BSDE Shares Seen Attractive as Buy Rating Maintained
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JAKARTA, Investortrust.id — PT Bumi Serpong Damai Tbk or BSDE remains attractive with a maintained buy recommendation on Sunday, Jan 25, 2026 in Jakarta despite weaker financial results through September 2025, as analysts pointed to resilient marketing sales and improving sector outlook.
Phintraco Sekuritas set a target price of Rp 1,140 per share, implying an upside potential of about 16.33 percent from the latest closing price of Rp 955.
Equity Research Analyst Nurwachidah said the fair value estimate was derived from a combination of discounted cash flow and revalued net asset value methodologies.
“We maintain a buy rating for BSDE with a fair value estimate of Rp 1,140 per share, reflecting 10.55 times expected 2025 P/E and a 65 percent discount to net asset value,” Nurwachidah wrote in a research note published on Saturday, Jan 24, 2026.
From a fundamentals perspective, BSDE posted weaker earnings performance in the first nine months of 2025.
Net profit fell 49.5 percent year on year to Rp 1.36 trillion as of September 2025, while revenue declined 13 percent to Rp 8.76 trillion due to softer land and building sales.
Despite the earnings pressure, marketing sales showed resilience and exceeded expectations.
Marketing sales rose 4 percent year on year to Rp 6.84 trillion, representing around 71 percent of the company’s full year 2025 target of Rp 10 trillion, driven mainly by residential and commercial segments.
Phintraco Sekuritas attributed the stronger sales performance to stable demand in the mid range residential segment and contributions from several flagship projects.
The brokerage projected BSDE’s full year 2025 revenue to grow about 2.3 percent year on year to Rp 14 trillion.
The outlook was supported by accommodative policies, including loan to value incentives, value added tax borne by the government, and looser monetary conditions following a cumulative 125 basis point cut in Bank Indonesia’s benchmark rate by October 2025.
Looking ahead, the housing task force projected Indonesia’s property sector to grow 8 to 10 percent under President Prabowo Subianto’s administration.
Task force member Panangian Simanungkalit said the property sector had weakened over the past several years due to sluggish economic growth but was now entering a recovery phase.
“Property has been weakening for several years, mainly because economic growth hovered around 4 percent, averaging only about 4.3 percent between 2014 and 2024, partly due to Covid 19,” Panangian said.