BofA - Merill Lynch : Initiate BSDE at Buy; PO of Rp2,100 (40% upside potential)
We initiate coverage on Bumi Serpong Damai (BSDE), a leading Indonesian property developer, with a Buy rating and a PO of Rp2,100/shr. We like BSDE for its large land bank in a prime location, strong marketing sales growth with a boost from JVs with foreign developers, healthy earnings growth momentum and undemanding valuation. BSDE joins SMRA (PSAHF, Rp990, C-1-7) as our preferred sector exposure.
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