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Thursday, October 12, 2017       09:40 WIB
PremierInsight: ADHI booked new contract of Rp30tn until 9M17

Adhi Karya (ADHI IJ; Rp2,040; Buy) booked new contract of Rp30tn until 9M17. In September 2017, ADHI [2,160 80 (+3,8%)] has secured new contract from Pasuruan – Grati toll road, raw water treatment Sambas kalbar, construction of retaining land and port for IKD3 Belawan. Construction and energy dominates 96% of new contract. (Bisnis Indonesia)

Comment: With LRT, ADHI’s new contract has achieved 68% of FY17 company target, in-line with average historical performance. Hence, we believe payment of Rp4-5tn from KAI to be reimbursed this year, thus will directly translate to ADHI’s revenue. Another positive catalyst is from faster syndicate bank loan reimbursement which is expected in 4Q17 or 1Q18. Maintain BUY.

 

 

Sumber : IPS RESEARCH


 





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