CLSA Bumi Serpong Damai (BSDE IJ) property marketing sales

Reported in newspaper, Bumi Serpong Damai (BSDE IJ)’s president director Harry Budi Hartanto mentioned that BSDE booked marketing of Rp545bn (~US$60m) in 1Q10, a 70% increase YoY.

Comment: Due to new launches, and supported by low mortgage rates, 1Q10 marketing sales was close to the peak in 2Q08 of Rp573bn. The company booked Rp1.32tn sales last year, a 19% decrease from FY08. For this year, the company expects marketing sales to rebound to Rp2tn with net profit of Rp355bn. Maintain BUY, the company is trading 54% discount to NAV.