Bumi Serpong Damai (BSDE IJ): Feeling the pinch from the pandemic

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+79.7%)
Analyst: Yap Swie Cu
Feeling the pinch from the pandemic
• Sharp decline in non-residential sales booked
• Change in sales mix impacted gross margin
• Fixed costs caused 2Q20 loss
• Financial projections under review – We re-iterate our BUY call