9, an indication of buoyant consumer confidence. forex Aksi Harga and the latter by 0.
The y-o-y decline reflects the fact that lower land plot sales were booked in 4Q18 than in 4Q17. As a result, BSDE’s FY18 net profits reached IDR1. Weak revenues recognition due to a lack of land plot sales. BSDE booked revenues of IDR 6. Expect a moderation in marketing sales.
We expect BSDE to book marketing sales of IDR 5. 9 trillion in FY19F, lower than the management’s flat guidance of IDR 6. 0x FY19F Book Value, maintain BUY. 2x FY19F PBV, which we believe is fair given the book value of its land bank is priced at only IDR 300,000 per square meter. The stock is currently trading at -1SD of its historical discount to RNAV implying 1.