BSDE BUY TP 1500
1. Current marketing sales still on track
We expect BSDE to post FY18-19F marketing sales of IDR7.4tn (+2.3% YoY) and IDR7.7tn
(+4.1% YoY) respectively, supported by potential commercial land sales and solid
residential projects in the pipeline. Note that BSDE succeeded in attract demand on midupper
segment with the launching of Jadeite (ASP starting from IDR4bn per unit) and Zora
(ASP starting from IDR3bn per unit). Next year, we expect marketing sales to underpin by
commercial land sales (we expect around IDR2tn) and mid-upper residential projects.
2. Main beneficiary of government plan to waive luxury property tax
We believe positive sentiment to come from government’s plan to waive additional 5% tax
(PPh22) and 20% (PPnBM), despite the tax relaxation impact will not be felt immediately to
overall sales. Among our coverage, BSDE could become the main beneficiary, as the
company has high exposure to mid-upper property market
3. Strong balance sheet to underpin future projects, Maintain BUY
BSDE’s balance sheet remains strong, with net gearing only 18.5% in 9M18, which is the
lowest of any property company under our coverage. Strong capital should support BSDE to
work on new projects, going forward. We maintain BUY on BSDE with TP IDR1,500, implying
70% discount to NAV per share.
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