Corporate Updates
Bumi Serpong Damai (BSDE IJ): Expects margin recovery in 2024
Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1.430 (+50.5%)
Analyst: Yap Swie Cu
Expects margin recovery in 2024
• Sharp fall in gross margin (GM) dragged 2023 profit
• Higher than expected revenue
• Strong sales and margin recovery to support 2024F earnings
• Excellent franchise to accelerate monetization with undemanding valuation. Re-iterate BUY
