July 10, 2025

BKSL Sets Bold Targets Under New Leadership

Market Commentary

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BKSL, the developer behind Sentul City, is entering a promising new chapter.

In June 2025, the company made a bold move by appointing Hiramsyah Sambudhy Thaib as its new President Director.

Known for his success in leading large scale projects like Rasuna Epicentrum and Bogor Nirwana Residence, Hiramsyah also played a key role in the national “10 New Balis” tourism initiative.

His return to the property scene is expected to bring fresh vision and momentum to BKSL’s long term growth.

With a new leader in place, BKSL has set ambitious targets for 2025.

The company is aiming for Rp2.8 trillion in marketing sales, driven by the launch of over 2,300 residential units and more than 240 commercial units.

There’s also a shift in how buyers are paying. In the past, most buyers paid in cash or installments.

But now, mortgage-based purchases make up 67% of total sales, up from 53% in 2023.

This change is backed by improved mortgage disbursement from banks, making it easier for buyers to finance their homes and speeding up the company’s project pipeline.

Financially, BKSL is focused on one key goal: early repayment of its Rp846 billion homologation loan.

Clearing this debt ahead of schedule would significantly reduce interest expenses and improve the company’s balance sheet.

It’s a major step toward financial recovery, and one that investors are watching closely.

Another strength lies in BKSL’s huge land bank in strategic locations, a valuable asset that remains underappreciated by the market.

Despite its past challenges, analysts see BKSL as an undervalued gem.

They’ve maintained a BUY recommendation, with a target price of Rp250 per share, more than double its current level.

The company’s earnings outlook is impressive: revenue is expected to jump from Rp744 billion in 2024 to Rp3.7 trillion by 2026, while net income is projected to surge from Rp17 billion to over Rp1 trillion.

Return on equity (ROE) is also set to recover from near zero to a healthy 6.3%.

In short, BKSL’s story is shifting from survival to revival.

With the right leadership, solid projects, easier mortgage access, and a plan to clean up its debt, the company is well positioned for a turnaround.

For investors willing to look beyond its troubled past, BKSL offers a rare opportunity, a combination of low price, high upside, and long-term transformation.

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July 10, 2025

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