Easing the loan to value (LTV) credit property ratio is estimated to increase Bumi Serpong Damai Tbk (BSDE) marketing sales from lower middle segment. This policy also will encourage the property purchases contribution with BSDE’s mortgage loan to 75%-80%, which is higher than the previous mortgage of 70%.
Michael Ramba, an Analyst from BCA Sekuritas, said that BSDE was one of the property companies that had been advantaged by LTV policy because the company had quite high exposure in purchasing with mortgage loan. Until first term 2016, BSDE’s marketing sales reached 2,5 trillion IDR or 36% from this year’s target of 6,86 trillion IDR.
BSDE launched Buenos Park which is the expansion of De Latinos cluster on 23rd July 2016. It is already been 95% sold from total of 168 units at Buenos Park and earned marketing sales of 195 billion IDR. The company also launched Alesha House project at BSD with sell price of 1,2 billion IDR-1,4 billion IDR per unit. Alesha House’s marketing sales reached 350 units with a price of 300 billion IDR. Total additional marketing sales reached 495 billion IDR on the period of July-August 2016.
BCA Sekuritas recommended BUY for BSDE with a target price of 2.400 IDR. On Monday’s trading (5/9), BSDE share rose by 2,36% to 2.170 IDR. (*)
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