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22 August 2024

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BSDE: BUY (maintained), TP at IDR 1,325 – 2Q24 Results

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

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BSDE 2Q24 results

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BSDE 2Q24 results

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