Bumi Serpong Damai (BSDE IJ): Higher 4Q26 revenue booking to lift earnings

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:810 (+73.1%)
Analyst: Yap Swie Cu

Higher 4Q26 revenue booking to lift earnings
• Revenue booking in 3Q26 remained subdued
• Stable QoQ margins with YoY improvements across all segments
• JV land sales expected to aid 4Q26 presales and revenue growth
• Re-iterate BUY with lower TP