Surya Semesta Internusa (SSIA IJ): Progresses well

Surya Semesta Internusa (SSIA IJ)
BUY / TP: IDR:1,800 (+61.4%)
Analyst: Yap Swie Cu

Progresses well
• Construction performance exceeded target
• Melia Bali’s temporary closure is to significantly reduce hospitality segment revenue in 4Q24 and 2025
• Expects a jump in property segment revenue in 4Q24
• Stronger balance sheet after SCS divestment and loan repayment
• Re-iterate BUY amid attractive valuation