Bumi Serpong Damai (BSDE IJ): Still soft 2Q26, stronger 2H26 expected

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,010 (+78.8 %)
Analyst: Yap Swie Cu

Still soft 2Q26, stronger 2H26 expected
• Lower residential revenue recognition and the high base of JV land sales in 1H25 weighed on 1H26 earnings
• Margins improve across all segments
• High-end launches supported 1H26 presales; bulk JV land sales expected to drive 2H26 performance
• Re-iterate BUY on resilient fundamentals