Analysts Bullish on BSDE’s 2024 Stock Prospects

Despite substantial decline in profits, analysts remain bullish on Bumi Serpong Damai’s stock (BSDE) prospects, albeit analysts have lowered the target price due expected slowdown in performance.

Redaksi

31 Mar 2024 - 21.11
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Analysts Bullish on BSDE’s 2024 Stock Prospects

Township BSD City

Bisnis, JAKARTA — PT Bumi Serpong Damai (BSDE) showed a somewhat disappointing performance throughout 2023, posting up to 20% year-on-year (YoY) decline in net profit to Rp1.94 trillion. Despite this, several analysts are still bullish on the company’s stock.

BSDE's total revenue still grew by 12.74% YoY to Rp11.53 trillion in 2023. 40% of the total revenue in 2023 was supported by residential products amounting to Rp4.63 trillion, growing 14.8% YoY. Revenue from landed houses primarily came from BSD City and other self-sustained cities such as Grand Wisata Bekasi and Kota Wisata Cibubur.

The second-largest revenue came from commercial sales (apartments and shop houses) worth Rp2,79 trillion, increasing by 33.1% YoY mainly due to seasonal turnover factors. Revenue from shop houses mostly originated from sales of Foresta Business Loft and 91 District in BSD City, while revenue from apartments was mainly contributed by Southgate Residence and Aerium in Jakarta.

In 2023, the company also noted a 35.5% YoY increase in revenue from JV land sales and

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Editor: Yanita Petriella
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Analysts Bullish on BSDE’s 2024 Stock Prospects

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