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WTON: Site Visit to the Balikpapan-Samarinda Toll Project
22 Nov 2018

WTON: Site Visit to the Balikpapan¿Samarinda Toll Project

We visited to Balikpapan – Samarinda toll road project, East Kalimantan with a total length of 62.8 km which was owned by PT Jasamarga Balikpapan Samarinda as a consortium of JSMR, WIKA, PTPP and PT Bangun Tjipta Sarana. WIKA is acted as main contractor while WTON will supply the needs of ready¿mix and precast
product for the project. This toll road is targeted to commence operation in 2019 which aims to reduce travel time of Balikpapan ¿ Samarinda and to encourage the further development of CPO, coal, oil & gas and agriculture industrial areas. Currently, the share price has rebounded significantly by 19% which was still traded below its 5 years average PER – 1 std dev of 10.12x. Hence, we kept our BUY rating since our fair value offer a significant upside potential of 98%.

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