BSDE - Remain expansive in 2023

Bumi Serpong Damai (BSDE) to continue expansion next year and believes that marketing sales will be better than this year. Focus will be developing the recent project pipeline. BSDE has secured term loan financing from BBNI amounting IDR1 tn and treasury line facility of US$2 mn which will be used for business expansion and others corporate action. (Source : Kontan). Comment: We like BSDE optimism. We might see solid pre slaes to persist despite at slower rate due to high base effect in 2022. With its rich property portfolio, we expect to witness mid segment price tag will underpin company’s marketing sales in 2023, while recurring portion should act as a cussion and help 2023 earnings to arrive in positive mood.