WSKT opened the first quarter of 2020 with a decrease of 52% YoY in revenue and 94% YoY in profit so that it was recorded at IDR4.17 trillion and IDR43 billion respectively. The construction segment which fell 56% YoY became the hindrance. While booking positive operating cash flow of IDR2.8 trillion, WSKT is still trying to divest 4 toll road concessions in 2H20 to strengthen company cash flow. Due to possibility of the pandemic causing economic downturn, we revise WSKT’s revenue and profit estimation, and downgrading our recommendation from Buy to Hold with target price of IDR820.
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