Danareksa Sekuritas
Wijaya Karya: Putting into place the first girder box
($WIKA.IJ IDR. 1,925 BUY TP. IDR. 3,400)

We attended the installation ceremony for the first girder box used
in the high speed Jakarta – Bandung railway project. Around 56.3%
of the track or 80km from the total 142km will be elevated.
Construction is expected to speed up as the progress is targeted to
reach 53% by end-2019 from 35% currently. Although WIKA plans
to divest its treasury stock in the near future, we don’t think there
will be a significant impact as the treasury stock is only 0.07% of the
outstanding shares.