2012 - PT Wijaya Karya (Persero)
Transcription
2012 - PT Wijaya Karya (Persero)
N ,,+, 1%01&+1$/1+ +601*+1,*-+9 &+,51%010& • Providing Excellent Integrated Product in Energy, Industrial & Infrastructure • Accomplish Key Stakeholders Expectation • Practicing Business Ethics to Promote Good Corporate Citizen and Company Sustainability • Strategic Overseas Expansion • Implementing “Best Practice” Integrated Management System &6&),+01/52,+ 6$#& 6%$&(4&%$&(4*/ 6"#&& YZ VRh YZCVRh 5&)&+$,+01/52,+ +501/&))+1 6'#)!7$""&! $#'(&+)$# 6!(/$#'(&+)$# ZWCTXh •!#' • #+'(&!!#( [[h +/$9 • $-&!#( • $-&!#( #,'("#( •",%' "'%"MKR •/+"',(+' LMJ •' "',' -PM?O •",%' "'&('NP?Q IKR?S •/+"',1"'2$LO [XCRWh WSh Investment in Associates IVRhJFITRhJF)&,)IRCVhJFIThJFITRhJ F ISWhJ [RCRVh 0101,1,/79/,'1A TRST&++/ ,/ ,+01/52,+%+,),$9F 5)&,/(0-/1*+1 ,5)/(&)79&/,+F/,9 /*&+)U81+0&,+,(/+,F4&/-,/1A(/1 $5/%&&/-,/1A F AA + 51&1, /50%&+$,+69&+$/,515-+A,51%)&*+1+ + ,/*&1,/9 9+ %&!'# +'5+$(,+$A+1+ ,)&/,7/)+1*5/+$TTWA,/1%5)70& T+,)&/,7/)+1TXW10*F0*,51%)&*+1+ ,*&+9),7/)+15//+$YVRA(/1 -/2,+)/ +1,/9 W%ETSRCRRR1,+E1% )0/ )0/ *-5+$1,/9 VAW%ESYRCRRR1,+E1% )0/ ')+$(1,/9 UAT%ESSRCRRR1,+E1% )0/ ,$,/1,/9 STAW%EWURCRRR1,+E1% /7+$1,/9 SR%ETVRCRRR1,+E1% )0/ )0/ ,9,))&1,/9 VAT%ETSRCRRR1,+E1% 05/5+1,/9 Y%EVRRCRRR1,+E1% (0/1,/9 UAV%ESURCRRR1,+E1% -/2,+)/ #", #"'$'%",!! "#"," #"$" ! $, #"!"$, #" ), " #"!"$ (.#" "$#" #")),' #"'",! #"'$','' #" "!"$$, ' "#",' ) '.#"," #"!$," #"," ((# + "$.#",! ).#", "$.#",! "#",'") ((# '#$ ).#", , '$ ! #"-'") '#$ , '$ (9,5+$*+0/&A+$/+$ /+*+0/&A+5+$ &660,/1O*+0/&A)& 8*+0/&A(/1 BETHSAIDA BUILDING, SERPONG PARAGON SOLO, CENTRAL JAVA PINEWOOD JATINANGOR, SUMEDANG N 861,/5(1 1)/&2,+ N TANK-FARM -/2,+N&+1++&0)+$&+)&USZ TRRY TRSR TRSS TRST GCG SCORE ZSCZU ZWCWX ZXCTR ZXC[Y (BPKP ASSESSMENT)1) Z[CUV F &i &i CORPORATE RATING (PEFINDO)2) &F PERFORMANCE EXCELLENCE WUUCT\` T;;6 U7<8;<94:57 ENGAGEMENT LEVEL ZWCTU^` 1.BPKP = Board of Finance and Development Control 2.PEFINDO = Indonesian Securities Rating Agency 3.Assessment by Indonesia Quality Award (IQA) 4.Assessment by Kriteria Penilaian Kinerja Unggul (KPKU) 5.Assessment by LPPM 6.Assessment by AON Hewitt TRRZ TRR[ & (! +(!$$ F F F F & (! +(!$$ (! +(!$$ F F ZWC[U^` ZWCWW^` ZR_` (! +(!$$ W[R]` "&# #+'(&/& ZZ_` N (+)(+- & 1+ LJKLCLJKK !,-"'/"%"' ' ' "' (+)(+- & -2 '0"+('&'-% 1+LJKL+(& (',-+/.('+(#- LJKL '(',"' ('-+/.('1+ +(+&' (',-+/.('-!( ('-+-(+- (+2( - (+2E"+('D+(2 +" '("0"% (/%+$+" (+$E&)/' +(#-F %2/C'!' %0-(+(#-C ,%')$ F !,-(' "''"% LJKLD (',-+/.