Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,430 (+27.7%)
Analyst: Yap Swie Cu

One-off unrealized loss drags 2020 profit
• Below expectation on one-off unrealized loss.
• Residential segment sales booking remained strong
• Margins felt impact of sales mix
• Notable impact from one-off items
• With more catalysts ahead, we re-iterate BUY