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Jan 23, 2017 12:14:32

Bumi Serpong Damai ($BSDE), Notes

Bumi Serpong Damai is a township developer with 5,950 ha area. The company is the largest property company in term of market capitalisation, IDR36trn/USD2.6bn. Accroding to Bumi Serpong, its mortgaged buyers increased to 70% of total customers in 2016 (versus 55% in 2012) thanks to lower mortgaged rate. Although increased significantly, mortgaged loan to GDP is still very small, is around 6% of total GDP. By end this week, Bumi Serpong likely to announce figure of FY16F presales number. Notably, Bumi Serpong's 11M16 presales achieved at around 90% of its target, achieved IDR6.2trn (versus IDR6.9trn target in FY16.

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