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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
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