('' (',-+/.(' +0"-(+ KRJJK>LJJQ /).('%%-! I-2 ' &'-2,-& !OJ() (&)'",(+ LJKL KNJJK>LJJNB KSCKNJJK>LJJO '0"+('&'-% &' &'- 2,-& LJKL,-"' ''(0.('( ))%".(' !'(%( 2 SJJK> LJJR /%"-2 ' &'- ,2,-& /,"',, " @!,-&"-' %,--I (',-+/.('A /+"-2 ' &'-2,-& ITRRYGTRSUJ I C&,J 3F : 1 20 07 – h TTCV 13F 20 ales RS CAG SWAVSS 20 07 – TYCWh SSAZVZ e 20 R CAG om t Inc Ne ZAZZY YASZW XAW[W XAWW[ YAYVT XAX[U XAW[S SSAZWZ [AVSR SAWSU XARTU VAWYT SASTW VATZV XVW UYX ST[ TRRY XYU TRRZ SZ[ TRR[ )0 TZW TRSR )0 WATZT ZXV XYR VVT SWX XAXUW UWV TRSS /,00/,"1 VVR /,$TRST 1 +,* WWW TRSU TZR 5+TRSU N I C&,J /$1 //,,(TRSU UZAZYW //,,(TRST UUAYSZ *&+&+$ /$1 7// ,,( TRSU 7// ,,( TRST I&+CTA[YRJ //,,(TRSS TXAW[S //,,(TRSR TRAZU[ //,,(TRR[ SYA[RY //96/ 1,TRR[ 7 //,,( TRSS 7 //,,( TRSR 7 //,,( TRR[ //96/ 1,TRSR SRATWS SRAXSX Carry //96/ Over /,*TRRZ YAXWX I&+CYUTJ TRR[ I&+CSAZYRJ )0 TRR[ XAW[S SYASTW I&+CSAZYRJ I8CW[VJ K5'11,%+$51,,+1/1*+*+1IiEFJ I&+CWAW[WJ SXAW[U SUARTU )0 TRSR SUARTU I&+CTAZSWJ XARTU )0 TRSS YAYVT I8CSASVWJ TRSS K//96/ *&+&+$ /,*TRST /$1)0 K//96/ /,*TRSS K//96/ /,*TRSR I8CXYRJ TRSR SZASS[ I&+CUAXZXJ I&+CWAUVVJ I&+CTAZSWJ Carry //96/ Over /,*TRR[ from 2009 SRAXSX K//96/ I +CTAWWSJ 1,TRSU K//96/ 1,TRST SRATTU I&+CTAYTUJ YAXWX I&+CSAYUTJ I&+CYUTJ 0, -1 TRSU SSAXRW I&+CUAUXZJ SUAWXZ K//96/ 1,TRSS [ASWS )0 TRST SXAW[U I&+CWAUVVJ TRSU WATTR I&+CWAW[WJ I8SAYYYJ SZASS[ 0, 5$501 TRSU XAXUZ I8CSAYYWJ [AZSX I8CTAVUZJ TRST TRSU NITRRYFTRSUJ (-% MR=RQO 950&+00+&1I C&,J (-% MM=QKR (-% LP=OSK (-% KO=NKK (-% LJ=RMS (-% KQ=SJQ (-% KN=NRR (-% KL=LON (-% KK=LPS (-% P=OSO (-% N=OQL // ,,( )0 TRRY 50&+00 +&1 50&+00+&1 ,))A,+/&$ ,/1A //&$2,++//$ ,7/)+1+ +C)+1 5&)&+$ )19 +501/9++5 15/&+$ /01 +501/9 ,1B)0&+)5 (-% Q=KRO // ,,( // ,,( )0 TRRZ TRR[ TRR RYIhJ )0 UXC[ SXCS SYCX SVCS UCY VCR YCX )0 TVCU YCV SSCR TTCV XCX SSCZ SXCW (-% P=PSM // ,,( // ,,( )0 TRSR TRRZ ZIhJ )0 TSCY SRCY TVCW SUCT VCT SVCX SSCS (-% R=RRQ SVCR YCR TXCX S[CS WCT SVCU SUCZ TRR[ [IhJ )0 TRC[ [CR TXCT [CW UCT S[CT STCR SVCT STCT TTCX [CT XCZ SXCS SZC[ // ,,( )0 TRSS TRSR RIhJ )0 SXCW SRCU T[CU STCZ UCV SYCZ [C[ SWCS STCX TXCW STC[ XCR WCX TSCU // ,,( )0 TRST TRSS SIhJ )0 SZC[ SRCY UUCT SWCU VCR ZCY [CT SSCU STCY TZCZ S[CR XCZ WCX SWCZ TRSU TRST TIhJ )0 S[CT SSCY TYCW TRCT WCV XCT [CZ )0 SVCU SWCS URCV SXCY XCX SCZ SWCS TRSUIhJ )0 TUCR STCV T[CX SXCV XCT SCY SRCY TSCS SSCZ TVCZ SYCX XCW UCX SVCW N 950&+007+/I C&,J TRSR USCXh TTCTh TRSS TZCWh TRSU TRST TXCTh TSC[h TVCYh VUCXh K WSCRh TYCYh