PT Bumi Serpong Damai, a property developer that’s Indonesia’s best performing stock this year, may extend gains on declining mortgage rates and the company’s land holdings, PT Ciptadana Securities said. Bumi Serpong shares may rise 9.4 percent to reach 700 rupiah by yearend, said Natalia Sutanto, an analyst at Jakarta- based Ciptadana, one of two brokerages Bloomberg tracks that cover the stock. Bumi Serpong has surged sixfold this year, compared with an 81 percent gain in the Jakarta Composite index, Asia’s second-best performing stock market.
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