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MARKET MAKER : IHSG - 18 September 2017
September 18, 2017 07:41 WIB

Kinerja harian IHSG cenderung bergerak menguat untuk menguji level resistance pada kisaran 5.885 setelah bertahan diatas kisaran level support 5.844 . Download artikel selengkapnya(512.67 Kb)

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Danareksa Equity Snapshot - WIKA 20 September 2017
September 20, 2017 11:06 WIB

Wijaya Karya: 1H17 earnings up 70%yoy

(WIKA IJ. IDR1,910. BUY. TP IDR2,800)

  • WIKA’s 1H17 net earnings soared 69.9%yoy to IDR436bn from IDR257bn in 1H16. The 1H17 result is 35.6% of our full year target and 35.8% of the consensus – yet above the average historical rate of 28.7%.
  • The solid 1H17 earnings were supported by strong growth in revenues and interest income.
  • Revenues in 1H17 jumped by 57.2%yoy to IDR9.5tn from IDR6.0tn in 1H16. This was underpinned by a solid order book. As of June 17, WIKA’s order book stood at IDR83.5tn (+105.8%yoy, 1H16: IDR40.6tn) including IDR20.9tn of new contracts.
  • Interest income rose more than fivefold to IDR129bn from IDR23.5bn in the previous year due to proceeds from rights issue conducted in 4Q16.
  • Interest expenses jumped 68.9%yoy to IDR289.8bn from IDR171.5bn in the previous year. Total debt as of Jun 17 reached IDR8.8tn, higher than IDR6.7tn in Dec 16. Meanwhile, cash as of June stood at IDR7.8tn, lower than IDR9.3tn in Dec 16. Hence, the DER in 6M17 reached 0.68x compared to 0.59x in Dec 16, while the net debt to equity ratio in Jun 17 reached 0.07x compared to a net cash position in Dec 16.
  • We maintain our forecast on WIKA

… read more 20170920 WIKA