Bumi Serpong Damai (BSDE IJ): Limited benefit from government incentives

Bumi Serpong Damai (BSDE IJ)
BUY / TP: IDR:1,430 (+49.0%)
Analyst: Yap Swie Cu

Limited benefit from government incentives
• PPN DTP is extended for another year
• Limited impact from new stimulus
• Strong franchise, internal promotions to support 2025 sales
• Re-iterate BUY on undemanding valuation