Wijaya Karya Beton (WTON IJ) 6 August 2019

A Bit Slow Start

INDONESIA | BASIC INDUSTRY | UPDATE BUY
Result Highlights MARKET PRICE IDR 535
TARGET PRICE IDR 700
• A sluggish first half as new contracts, revenue and earnings were below its
POTENTIAL UPSIDE +30.8%
historical mid-year achievement.
COMPANY DATA
O/S SHARES (BN) : 8.71
2Q19 Highlights: QoQ Improvement MARKET CAP (IDR TN) : 4.66
Improvement could be seen across the board, as net profit grew 35.4% to IDR 96 bn due to MARKET CAP (USD BN) : 0.33
a 49.5% decline in total other expenses. Meanwhile, revenue only went up by 3.9%, as 52 - WK HI/LO (IDR) : 680/298
spun and precast concrete segments expanded 5.1% and 4.5% respectively. Margins 3M AVG. VOLUME (MN SHARES): 19.5
PAR VALUE (IDR) : 100
improved as GPM expanded to 13.4%, OPM to 10.1% and NPM reached 7.1%.
MAJOR SHAREHOLDERS, %
1H19 Highlights: Flat Results PT WIJAYA KARYA (Persero) Tbk 60%
Cumulatively, 1H19 margins were held steady and only a slight increase recorded in its top KOPERASI KARYA MITRA SATYA 6.17%
& bottom line. Revenue came in at IDR 2.6 tn (+1.6% YoY) whereas net profit only rises YAYASAN WIJAYA KARYA 1.0%
TREASURY SHARES 4.33%
3.8% to IDR 167 bn reaching around 33% and 30% of our FY estimates respectively. Though
PUBLIC (<5%) 28.5%
slightly below its historical 3-year achievement, we believe WTON could catch up in 2H19
as new contracts coming in following a pickup in post-election construction projects. 1H19 PRICE VS. JCI
new contracts reached IDR 2.72 tn which represents 30% of the target (IDR 9.08 tn,) well
180
below its historical achievement of 41%, 48% and 45% in the past three years. Capex is 160
budgeted to be IDR 779 bn which is mostly for capacity expansion and ready-mix 140
development. 120
100
80
Further Plans 60
In anticipation of higher new contracts target (+18.4% YoY) and orderbook (+15.9% YoY), 40
WTON plans to increase its capacity further to reach 4 million tons. Meanwhile, the ready-

May-19
Nov-18

Mar-19
Oct-18

Jul-19
Dec-18
Sep-18

Feb-19

Jun-19
Jan-19

Apr-19
Aug-18

mix production capacity has increased to 2 million tons. WTON also is committed to
innovation through investment in R&D which aimed at producing efficient new products to
support the production, installation and operation. WTON Rebased JCI Rebased
One of the successes last year was the introduction of box culvert as underpass structure.
Source: PSI Research, Bloomberg
WTON is currently developing prefabricated precast house, a faster alternative to build
houses in conjunction of government effort to reduce housing backlog. The product is KEY FINANCIALS
currently under certification process of PUSKIM (Housing Research and Development IDR bn FY17A FY18A FY19F FY20F
Center), Ministry of Public Works (PUPR). In addition, WTON will sell its treasury shares in
Revenue 5,362 6,931 7,874 8,786
2H19 as deadline looms per regulation requirement.
EBITDA 709 959 1,090 1,239
Net Profit 337 486 553 632
Realizing the Vision
EPS (IDR) 40 58 65 72
Furthermore, together with PT Inka Multi Solusi Trading (IMST) and PT Pindad (Persero), P/E (x) 12.4 6.4 8.2 7.4
WTON export concrete railway sleepers to the Philippines. The products currently under P/BV (x) 1.5 1.0 1.2 1.1
test by the project owner, the Philippines National Railway (PNR). WTON also is in the EV/EBITDA (x) 7.4 4.6 5.4 5.0
process of tender for supplying box girder to a project in Singapore. These will be the first ROE (%) 12.3% 15.5% 14.7% 14.9%
overseas project handled internally by WTON, as in the past WTON only supplied its Net Gearing (%) 29.4% 32.4% 32.9% 35.7%
parent’s projects, WIKA in East Timor and Algeria. Should WTON win those contracts, its Div. Yield (%) 2.3% 4.5% 3.6% 4.1%
contracts target could be exceeded while at the same time increasing its portfolio which is Source: Phillip Sekuritas Indonesia Research, WTON
in line with its vision to be a leading concrete company in Southeast Asia.
Valuation Method: Discounted Cash Flow (DCF)
BUY maintained
We maintained our BUY call on WTON with a price target of IDR 700 per share which Anugerah Zamzami Nasr (+62 57900800)
implies 10.8x FY19F P/E ratio and 6.7x FY19F EV/EBITDA. We are positive on WTON going anugerah.zamzami@phillip.co.id
forward on account of its continuous innovation, new venture into construction services
and faster execution through higher burn rate. Downside risks to our call include lower
contract achievement, margins squeeze, delays in project execution and funds
disbursement.

