Mandiri Sekuritas Bumi Serpong Damai: BSDE reported net profit of Rp182.5bn, in line with ours (BSDE, Rp810, Buy, TP: Rp1,100)

BSDE 1H10 net profit increased by 45.9% yoy to Rp182.5bn, in line with ours and consensus estimates. Company reported improved net margin to 30.1%, compared to 23.2% same period last year, as a result of better GPM 56.4% (vs. 47.9%) following lower COGS from Rp277.0 bn to Rp264.6bn. Based on yesterday’s price, BSDE trades at 48% discount to our NAV10 and PE10 23.4x.