Listed Company Analysis – BSDE

Listed Company Analysis – BSDE

We are going to move from the banking sector to the Property sector. Why property? Because property provide place for human to live. Also, people nowadays didn’t want to continue family life with the whole big family, they want to live by their own little family. It might differ in small cities that live in the family house. That’s why several areas nearby Greater Jakarta Area are being constructed for the housing area for the next generation to live. One of the companies is Bumi Serpong Damai, that developing part of Banten to be called BSD.

Company Information

PT Bumi Serpong Damai Tbk (BSDE) is a property company that operates in property, commercial and industrial. There are 2 shareholders hold majority stakes at the company, PT Paraga Arta Mida (26.57%) and PT Ekacentra Usahamaju (25.01%), and the rest is publicly traded in IHSG. IPO-ed on 06 June 2008 with IDR 550/share price with PT CLSA Indonesia, PT Nusadana Capital Indonesia, PT Sinarmas Sekuritas as the underwriters. In 2019, BSDE was able to deliver Net Profit of IDR 2.79 T from IDR 7.08 T Revenue, and how about 2020?

Key Financial Statistics

BSDE Financial Statement of Series 53
BSDE Financial Ratio of Series 53

Highlights of 2020

  • Pandemic in 2020 makes BSDE to cut capital expenditure to 50% to only IDR 2.5 T tops.
  • Highway toll phase 2 in BSD delayed due to Pandemic.
  • Adding private placement in June 2020 IDR 1.23 T to strengthen position company’s capital and further expansion.
  • Quarter 1 2020 Marketing Sales IDR 1.8 T or 25% of 2020 target.
  • Sinarmas Family Feud, Freddy Wijaya, first son from the third wife of Eka Tjipta Widjaja, Lidia Herawaty Rusli, claim for inheritance rights at Jakarta Pusat’s Court. 
  • Quarter 2 2020 net loss IDR 89.3 Bio better compared to 2019. Net loss/share IDR 4.21/share.

Target Price

Mandiri SekuritasBuy Rating1.160
Trimegah SecuritiesBuy Rating860
Yuanta SecuritiesBuy Rating1.240
MacquarieBuy Rating1.120
NomuraBuy Rating1.010
BNI SecuritiesBuy Rating1.330
Maybank Kim EngBuy Rating950
J.P. MorganNeutral Rating830
HopemityBuy Rating880
BSDE Target Price of Series 53

Closing

Most of the investors seen BSDE as a promising one, by looking to the ongoing projects and the vast of land that BSDE owns, the company growth will still be tremendously strengthening in the upcoming years. The current price at IDR 690/share is really cheap (beginning august price). It’s good for your investment. The demand for housing and apartment is still huge, and BSDE focuses on grasping the middle-high buyer who is at the largest portion of our community right now. If you want to add the property sector to your portfolio, this could be the one for you.


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