RHB (DR)
WIKA BUY TP 2900
(Baca juga: Jenis-Jenis Saham Menurut Para Ahli
Indonesia - [ WIKA IJ]: Affirm BUY; Sells Su-Mo Toll Stake To Astra
Andrey Wijaya, Jafar Saifuddin - RHB Sekuritas
♦ Maintain BUY, TP of IDR2,900 (13.5x-12.4x FY19-20F P/Es), 46% upside plus 2% yield.
♦ Astra Group’s subsidiary Astra Tol Nusantara (Astra Infra) acquired 44.5% of Jasamarga Surabaya Mojokerto (JSM) which manages the Surabaya-Mojokerto (Su-Mo) toll road, which in turn is 20.3% owned by Wijaya Karya.
♦ The selling price implies an attractive 2.36x P/BV, and WIKA received IDR715bn.
♦ In its books, this could be translated to IDR412bn in additional gains from divestments – which could be a near-term positive catalyst.
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