Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Rabu, 06 Juli 2011

Spotlight - Wijaya Karya - Expanding mode (WIKA-BUY-IDR670-TP:830) - Bahana

IDR4.5t new contracts till June, inline to achieve 2011 targets
Wijaya Karya (WIKA) reported strong 4M11 new book orders of IDR3.16t (excluding JO), nearly triple from the same period a year ago, with power plant/ME and Toll/road/bridges as the major contributors (exhibit 9). In April, WIKA obtained additional IDR317b new book orders from power plants in Timor Leste and Ambon, IDR268b from buildings construction, IDR82b from Port/Irrigation and combined IDR138b from Realty, Metal/Trading and other business group, bringing total additional new book orders of IDR805b. Our recent conversation with management reveals that WIKA has reached IDR4.5t new book orders till June 2011, accounting for 48% of our 2011 new order book estimates, which is inline in our view.

3 investments projects to support recurring incomes
WIKA’s first investment project, Diesel Engine Power Plants (3x18MW), in Bali commenced in March 2011, expecting to contribute annual recurring incomes of IDR165b. Its 3 new other projects are expected to continue supporting its recurring income going forward. Scheduled for completion in 2013, WIKA will start building 6 Asphalt plants under the joint operation with Timah in Buton Island with annual capacity of 300kton. This new products would cover the partial supply shortage for asphalt. The current domestic consumption stands at 1.5mtons per annum and only 20% are locally sourced (Pertanina) while the remaining is still imported. WIKA’s other projects include Geothermal Power Plant in Sumedang – West Java and Surabaya-Mojokerto Toll road. However, progress of these last two projects will be depended on the success of geothermal exploitation (2011-13) and land acquisition respectively.

More expansions ahead, BUY with TP IDR830
We see more opportunities for WIKA’s expansion ahead, to cover the recent launch of the Master Plan for Acceleration and Expansion of Indonesia’s Economic Development (MP3EI). Amongst others, infrastructure related projects are on the top priority list (exhibit 12). Thus, we believe that WIKA would be the main beneficiary from this development. Wika recently commenced the additional capacity on its concrete facilities under its subsidiary company, with total annual capacity of 1.5mton (vis-à-vis IDR1.3mton previously). On property front, WIKA realty, the property arm of the company, will launch mix use of property in Cawang, East Jakarta this year. We see continues expansion in WIKA Realty under JO with other SOE companies which own sizeable and idle land banks. We expect WIKA ro book 2011 strong revenue growth of around 30% y-y to IDR7.8t coming from IDR19.7t total book order this year. As the company focus on product mix and efficiency to improve margins, we estimate 2011-12 operating margin improvements to 8.2% and 8.3% respectively. 2011-12 bottom lines are likely to grow 16% and 30% y-y respectively, with net margins of 4.3% and 4.5%. We reiterate our BUY rating on WIKA with TP IDR830, trading at 2011 implied P/E of 15x, or 20% discount to regional average of 18.8x.

Tidak ada komentar:

Poskan Komentar