What's New

WSKT: Executing Growth, Maintain BUY with TP Rp3,000
09 May 2018

WSKT: Executing Growth, Maintain BUY with TP Rp3,000

WSKT posted a robust 1Q18 result with the net revenue grew by 68.6% YoY to Rp12.4 trillion (accounting for 23% of our estimates), thanks to projects in Trans Sumatra, PematangPanggang – KayuAgung and Bakauheni – Terbanggi toll road. On bottom line, net profit grew 313.4% YoY to Rp1.52 trillion mainly due to strong revenue growth and higher interest income.  As of 1Q18, the company has secured Rp3.6 trillion of new contract and accounting for only5.1% of our new contract target in 2018F of Rp70 trillion.  Overall, 1Q18 results came in ahead of our expectations with revenue and net income already accounting for 23% and 37.4% of our estimates, respectively.Hence, we maintain our BUY call to the stock with target price at Rp3,000/share.

CLICK HERE to download complete report