Analisa Saham WIKA : Affirm BUY

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.