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Strength
Strong 2Q24 revenue growth of +68.3% YoY, driven mainly by +106% YoY increase in residential revenue (43% of BSDE’s top line)
Opportunity
Upcoming rate cuts in 2H24 and beyond may help reduce BSDE’s interest expense (23% of 1H24 pre-tax profit) allowing for sizeable earnings upgrades and improve stock price sentiment
Weakness
QoQ drop in 2Q24 margins, primarily due to the decline in land sales (-35% QoQ) and larger portion of low-end products in 2Q24 handover portfolio
Threat
The end of property tax incentives in 2H24, combined with higher tax rates next year, could hamper BSDE's growth, as property sales account for 86% of its revenue
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.
