Hold Dec 2018 TP (IDR) 1,850 Consensus Price (IDR) 2,193 TP to Consensus Price -15.6% vs. Last Price +4.5%

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1 Bumi Serpong Damai Tbk (BSDE) Tantangan Stagnasi Kelas Menengah Atas Tercapainya Marketing Sales karena Faktor Temporer Pada FY 2017, BSDE berhasil mencatatkan penjualan sebesar Rp10,4 triliun (+67% y-y), dan laba bersih Rp4,9 triliun (+172% y-y). Target marketing sales pun tercapai dengan nilai Rp7,23 triliun (+16% y-y) pada Namun, tercapainya marketing sales didorong oleh penjualan lahan sebesar Rp3,1 triliun yang naik drastis dari tahun sebelumnya sebesar Rp1,25 triliun. Secara tidak langsung, hal ini menunjukkan turunnya performa penjualan produk residensial meskipun BSDE telah menjalankan program marketing seperti price lock. Memperkuat Pendapatan Berulang Pada 2018, target marketing sales BSDE flat dibandingkan tahun lalu di angka Rp7,2 triliun. Penjualan properti yang cenderung melambat memasuki tahun politik dan daya beli properti, khususnya segmen menengah-atas yang belum pulih, menjadi tantangan bagi BSDE pada Untuk mengimbangi kondisi properti saat ini, BSDE memanfaatkan tren positif okupasi perkantoran untuk memperkuat pendapatan berulang. BSDE mengakuisisi beberapa lantai MSIG Tower dan Bakrie Tower pada akhir 2017 dan awal Pendapatan sewa pada 4Q17 tumbuh 20%, dan kami memprediksikan pertumbuhan pendapatan berulang mencapai 36% pada FY2018. Target Harga Rp1.850 Kami menggunakan estimasi discount to RNAV sebesar 57,0% (rata-rata 3 tahun terakhir) sebagai basis metode valuasi. Target harga ini mengimplikasikan P/E 2018E sebesar 13,0x (vs 12,4x saat ini). Bumi Serpong Damai Tbk Summary (IDR bn) 2016/12A 2017/12A 2018/12E 2019/12E Revenue 6,603 10,347 8,406 8,851 Revenue growth 6.3% 56.7% -18.8% 5.3% EBITDA 2,677 5,374 3,759 4,039 Net profit 1,815 4,942 2,747 2,913 EPS (IDR) EPS growth -15.2% 172.3% -44.4% 6.0% BVPS (IDR) 1,265 1,517 1,660 1,811 EBITDA margin 40.5% 51.9% 44.7% 45.6% Net Profit Margin 27.5% 47.8% 32.7% 32.9% ROE 7.8% 18.5% 9.0% 8.7% ROA 4.9% 11.7% 5.8% 5.7% ROIC 7.8% 14.3% 8.1% 7.9% P/E 18.6x 6.9x 12.4x 11.7x P/BV 1.4x 1.2x 1.1x 1.0x EV/EBITDA 15.3x 7.5x 11.3x 11.3x DPS (IDR) Dividend yield 0.3% 0.2% 0.2% 0.2% Source: Company Data, Bloomberg, NHKS Research Please consider the rating criteria & important disclaimer NH Korindo Sekuritas Indonesia Company Report Hold Dec 2018 TP (IDR) 1,850 Consensus Price (IDR) 2,193 TP to Consensus Price -15.6% vs. Last Price +4.5% Shares data Last Price (IDR) 1,770 Price date as of Mar 19, wk range (Hi/Lo) 1,935 / 1,560 Free float 39.0% Outstanding sh.(mn) 19,247 Market Cap (IDR bn) 33,297 Market Cap (USD mn) 2,419 Avg. Trd Vol - 3M (mn) Avg. Trd Val - 3M (bn) Foreign Ownership 51.3% Property Real Estate Owner & Developer Bloomberg BSDE.IJ Reuters BSDE.JK Michael Tjahjadi , ext:114 michael@nhsec.co.id Share Price Performance YTD 1M 3M 12M Abs. Ret. 4.1% -2.7% 2.9% -3.5% Rel. Ret. 5.2% 3.2% 0.9% -17.2%

