Research & Stock Picks

Company Reports

31 October 2024

By

BSDE: BUY (Maintain) – TP: IDR 1,325 – 3Q24 Results

Strength

Solid 3Q24 revenue growth of +17.8% YoY (9M24: IDR 2.7tn, +52.7% YoY), driven mainly by +22% YoY increase in residential sales (58% of BSDE’s top-line), supported by the extension of VAT incentives

 

Weakness

QoQ decline in 3Q24 OPM and NPM, primarily due to the surge in IT costs (9% of opex) of +166% QoQ, which may persist into 4Q24 before normalizing in 2025

 

Opportunity

Upcoming rate cuts may help reduce BSDE’s interest expenses (30% of 9M24 pre-tax profit), allowing for sizeable earnings upgrade

 

Threat

Discontinuation of property tax incentives could hamper BSDE's growth, as property sales account for 87% of its revenue; recent market outperformance may lead to some profit-taking

Share This:

Download PDF

Download PDF

BSDE 3Q24 results

Download PDF

BSDE 3Q24 results

More Related

Company Reports

Dec 24, 2024

laba bank bmri

Company Reports

Dec 24, 2024

laba bni

Company Reports

Dec 24, 2024

Morning Briefs

Dec 24, 2024

Technical Stock Analysis

Dec 24, 2024

Morning Briefs

Dec 23, 2024

Technical Stock Analysis

Dec 23, 2024

Economic Reports

Dec 22, 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Dec 20, 2024

Technical Stock Analysis

Dec 20, 2024

Morning Briefs

Dec 20, 2024

Economic Reports

Dec 20, 2024

Economic Reports

Dec 19, 2024

Morning Briefs

Dec 19, 2024

Technical Stock Analysis

Dec 19, 2024

Economic Reports

Dec 19, 2024

Economic Reports

Dec 18, 2024

Morning Briefs

Dec 18, 2024

Technical Stock Analysis

Dec 18, 2024

Economic Reports

Dec 17, 2024

Technical Stock Analysis

Dec 17, 2024

Economic Reports

Dec 16, 2024

Economic Reports

Dec 16, 2024

Morning Briefs

Dec 16, 2024

Technical Stock Analysis

Dec 16, 2024

Morning Briefs

Dec 13, 2024

Technical Stock Analysis

Dec 13, 2024

Economic Reports

Dec 13, 2024

Technical Stock Analysis

Dec 12, 2024

Morning Briefs

Dec 12, 2024

Morning Briefs

Dec 11, 2024

Technical Stock Analysis

Dec 11, 2024

Economic Reports

Dec 10, 2024

Technical Stock Analysis

Dec 10, 2024

Economic Reports

Dec 10, 2024

Morning Briefs

Dec 9, 2024

Technical Stock Analysis

Dec 9, 2024

Tantangan Batu Bara di Akhir 2024

Company Reports

Dec 6, 2024

tekan harga tembaga

Company Reports

Dec 6, 2024

pertumbuhan solid oil n gas

Company Reports

Dec 6, 2024

Company Reports

Dec 6, 2024

Technical Stock Analysis

Dec 6, 2024

Economic Reports

Dec 6, 2024

Morning Briefs

Dec 5, 2024

Technical Stock Analysis

Dec 5, 2024

Economic Reports

Dec 5, 2024

tren harga CPO

Company Reports

Dec 4, 2024

Morning Briefs

Dec 4, 2024

Technical Stock Analysis

Dec 4, 2024

Economic Reports

Dec 3, 2024

Technical Stock Analysis

Dec 3, 2024

Company Reports

Dec 2, 2024

Company Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Economic Reports

Dec 2, 2024

Morning Briefs

Dec 2, 2024

Technical Stock Analysis

Dec 2, 2024

Morning Briefs

Nov 29, 2024

Technical Stock Analysis

Nov 29, 2024

Economic Reports

Nov 28, 2024

Company Reports

Nov 28, 2024

Technical Stock Analysis

Nov 28, 2024

Morning Briefs

Nov 28, 2024

Company Reports

Nov 26, 2024

Technical Stock Analysis

Nov 26, 2024

Company Reports

Nov 26, 2024

Economic Reports

Nov 25, 2024