TZCTh VTCWh VRCSh VZC[h VRCTh // ,,( )0 T[CRh T[CTh // ,,( )0 Government G '%/"%I,+(#-, K?QM-' H '%/"%I,+(#- MRL'=+"0-/"%"' +(#-, K=S-' URCVh SZCVh // ,,( )0 // ,,( Private URCWh UYCYh UVCUh UUCYh L VUC[h VVC[h URCXh WRCSh 5+TRSU TTCSh )0 UXCUh USCZh S[CZh // ,,( )0 I*/TRSTJ I C&,J Description New Order Book Order Book Sales Sales JO Sales + Sales JO Cost of Sales Profit (Loss) JO Projects Gross Profit % Operating Expense Operating Income % Other Income (expense) Profit (loss) before Income Tax % Final Tax Non Final Tax Deferred Tax Net Income % Other Comprehensive Income After Tax Comprehensive Income % Income Attributable To: Parent Entity Owner Non Controlling Interest Total % Earning Per Share (full amount) 2012 2011 17,125.32 33,717.77 9,816.09 2,437.52 12,253.61 (8,902.21) 197.50 1,111.38 9.1 (265.96) 845.42 8.6 (37.50) 807.92 8.2 (241.79) (77.13) 16.12 505.12 5.1 3.64 508.76 5.2 457.86 47.26 505.12 5.1 74.99 13,568.64 26,590.55 7,741.82 1,145.38 8,887.2 (6.978.41) 101.52 864.93 9.7 (211.19) 653.74 8.4 (24.13) 629.61 8.1 (186.63) (62.94) 10.91 390.95 5.0 10.88 401.83 5.2 354.50 36.45 390.95 5.0 60.59 Growth YoY (-% MM=QKR 26.2% 26.8% 26.8% 112.8% 37.9% 27.6% 94.5% 28.5% (-% KL=LON 25.9% 29.3% 55.4% 28.3% 29.6% 22.5% 47.8% 29.2% (66.5%) 26.6% 29.2% 29.7% 29.2% // ,,( TRST 50&+00 +&1 50&+00+&1 ,))A,+/&$ ,/1A //&$2,++//$ ,7/)+1+ +C)+1 5&)&+$ )19 1) +501/9+/&+$ /01 +501/9 Note : Sales include JO 23.8% )0 TRST IhJ )0IhJ S[CT SVCU SSCY SWCS TYCW URCV TRCT SXCY WCV XCX XCT SCZ [CZ SWCS I5+TRSUJ I C&,J Description New Order Book Total Order Book Sales Sales JO Total Sales Cost of Sales Profit (Loss) JO Projects Gross Profit Operating Expense Operating Income Interest Expense Other Income (expense) Profit (Loss) before Income Tax Final Tax Non Final Tax Deferred Tax Net Income Other Comprehensive Income After Tax Comprehensive Income Income Attributable To: Parent Entity Owner Non Controlling Interest Total Earning Per Share (Rupiah Penuh) June ‘13 June ‘12 8,747.19 29,423.49 5,282.41 1,352.70 6,635.11 (4,710.92) 98.09 7.3 669.58 12.7 (145.52) 524.06 9.9 (16.42) (15.62) 492.02 9.3 (122.31) (54.04) 1.18 316.85 6.0 0.00 316.85 6.0 5,883.67 25,114.63 4,023.83 726.05 4,749.88 (3,663.74) 67.10 9.2 427.19 10.6 (110.12) 317.07 7.9 (9.85) 6.97 314.19 7.8 (83.54) (28.99) 0.36 202.02 5.0 0.00 202.02 5.0 280.33 36.52 316.85 6.0 45.67 180.07 21.95 202.02 5.0 29.67 Growth %YoY (-% LS=MLQ 48.7% 17.2% 31.3% 86.3% 39.7% 28.6% 46.2% 56.7% 32.1% 65.3% 