PT Bumi Serpong Damai Tbk “BSDE”
BSDE has a very strong market position as one of Indonesia’s leading property developers, supported by its established township developments, broad expansion pipeline, and sizeable land bank of 5,231 hectares as of end-December 2025. Its land bank, mostly located in BSD City with an estimated market value of IDR77.4 trillion, provides substantial flexibility for product planning, pricing strategy, and phased development, supporting long-term growth and sustained marketing sales. The Company also benefits from a diversified property portfolio across residential, commercial, office, retail, and recreational segments, while its expanding presence beyond Greater Jakarta enhances geographic diversification. BSDE’s sizeable sales backlog and growing recurring income, which contributed around 14% of total revenue in 2025, provide earnings visibility and improve cash flow stability. However, its credit profile remains vulnerable to property sector cyclicality, as weaker economic conditions, high inflation, rising mortgage rates, and global uncertainty could pressure property demand, marketing sales achievement, and future cash flow performance.