Adhi Karya

Stock Quote Adhi Karya - ADHI:

Business Summary

Adhi Karya’s core business comprises of:

• Civil and Building Contractor

- Civil contractor engaged in civil buildings owned by the government or private enterprises
- Building contractors engaged in buildings owned by the government or private enterprises

• EPC (Engineering Procurement Construction)

EPC involve the company’s business activities for planning, procurement, and construction, particularly in businesses related to the oil & gas industry as well as power plants.

• Property Business

Adhi Karya’s property business involves an investment business for infrastructure development, which includes offices, apartments, and hotels.

• Real Estate Business

The company’s real estate business involves investment activities for the provision of residential facilities (landed houses) with cluster projects in strategic locations.

• Precast Manufacturing

- The company engages in the production of precast concrete to cater the road and bridges precast, building precast, foundation and retaining wall precast, port and sea precast, special needs precast

Revenue Contribution per Business Line:

	2014	2015	2016
Construction Services	78.2%	85.1%
EPC	10.0%	6.7%
Property	7.7%	6.5%
Real Estate	2.3%	-
Precast Manufacturing	-	1.6%

^{Source: Adhi Karya, Annual Report 2016}

Adhi Karya was originally a Dutch company, founded under the name of Architecten en Ingenicure Aannemersbedrijf Associatie Seleen de Bruyn, Reyerse en de Vries N.V., but was nationalized on 11 March 1960 and then changed its name to Adhi Karya. In 1974 the company became a limited liability company, and in 2004 Adhi Karya became the first construction company that listed on the Indonesia Stock Exchange.

Adhi Karya's Financial Highlights:

	2014	2015	2016	2017	2018
Revenues	8,653.6	9,389.6	11,063.9	15,156.2
Gross Profit	998.2	974.6	1,115.1	2,057.8
Net Income	329.1	463.7	313.5	515.4
Operating Income	736.1	882.8	728.6	1,707.7
EBITDA	759.0	913.6	926.6	957.3
Total Assets	10,458.9	16,761.1	20,095.4	28,332.9
Total Liabilities	8,818.1	11,598.9	14,652.7	22,463.0
Earnings per Share¹	183	203	88	144,75
Cash Dividend per Share¹	67.6	18.2	26.2	20.0
P/E Ratio (x)	19.0	16.4	23.6	13.0
EV/EBITDA (x)	10.2	7.0	9.0	6.8

.

Continued	2009	2010	2011	2012	2013
Revenues	7,714.6	5,674.9	6,695.1	7,627.7	9,799.6
Gross Profit	655.5	710.6	734.4	955.9	1,193.2
Net Income	165.5	189.5	182.1	211.6	406.0
Operating Income	536.8	550.8	413.5	509.5	824.3
EBITDA	430.0	440.4	412.0	514.8	837.7
Total Assets	5,629.5	4,927.7	6,113.0	7,872.1	9,721.0
Total Liabilities	4,888.6	4,059.9	5,122.6	6,691.2	8,261.0
Earnings per Share¹	94.20	107.83	101	118	227
Cash Dividend per Share¹	11.51	28.26	32.35	31.1	23.5
P/E Ratio (x)	4.5	8.7	5.7	15.1	6.7

^{in billion IDR rupiah unless otherwise stated
¹ in IDR rupiah
Source: Adhi Karya, Annual Report 2017}

Adhi Karya's Outstanding Bonds:

Year Issued	Bond Name	Total Emission (IDR million)	Coupon Rate/ Profit Sharing (%)	Maturity Date
2012	ADHI Revolving Bonds | Tranche 1 A Serie	375,000	9.3 p.a.	3 July 2017
2012	ADHI Revolving Bonds | Tranche 1 B Serie	250,000	9.8 p.a.	3 July 2019
2012	ADHI Revolving Sukuk Mudharabah | Tranch 1	125,000	73.0*	3 July 2017
2013	ADHI Revolving Bonds | Tranche 2 A Serie	125,000	8.1 p.a.	15 March 2018
2013	ADHI Revolving Bonds | Tranche 2 B Serie	500,000	8.5 p.a.	15 March 2020
2013	ADHI Revolving Sukuk Mudharabah | Tranch 2	125,000	63.3*	15 March 2018

^{* profit sharing/equivalent interest
Source: Adhi Karya, Annual Report 2014}

Forecast Adhi Karya's Future Corporate Earnings:

	2018	2019	2020F	2021F	2022F
Revenues	15,655	15,308	14,839	15,691	16,173
Net Income	644	664	570	605	618
EBITDA	2,113	1,959	1,830	1,946	2,033
P/E Ratio (x)	2.9	2.8	3.3	3.1	3.0
P/BV (x)	0.3	0.3	0.2	0.2	0.2

^{in billion IDR rupiah unless otherwise stated
Source: Danareksa Sekuritas (06.05.2020)}