Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+81.0%)
Analyst: Yap Swie Cu
Earnings adjusted on weak 2Q results
• Expect a 20% decline in 2020F total sales
• Lower margins assumed
• Use of new accounting rules drags bottom-line profitability
• Project a 80% YoY drop in 2020F net profit after adjustments