66.7% (324.1%) 56.6% 46.4% 86.4% 227.8% 56.8% 0.0% 56.8% 19.5% 55.7% 66.4% 56.8% 53.9% (-% O=LRL // ,,( )0 5+TRSU 50&+00 +&1 50&+00+&1 ,))A,+/&$ ,/1A //&$2,++//$ ,7/)+1+ +C)+1 5&)&+$ )19 +501/9++5 15/&+$ /01 +501/9 Note : Sales include JO 5+ IhJ )0IhJ S[CY SUCX SRCZ SRCR TUCZ TVCU T[CW SUCU WCV SRCT RC[ SC[ [C[ TXCY I*/TRSTJ I C&,J Description Total Current Assets Total Non Current Assets TOTAL ASSETS Total Current Liabilities Total Non Current Liabilities TOTAL LIABILITIES Share Capital Treasury Stock Additional PIC Change of Equity in Subsidiaries Retained Earning Sub TOTAL EQUITY Non Controlling Interest TOTAL EQUITY TOTAL LIABILITIES & EQUITY 2012 7,186.55 3,758.65 10,945.20 6,527.62 1,603.58 8,131.20 610.56 0.00 743.63 23.53 1,196.35 2,574.07 239.93 2,814.00 10,945.20 2011 5,838.85 2,484.13 8,322.98 5,127.21 976.39 6,103.60 602.73 (17.67) 611.57 20.25 854.68 2,071.56 147.82 2,219.38 8,322.98 Growth YoY 23.1% 51.3% 31.5% 27.3% 64.2% 33.2% 1.3% (100%) 21.6% 16.2% 40.0% 24.3% 62.3% 26.8% 31.5% I5+TRSUJ I C&,J Description June ’13 2012 Total Current Assets Total Non Current Assets 6,984.09 4,268.65 Growth YoY 7,186.55 -2.8% 3,758.65 13.6% TOTAL ASSETS 11,252.74 10,945.20 2.8% Total Current Liabilities Total Non Current Liabilities 6,567.17 1,696.56 6,527.62 1,603.58 0.6% 5.8% 8,263.73 8,131.20 1.6% 613.95 753.00 23.53 1,339.32 610.56 743.63 23.53 1,196.35 0.6% 1.3% 0.0% 12.0% 2,729.80 2,574.07 6.0% 259.21 239.93 8.0% 2,989.01 2,814.00 6.2% 11,252.74 10,945.20 2.8% TOTAL LIABILITIES Share Capital Additional PIC Change of Equity in Subsidiaries Retained Earning Sub TOTAL EQUITY Non Controlling Interest TOTAL EQUITY TOTAL LIABILITIES & EQUITY I*/TRSTJ I C&,J Description Received from Customers Payment to Suppliers Payment for Directors and Employees Payment for Operating Expenses and Others Deposit Interest Receipt Payment of Interest Payment of Taxes CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES INCREASE (DECREASE) OF NET CASH & CASH EQUIVALENT BEGINNING BALANCE OF CASH & CASH EQUIVALENT ENDING BALANCE OF CASH & CASH EQUIVALENT 2012 9,584.46 (8,766.23) (162.98) (91.01) 36.49 (36.23) (112.99) 451.50 (1,067.74) 871.06 254.83 1,244.32 1,499.14 2011 7,613.87 (6,416.41) (146.42) (60.04) 34.32 (15.70) (171.20) 838.42 (815.53) (6.23) 16.61 1,227.70 1,244.32 I5+TRSUJ I C&,J Description Received from Customers Payment to Suppliers Payment for Directors and Employees Payment for Operating Expenses and Others Deposit Interest Receipt