PT Waskita Karya (Persero) Tbk (WSKT) obtained the effective date of an initial public offering (IPO) on December 19, 2012. Through the event, WSKT collected fresh money worth Rp 1.14 trillion.
Indonesia Market Summaries based on information from disclosure of Indonesia Stock Exchange (IDX) on Monday (15/7), the proceeds from the IPO issuers still remaining Rp 257.54 billion. In other words, WSKT absorb 77% or equivalent to Rp 879.74 billion.
The details of the actual use of funds is, Rp 170.59 billion will be used for the production of Betan precast, then valued at USD 25 billion allocated to equity highway construction projects, and Rp 1.78 billion will be used for property development. And Rp 682.37 billion, will be used for working capital. Today, the stock of WSKT currently exist at the level of 740. This figure is up 3% or 20 points higher than the level in the previous trade, 720.
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Showing posts with label WSKT. Show all posts
Showing posts with label WSKT. Show all posts
Monday, July 15, 2013
Monday, April 29, 2013
Waskita Karya First Quarter 2013 Results Net Earnings
Waskita Karya (WSKT) 1Q13 net earnings came at Rp5.4bn, a significant increase from 1Q12 net earnings of only Rp632mn. The increase in net earnings was mainly attributed by 18.8% yoy growth in revenue; 140bps gross margin improvement and 29.7% yoy decline in interest charges (as company started utilized IPO proceed). The 1Q13 achievement (1.7% of FY2013) was in line with the past 2 years figures (0.2% and 1.2% 1Q contribution in 2012 and 2011).
1Q13 revenue was at Rp957.4bn, or 18.8% yoy growth from Rp806.1bn. 1Q13 revenue achievement equals to 8.9% of FY13 revenue (consistent with the 1Q number in past two years, 9.2% and 9.8% in 2012 and 2011, respectively). We expect that the company should be able to book most part of the revenue in 2nd semester of the year as government projects are normally being tendered at that time.
1Q13 gross margin (10.3%) was improved by 140bps compared to the same period last year (FY12 and FY13 gross margin were at 8.3% and 9.1%, respectively). Margin improvement was due to company’s effort to be selective on sizeable and high margin projects .
New contract secured during 1Q13 period was Rp3.3tn (our FY2013 new contract target is at Rp12.5tn). We are comfortable with the achieved new contract and some upside may be existed as more government projects will be tendered in the 2nd half of the year.
We are currently in the process of reviewing our recommendation for the counter. WSKT is currently trading at 23.0x 2013PE and 16.9x 2014PE.
Indonesia Market Summaries, April 29 2013
1Q13 revenue was at Rp957.4bn, or 18.8% yoy growth from Rp806.1bn. 1Q13 revenue achievement equals to 8.9% of FY13 revenue (consistent with the 1Q number in past two years, 9.2% and 9.8% in 2012 and 2011, respectively). We expect that the company should be able to book most part of the revenue in 2nd semester of the year as government projects are normally being tendered at that time.
1Q13 gross margin (10.3%) was improved by 140bps compared to the same period last year (FY12 and FY13 gross margin were at 8.3% and 9.1%, respectively). Margin improvement was due to company’s effort to be selective on sizeable and high margin projects .
New contract secured during 1Q13 period was Rp3.3tn (our FY2013 new contract target is at Rp12.5tn). We are comfortable with the achieved new contract and some upside may be existed as more government projects will be tendered in the 2nd half of the year.
We are currently in the process of reviewing our recommendation for the counter. WSKT is currently trading at 23.0x 2013PE and 16.9x 2014PE.
Indonesia Market Summaries, April 29 2013
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