Listed Company Analysis – WSKT

Listed Company Analysis – WSKT

Opening

It’s about the company owned by the government. Government company in Indonesia after the Independence day in 1945 are 400 companies. In 2019, it was decreased to 115 companies and keep getting smaller in number to make the best out of them. Too many companies mean harder to control. That causes the irresponsible people to take advantage of it for their own gain.

Company Information

Cover of edition 64

Today listed company is about Waskita. PT Waskita Karya Tbk (WSKT) is a construction service, industry, realty, and trade company. WSKT shares are 66.04% owned by the Government of Indonesia. The current head of the board commissioner is Badrodin Haiti, and the President Director is Destiawan Soewardjono. WSKT IPO-ed on 19 December 2012 with the initial price of IDR 380/share. PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas are the underwriters of WSKT.

Key Financial Statistics

Pictures provided.

WSKT Financial Statement
WSKT Financial Ratios

Highlights of 2020

  • Waskita revised the target contract amount from IDR 45-50 T to IDR 25-26 T due to COVID-19 impact to the business.
  • Third Interest payment for “Obligasi Berkelanjutan Waskita Beton Precast” on 30 July 2020 got delayed because of corruption found inside the WSKT. Jarot Subana is the main suspect in this case.
  • PT Waskita Tbk released a new obligation IDR 135.5 B for three years period with PT Bank Mega Tbk as the trustee.
  • June 2020 reached 30% of the project target of IDR 26 T.
  • For the sake of diversification, WSKT is actively building health facilities, gas infrastructure, and crude palm oils factory.
  • PT Waskita Karya Tbk got an award from the World Safety Organization consecutively from 2019 and also this year.

Target Price

BCA SekuritasHold Rating650
Korea InvestmentSell Rating600
NomuraHold Rating800
RHB ResearchNeutral Rating630
Mandiri SekuritasBuy Rating1.010
Maybank Kim EngSell Rating500
Trimegah SekuritasBuy Rating1.000
HopemityBuy Rating770
WSKT Target Price

Closing

PT Waskita Karya Tbk is starting to move up. If you are interested to have a construction sector on your portfolio, this one is nice to have. The price is still in the medium range, it still has a space to grow in the future.


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