2 Sekilas tentang BSDE BSDE merupakan salah satu perusahaan pengembang properti terbesar di Indonesia, dengan proyek andalan: kota mandiri BSD City. BSDE adalah salah satu anak usaha dari Sinar Mas Group, salah satu perusahaan konglomerat terbesar di Indonesia. Proyekproyek yang dikembangkan meliputi properti perumahan, bisnis dan komersial yang sering dikemas dengan konsep kota mandiri di berbagai kota utama di Indonesia. Diantara pengembang properti lainnya, BSDE memiliki persediaan tanah kedua terbesar, yang mencakup hampir hektar. Selama dua tahun terakhir, BSDE menggencarkan promosinya melalui program Price Amnesty dan Price Lock. Program-program tersebut menawarkan pengurangan harga berupa diskon, atau voucher belanja, maupun hadiahhadiah yang menarik. Industri Pengembang Properti Indonesia di ASEAN Indonesia merupakan negara terluas yang memiliki persediaan tanah dan jumlah penduduk terbanyak di ASEAN. Hal tersebut menjadikan Indonesia sebagai lokasi yang baik bagi bisnis pengembang properti. Pengembang properti Indonesia memiliki persediaan tanah yang lebih besar daripada pengembang di negara ASEAN. Seperti BKSL, mempunyai persediaan lahan hektar dan BSDE hektar. Sektor properti di Indonesia dan Filipina menjadi yang paling bersaing di antara negara ASEAN. Pengembang-pengembang properti di negara tersebut mencatatkan gross margin yang lebih baik walaupun mempunyai total aset yang lebih rendah dari negaranegara lainnya. ASEAN Property Developer Company Market Cap (USD mn) Total Asset (USD mn) Sales Growth Gross Margin Operating Margin Net Profit Growth ROE P/E Dividend Yield BSDE 2,427 3, % 73.4% 48.9% 172.3% 18.5% 6.9x 0.2% PWON 2,205 1, % 57% 46.0% 26.5% 19.6% 17.0x 0.7% CTRA 1,619 2, % 49% 27.5% 0.6% 8.7% 22.3x 0.4% SMRA 975 1, % 48% 26.1% 254.0% 6.1% 35.9x 0.5% Singapore Capitaland Ltd 11,811 45, % 40% 47% 30.3% 8.6% 10.1x 2.7% Malaysia SP Setia Bhd 2,965 6, % 33% 22% -5.2% 8.7% 13.3x 5.0% IOI Properties Group Bhd 2,343 7, % 44% 32% -27.7% 4.7% 11.2x 3.6% Thailand Land & Houses PUB Co Ltd 4,211 3, % 34% 30% 21.4% 21.6% 12.6x 6.4% WHA Corp Ltd 1,836 2, % 47% 39% 12.7% 14.0% 18.0x 5.1% Philippines Megaworld Corp 2,884 5, % 59% 39% 11.1% 9.4% 12.0x 1.2% Source: Bloomberg, NHKS research PT NH Korindo Sekuritas Indonesia Company Research Page 22

3 Operational Performance Quarterly Sales (IDR bn) 1Q15-4Q17 Marketing Sales (IDR bn) 1Q15-4Q17 Source: Company, NHKS research Annual Sales Annual Net Profit Gross, EBIT & Net Margin Sales Breakdown 4Q17 PT NH Korindo Sekuritas Indonesia Company Research Page 33

4 Multiple Valuation Forward P/E band Last 3 years Discount to NAV band Last 3 years Rating and target price Date Rating Target Price Last Price Consensus vs Last Price vs Consensus 03/21/2018 Hold 1,850 1,770 2, % -15.6% Source: Bloomberg, NHKS research Analyst Coverage Rating Closing and Target Price Source: Bloomberg NH Korindo Sekuritas Indonesia (NHKS) stock ratings 1. Period: End of year target price 2. Rating system based on a stock s absolute return from the date of publication Buy : Greater than +15% Hold : -15% to +15% Sell : Less than -15% PT NH Korindo Sekuritas Indonesia Company Research Page 44

