WTON: Very Attractive Valuation, BUY with TP 700/share
01 Nov 2018
WTON: Very Attractive Valuation, BUY with TP 700/share
WTON managed to book a strong 9M18 result, in which the revenue and net profit grew by 19.9% YoY and 26.9% YoY reached to Rp 4.1 trillion and to Rp 280 billion backed by its solid 9M18 new contract of Rp 5.4 trillion (+28.2% YoYdominated from infrastructure projects) and a 14-fold significant increases in joint venture profit. Despite a strong result, the share price has shrunk significantly by 52% from its highest closing price this year which translated into a very attractive valuation at 6.01x PER 2019F (below its 5 years average PER – 1 std dev of 10.42x). Hence, we kept our BUY rating.
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