Kategori: Infrastructure Transportation

Wijaya Karya (WIKA IJ, Under Review) booked IDR6.7trn of new contracts during 1H14 or 25.94% from target IDR25.93trn. The low realization is due to seasonality faced by most SOE contractors as government projects are usually disbursed during second semester of the year. The company also targets IDR18.82trn for FY14F revenue including joint.

Waskita Karya, Tbk (WSKT IJ) has established a subsidiary for toll road investment, Waskita Toll Road (WTR). The company has signed a Memorandum of Understanding (MoU) with MNC Infrastruktur to develop Pejagan-Pemalang Toll Road (PPTR) segment. WSKT has also expressing intention to acquire majority of PPTR’s shares. Jaya Real Property Injects IDR33.74Bn Capital to Jakarta.

Waskita Karya (WSKT IJ) plans to expand their business to be a toll operator. The company intends to acquire 57.7 Km Pejagan-Pemalang toll road from MNC Infrastructure Utama, a subsidiary of MNC Group. Previously, MNC took over the toll and 4 other tolls from Bakrie Group for IDR2Trn, but it has yet to be developed..

Wintermar Offshore Marines, Tbk (WINS IJ, BUY, TP:IDR1,200) has officially acquired 51% of Fast Offshore Indonesia for IDR27,937bn. With this acquisition, WINS will have four additional high-tier fast multipurpose support vessels (FMSV) to support deep offshore drills operation. Now, WINS have 28 armadas of low-tier vessels, 37 middle-tier, and 9 high-tier vessels. Perusahaan Gas Negara.

Wijaya Karya Beton (WTON IJ, NR) has obtained additional IDR223bn of new contracts in this month. That will make total contracts obtained ytd to reach IDR1.3trn or 40% from target FY14F. Including carryover of IDR1.6trn, WTON is targeting IDR2.9trn of orderbook in this year. Wika Realty, subsidiary of Wijaya Karya (WIKA IJ, BUY, TP: IDR3,000).

1Q14 net profit rose to USD6m (+9.6% q-o-q, +62.2% y-o-y), or 25% of our FY14 estimate Looking ahead, we expect more contribution from other customers besides Total E&P. Logindo has signed a two-year long-term contract with Pertamina Hulu Energi – a sign of better fleet contracts earnings quality. We maintain our TP at IDR4,900, with.

Telekomunikasi Indonesia (TLKM IJ, BUY, TP: IDR2,650) is seeking IDR5trn of external fund by 3Q14 that will be used for expansion and refinancing purposes. The company allocates IDR20.5trn for FY14F capex where IDR12.3-14.35trn will be taken from internal cash and the rest from external fund. The company intends to install underwater communication cable system and.

PGN’s 1Q14 earnings reached USD177m (-19.3% q-o-q), ie 20% of our and consensus FY14 target. This was dragged mainly by higher than expected 1Q14 revenue cost (+17.8% q-o-q). We cut 2014 and 2015 earnings by 7% and 1% respectively, but maintain the DCF-based IDR6,000 TP and BUY call as we increase our long-term growth rate.

Wijaya Karya Beton (WTON IJ, NR) is targeting IDR3.6trn of total FY14F orderbook where management estimates IDR2trn from new contract and IDR1.6trn from carryover projects. Until April, WTON has only secured IDR800mn of contracts. The low achievement was said to have been caused by delays on several projects in Java and management believe situation will.

Link Net IPO price is now set at IDR1,600 per share. The Lippo Group’s subsidiary will issue 304.265 mn new shares (10%) and the company may potentially receive IDR486.82 bn of fresh funding from the IPO. The funds will be used for the expansion of First Media (KBLV IJ, NR). Offering period will be on.