BSDE : Township, Has the Potential to Support BSDE Income Again

05 Jun 2024 Valdy

Net profit grew 56.23% yoy to IDR 1.5 trillion in 3M24. This growth is in line with an increase in revenue of 31.25% to IDR 3.8 trillion in 3M24 compared to the increase in Cost of Goods Sold, which only increased 9.56% yoy to IDR 1.1 trillion.

Sustainable and integrated product portfolio. After the COVID-19 pandemic,people increasingly want housing that supports a healthy and environmentally friendly lifestyle (Asia Pacific 2023, JLL).

BSD City is designated as a National Strategic Project (PSN). This project is being carried out with an area of around 59.6 hectares.

BSDE marketing sales exceeded the marketing sales target in FY23. BSDE posted marketing sales of IDR 9.5 trillion (+8% yoy), which reflects 108% of the FY23 marketing sales target (IDR 8.8 trillion).

Net profit is projected to return above IDR 2 trillion in FY24F. During the election period 3M24, BSDE recorded growth in marketing sales (3% yoy) and
revenue (31% yoy).

Using the discounted cash flow and revalued net asset value methods, we estimate the fair value of BSDE to be 1300 (8.64x expected P/E FY24F and 67% discount to NAV).

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