Payment of Interest Payment of Taxes CASH FLOW FROM OPERATING ACTIVITIES CASH FLOW FROM INVESTING ACTIVITIES CASH FLOW FROM FINANCING ACTIVITIES INCREASE (DECREASE) OF NET CASH & CASH EQUIVALENT BEGINNING BALANCE OF CASH & CASH EQUIVALENT ENDING BALANCE OF CASH & CASH EQUIVALENT June ’13 5,099.33 (4,956.06) (105.55) (55.46) 18.72 (16.41) (177.25) (192.68) (528.04) 212.02 (508.70) 1,499.14 990.44 June ’12 3,679.05 (3,735.34) (81.79) (33.92) 19.67 (9.85) (136.35) (298.53) (720.45) 920.35 (98.63) 1,244.32 1,145.69 TRST I C&,J ,C -&1)8-+&15/ H S 5/9G,',(/1,,)),0IJ T 5+&/+G+$(/+$,)),0IJ U +'5+$+,,)),I)&,)J V ,1%/*),7/)+1I&(/,7/J W 51,+0-%)1 X .5&0&2,+, /+/9 Y ,/1&+15*-/ H S ,7/)+1INJ T &)N0 + /01/515/ U 1)/&2,+ V .5&-*+1 W ++( X + /01/515//,'1 Y #5--)&0 Z 6),-*+1, 6CTC +'&1+ 0010 H&8 /$1 TRST XRCR SCW TRCW SXCW TWCR UWCR URCR TRCR RCU RCR RCR TCV SCW RCR SWRCR URCR YCW TRCR SRVCW UUCR URCR SWCR [SUCS RCR TCR XZC[ U[CX RCR RCR RCR TSCW )&:2,+ TRST XRR + ,/*2,+ ,/+$A+$1N*,+ SY.,($&NY$0& )&A)&(--+ ,)),A1/5--)9+1C 7&1%)+,7+/C &,1&###(&1!# TXCY /'("7 ,3 SARYVCW TRSU , ,C -&1) 8-+&15/ -&1)8-+&15/ M TRSU ,5/, , 5+ .5&19 ,+ DSU DSU SAURVCW YSWCR W[RCU SUYCV VUCX UCR TXCR TXCR ZRCR UWCR VUCX UCR TXCR TXCR VUCT UWCR RCR RCR RCR RCR UXCZ RCR ZCR RCT RCR VCV TCU RCR XVWCR XRCR TYCR XZCR YZCR TRCR TXZCW SZCR TYCR XZCR YZCR TRCR UYXCR VTCR RCR RCR RCR RCR SRXCT RCR RCR RCR SC[ RCR SUWCR VW[CY SARWRCR SVCV TWUCR U[RCV H N S T U V W X 5/9G,',(/1,,)),0IJ 5+&/+G+$(/+$,)),0IJ X,)),, (/1IJ ,1%/*),7/)+1I&(/,7/J 51,+0-%)11,/9 /+/9.5&0&2,+ H S T U V W X ,7/)+1 +601*+1INJ &)N0 + /01/515/ ,/1 + /01/515/I%&--&+$,51J 1//1*+1 + /01/515/ ++( /,-/19 H M S[TC[ VYWCR SAYZRCR WYC[ SWCR YURCR SC USZ ,2,+ 0+$$/+A %* Z9/0iS9/,+01/52,+ 7+/ +,+0&,7/ +601*+1 WWZ+ /*0N,+0 H5--)99 +,+0& ,7/ H-&191,/BZWh H)1/&&19%0+0,)0&+ /,$/00 /%TRSS H)05-1,*/TRSS WY+I ,/2,+ZVCXShJ H)05-1,CTRST ZT+ H)05-1,5+TRSU UX+ TC TUR ,2,+ ,/+$A %* Y9/0 7+/ +601*+1 ZRX+ /*0N,+0 H4/, +1+1,+5+TR?<ATRSS H5--)909 H-&191,/BZRh HSZR90, ,+01/52,+/&,A /,$/00 &1%0$+,+5)9SS>?ATRSS H)/9&+5)9T[?<ATRST H)05-1,CTRST WU+ H)05-1,5+TRSU WZ+ UC IXUCWJ ,2,+ +$1A %* Y9/0 7+/ +601*+1 k SVX+ H4/, +1+1,+5$501TX?<A /*0N,+0 TRSS H5--)909 H-&191,/BXWh HSZR90, ,+01/52,+/&,A /,$/00 &1%0$+,+1,/S>?ATRSS H)/9&+9T=;ATRST H)05-1,CTRST TU+ H)05-1,5+TRSU TR+ VC XCTJNISZC[J IV ,2,+ *,+A %* V9/0 7+/ +601*+1 k TRR+ /*0N ,+0 H5--)99 H-&191,/B[Rh HS9/, ,+01/52,+/&,A&1 /,$/00 %0$+,++5/9S>?ATRSS HW%&+)/9,-/1 H)05-1,CTRST TY+ H)05-1,5+TRSU TW+ WC TW ,2,+ &(/& +/-5/A %* Y9/0 7+/ +601*+1 k SYX+ /*0N,+0 H5--)99 H-&191,/BZRh /,$/00 H,+01/52,+/,$/009-/&) TRSU&0[XhC H&)),+U=;5/1/, TRSU K?