5 Summary of Financials BSDE Summary Last Price (IDR) March 19, ,770 Target Price (IDR) Dec , /12A 2017/12A 2018/12E 2019/12E Analyst: Michael Tjahjadi Rating: Hold ROE 7.8% 18.5% 9.0% 8.7% ROA 4.9% 11.7% 5.8% 5.7% INCOME STATEMENT ROIC 7.8% 14.3% 8.1% 7.9% EBITDA/Equity 11.5% 20.1% 12.3% 12.1% In IDR bn 2016/12A 2017/12A 2018/12E 2019/12E EBITDA/Assets 7.2% 12.8% 7.9% 7.9% Sales 6,603 10,347 8,406 8,851 Cash Dividend (IDR bn) Growth (% y/y) 6.3% 56.7% -18.8% 5.3% Dividend Yield (%) 0.3% 0.2% 0.2% 0.2% Cost of Revenue (1,882) (2,757) (2,348) (2,433) Payout Ratio (%) 5% 2% 3% 2% Gross Profit 4,721 7,590 6,059 6,418 DER 31% 31% 31% 31% Gross Margin 71.5% 73.4% 72.1% 72.5% Net Gearing 53% 48% 46% 44% Operating Expenses (2,276) (2,528) (2,654) (2,779) LT Debt to Equity 27% 24% 25% 25% EBIT 2,445 5,062 3,405 3,639 Capitalization Ratio 24% 24% 24% 24% EBIT Margin 37.0% 48.9% 40.5% 41.1% Equity Ratio 64% 64% 65% 67% Depreciation Debt Ratio 20% 20% 20% 21% EBITDA 2,677 5,374 3,759 4,039 Financial Leverage 160% 157% 156% 152% EBITDA Margin 40.5% 51.9% 44.7% 45.6% Current Ratio 294% 237% 251% 270% Interest Expenses (638) (549) (652) (717) Quick Ratio 82% 93% 82% 60% EBT 2,086 5,228 3,108 3,296 Cash Ratio 75% 87% 74% 51% Income Tax (29) (39) (140) (149) Cash Conversion Cycle 1, ,140 1,267 Minority Interest (241) (246) (221) (235) Par Value (IDR) Net Profit 1,815 4,942 2,747 2,913 Total Shares (mn) 19,247 19,247 19,247 19,247 Growth (% y/y) -15.2% 172.3% -44.4% 6.0% Share Price (IDR) 1,755 1,770 1,770 1,770 Net Profit Margin 27.5% 47.8% 32.7% 32.9% Market Cap (IDR tn) BALANCE SHEET In IDR bn 2016/12A 2017/12A 2018/12E 2019/12E 2016/12A 2017/12A 2018/12E 2019/12E Cash 4,181 6,557 5,468 3,272 Price /Earnings 18.6x 6.9x 12.4x 11.7x Receivables Price /Book Value 1.4x 1.2x 1.1x 1.0x Inventories 7,444 7,915 8,449 8,696 Price/Revenue 5.1x 3.3x 4.1x 3.8x Total Current Assets 16,341 17,965 18,513 17,357 PE/EPS Growth -1.2x 0.0x -0.3x 1.9x Net Fixed Assets 14,900 19,266 21,640 24,113 EV/EBITDA 15.3x 7.5x 11.3x 11.3x Other Non Current Assets 7,050 8,720 9,213 10,883 EV/EBIT 16.8x 8.0x 12.5x 12.6x Total Assets 38,292 45,951 49,367 52,353 EV (IDR bn) 41,017 40,443 42,519 45,683 Payables 261 1, Revenue CAGR (3-Yr) 4.8% 22.6% 10.6% 10.3% ST Debt 1,121 2,051 2,026 2,206 EPS CAGR (3-Yr) -12.3% 9.0% 8.7% 17.1% Other Current Liab. 4,184 3,751 5,121 3,867 Basic EPS (IDR) LT Debt 6,527 7,027 7,956 8,661 Diluted EPS (IDR) Other Non Current Liab. 1,846 2,158 2,095 2,407 BVPS (IDR) 1,265 1,517 1,660 1,811 Total Liabilities 13,939 16,754 17,424 17,491 Revenue PS (IDR) Shareholders' Equity 24,353 29,197 31,943 34,861 DPS (IDR) CASH FLOW STATEMENT DCF, RIM & EVA In IDR bn 2016/12A 2017/12A 2018/12E 2019/12E 2016/12A 2017/12A 2018/12E 2019/12E Net Income 1,796 4,920 2,747 2,913 DCF (IDR bn) Deprec & Amortization NOPAT 2,411 5,024 3,252 3,475 Chg. In Working Capital (2,637) (625) (1,809) (2,169) +Depr./Amor CFO (610) 4,607 1,292 1,144 -CAPEX (126) (142) (2,728) (2,872) Capex (126) (142) (2,728) (2,872) -Incr. (Decr.) in Working Cap. (2,637) (625) (1,809) (2,169) CFI (1,467) (3,520) (3,284) (4,230) (Unlevered) FCFF (121) 4,569 (931) (1,166) Dividends Paid - (96) (83) (83) WACC Net Borrowing (PMT) (466) 1, Cost of Debt (Tax Adj.) 10.6% 8.9% 9.4% 9.4% CFF (375) 1, Cost of Equity (COE) 10.5% 11.7% 12.3% 12.3% Net Changes in Cash (2,451) 2,244 (1,090) (2,196) WACC (%) 10.5% 11.1% 11.6% 11.6% RIM OWNERSHIP PROFITABILITY & STABILITY VALUATION INDEX Spread (FROE-COE) (%) -2.3% 8.6% -2.9% -3.2% Residual Income (IDR bn) (507) 2,096 (844) (1,015) By Geography % Shareholders % Equity Charge (IDR bn) 2,322 2,846 3,591 3,928 Indonesia 48.7 PT Paraga Artamida 26.6 EVA United States 43.7 PT Ekacentra Usahamaju 25.0 Invested Capital (IDR bn) 30,022 32,001 38,275 41,924 Luxembourg 2.0 PT Sereasi Niaga Sakti 3.1 ROIC-WACC (%) -2.5% 4.6% -3.1% -3.3% Norway 1.7 PT Simas Tunggal Centre 2.0 EVA (IDR bn) (751) 1,471 (1,205) (1,388) DISCLAIMER This report and any electronic access hereto are restricted and intended only for the clients and related entity of PT NH Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any recommendation contained herein may not suitable for all investors. Although the information here is obtained from reliable sources, it accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies, respective employees, and agents disclaim any responsibility and liability for claims, proceedings, action, losses, expenses, damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents liable for errors, omissions, misstatements, negligence, inaccuracy arising herefrom. All rights reserved by PT NH Korindo Sekuritas Indonesia PT NH Korindo Sekuritas Indonesia Company Research Page 55