Bumi Serpong Damai (BSDE IJ) - Weak Result, Buy Maintained

Latest Report Released: June 5th, 2018

Current Rating: Buy; Previous Rating: Buy

Current Target Price: 2,190; Previous Target Price: 2,190

Maintain Rating, Maintain Price Target

• BSDE reported revenues of IDR 1.7 tn (-5.79% YoY) with net income plunged by 45.31% to IDR 407 bn (vs IDR 745 bn in 1Q17). Revenue and net income equal to 15.38% and 7.87% run-rate to our FY18 estimate.
• Marketing sales in 1Q18 jumped to IDR 2.5 tn (+58% YoY) in which IDR 1.6 tn came from commercial projects.

BSDE plans to conduct buyback and private placement whose executions are subject to the approval from EGMS on June 27, 2018.

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