FR CGS-CIMB (YU) : Waskita Karya | PDF
Net positive impact from first RDPT issuance
WSKT IJ / WSKT.JK | ADD - Maintained | Rp2,540.00 tp:Rp4,100.00
Mkt.Cap:US$2,507.00m | Avg.Daily Vol:US$6.43m | Free Float:34.00%
Construction
Author(s):Aurelia BARUS +62 (21) 3006 1721, Namira LAHUDDIN
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■ WSKT, through Waskita Toll Road, issued its first closed-end fund (RDPT) of Rp5tr, with underlying asset of Waskita Transjawa Toll Road, implying 3.1x P/BV pricing.
■ We think the RDPT issuance will have a net positive impact on WSKT, and should allow the company to move forward as a toll road developer.
■ Maintain Add with an unchanged TP of Rp4,100, still based on SOP.
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