Bumi Serpong Damai (BDSE IJ)
BUY / TP: IDR:1,350 (+123.1%)
Analyst: Yap Swie Cu

Soft 1Q20 earnings
• Declining revenue booked from non-residential segments
• Change in sales mix impacted gross margin
• Sales discounts, rising financing costs dragged on bottom-line profit
• Re-iterate our BUY call