BSDE- Achieved robust profit growth of 24.6% in 9M23

BSDE- Achieved robust profit growth of 24.6% in 9M23 Bumi Serpong Damai (BSDE) booked IDR568 bn of net profit in 3Q23 (-40.6% yoy/+79.3% qoq), lower revenue in yoy basis is due to lower revenue recognition from real estate segment (-32.3% yoy). Despite modest year-to-date revenue growth of 2.3%, totaling IDR7.3 tn in 9M23, there was a significant 377% increase in the share of net income from associates and joint ventures, reaching IDR 487 bn, which mostly contributed from PT Bumi Parama Wisesa - Nava Park project (IDR 344 bn – net profit). This resulted in 9M23 net profit came at 1.77 tn (+24.6%), which is above with street’s estimate (73% of cons). (Source: Company) Comment: Looking ahead to FY23F, we anticipate that net profit could reach a five-year all-time high, driven by the sale of land to a joint venture company amounting to IDR 1.58 trillion, with realization expected in 4Q23.