WIKA recorded revenue and net profit decline in 1Q21 at 7% YoY and 21% YoY. Meanwhile, new contracts jumped by 85% YoY to IDR4.65 trillion, with new contracts in the infrastructure segment soaring by 292% YoY.
PTPP had a declining performance in FY20. Revenue and profit fell 36% YoY and 86% YoY. Meanwhile, PTPP managed to acquire new contracts worth IDR22.26 trillion or 87% of its target. This year, PTPP will focus on gaining new contracts from the infrastructure segment which projected to grow 107.25% YoY. We estimate this year’s contract achievement to increase by 26.7% YoY.
CTRA successfully booked stellar performance in 1Q21. Amid the pandemic, revenue and profit grew significantly by 22.6% YoY and 37.1% YoY. Marketing sales in 1Q21 also have reached 32% of target. Supported by government-born VAT subsidy and vast development land, we estimate the increase of marketing sales to reach 8%-9% this year.
PWON’s revenue in 1Q21 fell 32.4% YoY. Meanwhile, net profit jumped 254.5% YoY due to lower foreign exchange loss. Entering 2H21, PWON is facing the implementation of Emergency Public Activity Restrictions (PPKM) as Covid-19 cases increase. PWON must be able to increase performance efficiency and implement the right business strategy, to restore this year’s performance.
SMGR’s top line was contracted by 5.9% YoY to IDR8.07 trillion. Meanwhile, decreasing interest and tax expenses increased profit by 0.9% YoY. However, regional sales volume in 1Q21 was up 2.1%. This year, SMGR launched two new products, Mortar Indonesia and PwrPro cement.
INTP booked 1Q21 revenue up 2.2% YoY. Meanwhile, profit fell 12.3% YoY due to the decline in other income and tax expense increases. On the other hand, 1Q21 sales volume was at 4.21 million ton or up 5.5% YoY. INTP was also making cost efficiency by increasing the use of LCV loan and alternative fuel. Meanwhile, INTP also expanded sales through a digital system to the market share throughout Indonesia.
BSDE booked 1Q21 marketing sales of IDR2.5 trillion, or achieving 35% of the 2021 target. With this outstanding achievement, we see that it will be easier for BSDE to achieve the year’s marketing sales target. In addition, supported by the “Wish for Home” program, lower interest rate, and various government incentives in the property sector, we believe that BSDE will be able to improve its performance this year.
CTRA managed to book 4Q20 income of IDR3.83 trillion (+167% QoQ, +29.7% YoY) boosted by development income (+15.4% YoY). Meanwhile, recurring income fell 29.8%. On the other hand, FY20 marketing sales income achieved 122% of the target. We are optimistic that this year CTRA’s marketing sales will be able to grow up to 15% YoY. It is supported by the downward trend of interest rates, various incentives from the government, and national economic recovery.
Amid the large portion of revenue from recurring income, PWON must be able to carry out cost efficiency, in order to maintain margin level. Lower revenue (-44.8% YoY) resulted in PWON’s profit dropping 65.8% YoY. Meanwhile, asset acquisition and the opening of hotel & mall at the end of last year raised optimism for the growth of recurring income this year.
