Wijaya Karya (WIKA) - Operational Came Below Expectation

WIKA – Downgrade to Hold
Price: Rp590 – Target Price: Rp550

Operational Came Below Expectation

  • Revenue fell by 15% YoY to Rp2.52tn.
  • Bottom line grew by 51% YoY to Rp141bn.
  • 1H10 operational result came below expectation .
  • Lower revenue due to slower than expected government’s infrastructure budget disbursement.
  • Has rallied for 93.6% over the past 3 month, outperforming its sector indices and peers by 80% and 40%.
  • Trading at ‘10F PER of 13.4x, WIKA looks expensive. Downgrade to HOLD.


  1. brochureFinal.lores_ (944.2 KiB)
  2. WIKA_100831_abp (201.8 KiB)
    Wijaya Karya