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BSDE - 1Q20 Update

BSDE’s top line result was below our estimate at Rp1.5T (20.5% of our 2020F target), which was lower than that of 1Q19 at Rp1.63T (-8.2% Y/Y). Net profit sank to Rp260B from previously Rp618B (-58% Y/Y). Please note that the PSAK 72 has been implemented to the 1Q20 result.

1Q20 RESULT UPDATE

 

1Q20 marketing sales realization reached Rp1.8T, up from Rp1.6T (+15.2% Y/Y) and represented 25% of BSDE’s FY20 target at Rp7.2T. It is interesting to see the appetite for housing remained high, as it contributed Rp1.1T (+56.4% Y/Y) to the realization, although it is safe to assume that the impact of the current pandemic issue had not yet been fully felt in the first quarter this year. The marketing sales figure was also supported by sale of land plots amounting to Rp525B, more than a third stemmed from sales to Indonesia Government related to PT Transbumi Serbaraja (TBS), an owner of Serpong – Balaraja concession rights. This year, our marketing sales estimate remain at Rp6.6T, which is lower than the Company’s target, as we think the current uncertainties could hit the results in the subsequent periods.

VALUATION

 

<p justify;"="">We maintain our BUY recommendation with unchanged 12-month target price of Rp1,200/share (68% discount to RNAV at -1SD; previous TP: Rp1,200/share). We might as well anticipate the possibility of lower property appetite in the next quarters amid current uncertainties. TP reflects 12-month P/E and P/B of 9.3x and 0.6x, respectively. 

 

Thu May 14Th, 2020

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