Company Update

10 April 2023

BSDE IJ - MNC Sekuritas Equity Report April 10, 2023

Earnings More Than Doubled in FY22

Key Takeaways :
▪️BSDE IJ recorded a marketing sales growth of 14.1% YoY or IDR8.8tn in FY22, reflecting 114%/103% of the management/MNCS FY22 target.

▪️BSDE posted a revenue of IDR10.2tn in FY22, an increase of 33.7% YoY, above consensus/MNCS expectation implying 128%/127% of FY22E target.

▪️Sales division recorded a growth of 39.0% YoY, while recurring income and others grew by 52.4% YoY. This performance was supported marketing sales in FY21-FY22, while the increased recurring income was from the relaxation of mobility in malls along with normalized activity. The addition of AEON Southgate TB Simatupang also contributed optimally in this period. Thus, net profit increased by 80.4% YoY to IDR2.4tn, above consensus/our expectation implying 163%/183% of FY22 target.

▪️We view several imminent risks include sentiments of soaring mortgage rates and the nearing presidential election season. Hence, we assess that the marketing sales could potentially weaken ~5% - 10% in FY23E. However, we still expect a revenue growth of ~9% given that they managed to secure splendid marketing sales in FY22.

▪️ We recommend BUY for BSDE IJ at a TP of IDR1,300, which implies PE/PBV 7.9x/1.0x in FY23E. Risks to our call would include: 1) Low purchasing power; 2) Interest rate; 3) USD/IDR.

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