WIKA booked a net profit of IDR151 billion (-75% YoY) or -27% from our expectations. Construction sector, which is still suppressed by the pandemic, has forced WIKA to revise its new project target to IDR21.3 trillion. Despite having only realized 15.98%, if the income from government project auctions starting in 3Q20 books optimum result, it will be good for WIKA’s FY20 and FY21 performance.
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