· Wijaya Karya expects net income in 3Q10 will have reached Rp250.0bn or, or 89.4% YoY increase from Rp132.0bn in 3Q09. If realized, this means that the bank’s net income is higher by 77.5% QoQ from Rp140.8bn in 1H10 and it has achieved its full year target of Rp245.0bn.
· Although revenue in 1H10 was off target and actually contracted by 14.8% YoY to Rp2.52tn, the company’s bottom line came in line with market expectations where full year estimate is Rp272.8bn. The company has revised its full year net income target to Rp300.0bn, or 58.0% YoY increased as various operating efficiencies aided it in achieving high growth.
· WIKA is trading at 2011F consensus PER of 13.7x and EV/EBITDA of 5.1x.
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