Company Update

29 Agustus 2023

BSDE IJ - MNC Sekuritas Equity Report August 29, 2023

Better Margin in 1H23

Key Takeaways:
• BSDE reported a remarkable 30% YoY increase in revenues in 1H23, reaching IDR5.0tn, reflecting 48.2%/48.3% of the consensus and MNCS FY23E target. This growth was primarily driven by a 58% YoY surge in commercial product sales, a 34% YoY rise in residential sales, and a 40% YoY increase in land plot sales.
• In the 1H23, the overall gross profit margin for the company reached 64%, showing an improvement (vs 62% in 1H22). Specifically, the gross profit margin from land sales stood at 84%, marking an increase from 81% in the 1H22.
• Thus, net profit increased by 154.1% YoY to IDR884.0bn, reflecting 46.4%/49.4% of the consensus and MNCS FY23E target.
• In the 1H23 the pre-sales figures amounted to IDR4.8tn, approximately 54% of the pre-sales target of IDR8.8tn for FY23 or grew by 3% YoY (vs IDR4.7tn in 1H22).
• BSDE maintains a positive outlook in reaching its FY23E target of Rp8.8tn. The company plans to persist in the development and introduction of appealing new products both in BSD City and other strategic locations.

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