CIMB Equity Research raised its target price on PT Bumi Serpong Damai Tbk to 2,000 rupiah from 1,900 rupiah after the real estate developer announced 3 hectares of landbank acquisition and a joint venture with Singapore-listed Hongkong Land Holdings Ltd.
"BSD is the latest listed company to jump on the Jakarta central business district (CBD) bandwagon, snapping up 3ha for upscale residential development...The CBD investment lifts our revalued net asset value (RNAV) estimate by 2 percent," CIMB analyst Lydia Toisuta said in a note on Thursday.
CIMB kept its 'outperform' rating on the stock.
UBS Investment Research also raised its target price on the stock to 2,300 rupiah from 1,550 rupiah and kept its 'buy' rating, saying it was optimistic about the outlook for apartment prices.
"The JV between BSDE and Hongkong Land should be positive for BSDE, as it may help monetize BSD City's large landbank faster. The JV should contribute 12 percent of BSDE's revenue in 2013, based on our estimate," UBS analyst Felicia Tandiyono said in a note.
The property developer's shares were up 2.33 percent at 1,760 rupiah, while the broader index was up 0.12 percent.
1159 (0459 GMT) (Reporting by Andjarsari Paramaditha,; Editing by Gopakumar Warrier)