WTON: 4Q19 Seasonal Peak Effect
09 Mar 2020
WTON: 4Q19 Seasonal Peak Effect
WTON’s revenue and net profit increased by 56,5% QoQ and 53.1% QoQ attained to Rp 1.7 trillion and to Rp 137 billion in 4Q19 thanks to the seasonal peak of higher government infrastructure spending and its strong new contract realization of +67.9% QoQ. In all, the company’s 2019 result came in line with our expectation in which the revenue and net profit reached 98% and 103% to our 2019F of Rp7.3 trillion in revenue and Rp495 billion in net profit, respectively. Keep BUY rating with new fair value of Rp670 since the price traded at 5.52x PER 2020F which implying an attractive valuation.
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