Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+6.4%)
Analyst: Yap Swie Cu

Excellent marketing sales achievement
• Marketing sales in 2020 – lower than target but hit three-year peak.
• Only missed in JV segment
• Residential segment was main driver of 2020 sales
• Sluggish demand for commercial land plots and strata title lots
• We re-iterate BUY