%.0+$H,50,+,6/+*+15$1I2,+)N,)JA-&1)8-+&15/ H$&,+)/(2+$--/,% H6/00/(2+$--/,% L?"*/""-2).&"3.(' H+1/)&:&++&)1/1$9 H) &++&+$/,'1,)&9 M?-+- ",)-"'2 H+1/)&:/,5/*+1 H,+2+5&+$#&+9/,$/* H&0(&2$2,+ N?%/I(&)..00'- '0,-&'- D 5)&I,*02J TRCXWh ,6/+*+1 XWCSWh 5*/, 5101+&+$ %/00, 5$501US>?ATRSU XASU[AVYVARRR 5)&I,/&$+J STCWYh *-),9 SCXUh %/%,)/D0 1CTRRY TRRZ TRR[ TRSR TRSS TRST 5$501DSU (1*'&', &)%(4 0%" ;(*" ' ;(&+- FH9DBL C9@DL FH9DBL C9ADL FH9DBL B9IHL FF9FEL C9@CL FF9CGL B9@BL FE9EAL A9FAL FE9AEL A9FCL B9G@L BE9HDL A9B@L BG9BDL A9GHL BF9HBL AA9IGL AH9CEL AD9CHL AG9BCL AF9B@L AF9FHL AB9EGL B@9FEL TCSRR S[-CTRSU VTR T[1CTRRY XZR URCTRSR SXW Y1CTRRZ Year 2008 2009 2010 2011 2012 XSR URCTRSS SCVZR TZCTRST ,-1, TRTR Net Income (IDR Bio) 156.03 189.22 284.92 354.50 457.86 EPS (IDR) 26.75 33.37 50.15 60.59 76.01 Dividend Payout Ratio 30% 30% 35% 30% 30% BINA ARTHA PARAMA BUY Target Price Rp 2,850 21.08.2013 BUY Target Price Rp 1640 18.10.2012 BUY Target Price Rp 2,550 15.07.2013 BUY Target Price Rp 2,200 26.03.2013 BUY Target Price Rp 3,200 13.05.2013 NEUTRAL Target Price Rp 2,200 30.07.2013 BUANA CAPITAL BUY Target Price Rp 2,480 15.08.2013 BUY Target Price Rp 3,175 10.09.2013 OUTPERFORM Target Price Rp 2,300 26.04.2013 BUY Target Price Rp 2,000 19.03.2013 NEUTRAL Target Price Rp 2,500 29.04.2013 HOLD Target Price Rp 1,700 20.03.2013 HOLD Target Price Rp 2,625 29.05.2013 BUY Target Price Rp 2,770 29.04.2013 The End of Presentation Additional Information is available upon request. For further Information please contact: Natal Argawan Pardede, Corporate Secretary Phone (021) 8192808 or Facsimile (021) 8191235 Visit us: www.wika.co.id Disclaimer This material is for Information only, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The Information herein has been obtained from sources believed to be reliable, but we do not warrant that it is accurate or complete, and it should not be relied upon as such. Opinion expressed is our current opinion as of the date appearing on this material only, and subject to change without notice. It is intended for the use by recipient only and may not be reproduced or copied/photocopied or duplicated or made available in any form, by any means, or redistributed to others without written permission of PT Wijaya Karya (Persero) Tbk.
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