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Selasa, 10 Mei 2011

Contributions from subsidiaries give BSDE an extra oomph - UOBKH

Buy Bumi Serpong Damai, BSDE IJ, TP:Rp1,050 , Share Price: Rp910, Upside:15.4%
~buy on pullback
Strong sales will come in upcoming quarters, with management expectation of 12% YoY growth, reaching Rp3.4tn in sales.
Higher ASP for the area, an increase of about 10-15% on average
New launches of several residential and commercial clusters. This year BSDE is launching 10 sub clusters and sales of The Park project.
BSDE developments will still be the main revenue contributor, while subsidiaries DUTI will add to recurring income.
Financially flexible. 2011 Capex of Rp2.5tn for projects developments and land acquisitions. The company is also repaying BSDE Rp600bn bonds in Oct 2011 and DUTI RP500bn bonds in Jul 2012
Trading at 30% discount to RNAV/share of Rp1,507

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