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Waskita Karya (

WSKT

IJ; Rp2,630; buy) we met with

WSKT

and here some key takeaways:

• New Contract target of Rp70tn (+27% yoy), Revenue of Rp55tn (+38% yoy), and Net Income of Rp5.3tn (+51% yoy). Projected Interest Bearing Debt at Rp57tn in FY18, or DER ratio of 1.9x.
• Expecting payment of Rp20-30tn in 2018 from several turnkey projects such as, toll roads in Java, LRT Palembang and electric transmission.
• Capital Expenditure (Capex) 2018 targeted to be Rp 26 Trillion. Around 85% Capex for toll road, 6% each for construction and realty, and 3% for precast.
• Both Toll road divestment and PT Waskita Toll Road (WTR) new shares issuance phase 2 are still ongoing and expected to be completed by June 2018. (Company).

Sumber : IPS RESEARCH