Adhi Karya 11M14 New Contracts Only IDR6.3Trn
Adhi Karya, Tbk (ADHI IJ, Neutral, TP: IDR2,720) has booked IDR6.3Trn of new contracts in 11M14 that consist of building projects (59.4%), roads & bridges (21.1%), and other infrastructure projects. Most of its projects were still dominated by private projects (43.1%), while the Government portion was at 42.2%, and SOE portion was 14.5%. ADHI’s management has further cut FY14 contracts to IDR10.5trn from previously IDR15trn while FY14 net income was targeted at IDR322.9bn.
Megapolitan Development Increasing its Apartment Projects
Nusa Kontruksi Revises its Target to IDR2Trn
Until July 2018, Pembangunan Perumahan new Contract Reach IDR27.19Trn
Indonesia Government Bought Back FR0036 and FR0048
Investors Anticipated Indonesia Economic Data, Putting Pressures on Govvies Auction
Meanhwile, management also stated that in December the company has won additional contracts. IDR6.3trn worth of contracts where ADHI has 25% stake in JV with WuHuan (China), IDR215bn Astra spare parts center in West java, IDR208bn Semarang University development, and IDR169bn Tono Arch bridge development in Timor Leste. Management is targeting IDR15.2trn of new contracts in FY15 and IDR440bn of net income. The current 11M14 new contracts achievement is in-line with our target of IDR7trn for FY14, while the company’s target FY14/15 net income are 22%/56% higher than our FY14/15 projections. We still maintain our projections due to the company’s historically over-aggressive target.
