BSDE - On a Stronger Footing
View PDF
24 May 2018

Result Highlights

 1Q17 Top line (IDR 1.754 tn) beat our 1Q17 estimation (IDR 1.703 tn) by slight margin (+2.99%).

 EBIT soared 103.5% (YoY) and net profit jumped 184% (YoY) despite Opex hike of 15.2% (YoY).

 Marketing sales increased by 33% (YoY) but mainly due to land plots sold to JV project with Mitsubishi Corporation.

Better than expected

BSDE booked stellar performance with revenue surging by 58.7% YoY to Rp1.754 tn from IDR 1.105 tn in 1Q16, beating consensus target of IDR 1.720 tn and our estimation of IDR 1.703 tn. We noticed that was supported by the increase in revenue recognition from sales of land and building to IDR 1.310 tn in 1Q17 from IDR 686.7 bn in 1Q16. Operating profit also managed to increase to IDR 752.4 bn from IDR 457.6 bn in 1Q16, despite operating expense increased by 15.2% YoY. As a result, net income in 1Q17 rocketed to IDR 733.1 bn from Rp258.7 bn in 1Q16. Meanwhile, on quarterly basis, BSDE’s revenue dropped by 22.7% with revenue from property development taking the most hit (-45% QoQ). In our view, this is to be expected as BSDE usually launches most of its project in Q4.


INDONESIA
PT Phillip Securities Indonesia
ANZ Tower Level 23B, JlJendSudirman
Kav. 33A Jakarta 10220 – Indonesia
Tel +62-21 5790 0800 Fax +62-21 5790 0809
Website: www.phillip.co.id