Marketing Sales Stood In-Line, Carried by Residential Sales
Key Takeaways :
▪️ BSDE booked a revenue of IDR7.3tn (+2.3% YoY), implying 70.5/70.7% of MNCS/cons. Thus, net profit increased by 93% YoY to IDR1.8tn, reflecting 72.8%/68.3% of the consensus and MNCS FY23E target
▪️ In 9M23 the pre-sales figures amounted to IDR6.8tn, approximately 76.7% of the pre-sales target of IDR8.8tn for FY23 or grew by 1% YoY (vs IDR6.7tn in 9M22). Within the pre-sales contributions, residential pre-sales accounted for IDR4.7tn, constituting a substantial 58% share of the total pre-sales achieved.
▪️ BSDE maintains a positive outlook in reaching its FY23E target of Rp8.8tn. The company intends to continue its commitment to developing and introducing attractive new products in both BSD City and other key locations.
▪️ We recommend BUY for BSDE, with a TP of: IDR1,400 which implies PE/PBV 12.2x/0.8x in FY23E. BSDE’s valuation has become attractive as it is currently traded at a level of –1 STD (average 5-years PBV) at 0.6x.
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