NISP Wijaya Karya books Rp4.79tn of new contracts (WIKA, Rp590)

· Wika managed to book Rp4.79tn of new contracts during 8M10 where US$175.01 of which came from recent agreement with Antam (ANTM, Rp2,075, Buy) on CGA project in West Kalimantan . The achievement is expected to help Wika to reach its target of Rp10tn from new contracts this year.
· The company added total contracts booked until August 2010 reached Rp15.5tn or 74.52% of this year expectation at Rp20.8tn.
· For CGA, Wika explained that revenue will start to be recorded next year as this project starts in 1Q11. The project costs Wika US$175.01mn or equal to Rp1.57tn where Wika responsible for energy and building facilities.
· WIKA is trading at 2011F consensus PER of 11.4x and EV/EBITDA of 4.1x.