Bumi Serpong Damai (BSDE IJ): In-line 1H25 results

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,240 (+50.3%)
Analyst: Yap Swie Cu

In-line 1H25 results
• Revenue rebounded in 2Q25
• Lower margins on the change in revenue mix and the rise in opex
• Marketing sales in 1H25 remained on-track
• Continuance of government support for the property sector is to sustain resilient sales – Re-iterate BUY