Bumi Serpong Damai (BSDE IJ): Resilient despite headwinds

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+87.0%)
Analyst: Yap Swie Cu

Resilient despite headwinds
• Seasonally soft 1Q26 results
• Margin amid change in sales mix improved
• Challenging outlook, but strong franchise underpins its resilience
• Re-iterate BUY with trimmed TP of IDR1,010