical, and digital regions, with an estimated investment value of Rp18.55
trillion.

BSDE marketing sales achieved 72% of the 2024F marketing sales target. BSDE posted marketing sales of IDR6.84 trillion (+1% yoy) in 9M24.

Net profit is projected to return above IDR2.9 trillion in FY24F. During the election period in 3M24, BSDE was able to record growth in marketing sales (+3% yoy) and revenue (+31% yoy).

Net profit is projected to return above IDR 2.9 trillion in FY24F.

Using discounted cash flow and revalued net asset value methods, we estimate BSDE’s fair value to be 1425 (8.64x expected P/E FY24F and 67% discount to NAV). Considering BSDE’s fair price, we give BSDE a buy rating with a potential upside of 16.82%.

By PHINTRACO SEKURITAS | Research
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