Page | 1 | PHILLIP SEKURITAS INDONESIA

 WIJAYA KARYA BETON COMPANY UPDATE

WTON Financial Summary

%FY19
%FY19F
IDR bn 1H19 1H18 YoY 2Q19 2Q18 YoY 1Q19 QoQ WTON
PSI Est
Target
Revenue 2,638 2,596 1.6% 1,344 1,402 -4.1% 1,294 3.9% 33.5% 33.2%
COGS (2,297) (2,262) 1.6% (1,164) (1,205) -3.5% (1,133) 2.7% 33.4% 33.1%
Gross Profit 341 334 2.1% 181 197 -8.3% 161 12.6% 34.4% 33.5%
GPM 12.9% 12.9% 13.4% 14.1% 12.4%

SG&A (77) (74) 3.6% (45) (45) -0.5% (32) 38.1% 48.0%
Operating Income 264 260 1.7% 136 152 -10.6% 128 6.1% 31.7% 30.8%
OPM 10.0% 10.0% 10.1% 10.9% 9.9%

Total Other - Income (Expenses) (55) (51) 8.1% (18) (19) -5.3% (36) -49.5%
EBT 210 209 0.2% 118 133 -11.4% 92 28.2% 29.8% 28.4%
Tax (44) (49) -9.6% (23) (30) -24.0% (21) 8.8% 29.3%
Non-Controlling Interest (1) (0) 393.3% (1) (0) 276.8% (0) 727.6%
Net Profit - Owners of The Parent Entity 167 161 3.8% 96 103 -6.8% 71 35.4% 30.1% 30.0%
NPM 6.3% 6.2% 7.1% 7.3% 5.5%

New Contracts 2.72 3.13 -13.2% 1.25 1.58 -21.0% 1.47 -14.8% 30.0% 30.0%

Figure 1 – WTON Order Book Trend (IDR Trillion) Figure 2 – WTON Profitability Margins
18 16%
16 14%
14 12%
12
10%
10
8%
8
6%
6
4 4%

2 2%

0 0%
2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2012 2013 2014 2015 2016 2017 2018 2019F 2020F

New Contracts Carry Over Revenue GPM OPM NPM

Source: PSI Research, Company Source: PSI Research, Company

Figure 3 – WTON Revenue Trend (IDR Trillion) Figure 4 – WTON Earnings Trend (IDR Billion)
8 0.6 1,400 80%
7 1,200 60%
0.5
6
1,000 40%
0.4
5
800 20%
4 0.3
600 0%
3
0.2
2 400 -20%
0.1
1 200 -40%
0 0 0 -60%
2015 2016 2017 2018 2Q19 2013 2014 2015 2016 2017 2018 2019F 2020F
Gross Profit Operating Income
Spun Concrete Precast Concrete Service
Net Income Gross Profit Growth (RHS)
Construction Revenue Growth (RHS)
Operating Profit Growth (RHS) Net Income Growth (RHS)

Source: PSI Research, Company Source: PSI Research, Company

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 WIJAYA KARYA BETON COMPANY UPDATE

Figure 7 – WTON Production Capacity (Mn tons/year) Figure 8 –Revenue Contribution

4.5 70%
4.0 60%
3.5
50%
3.0
2.5 40%
2.0 30%
1.5 20%
1.0
10%
0.5
0%
0.0
2015 2016 2017 2018 2Q19
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F

Centrifugal Non Centrifugal Service Construction

Source: Company, PSI Research Source: Company, PSI Research

Figure 5 – 5 year PE Band Figure 6 – State Infrastructure Spending (IDR Trillion)

40 450 70%
PE+2 Std 400 60%
35
350 50%
30 300
PE+1 Std 40%
250
25 30%
200
20 20%
150
100 10%
15
50 0%
PE -1 Std
10
0 -10%
5
PE -2 Std 2012 2013 2014 2015 2016 2017 2018 2019
APBN
0
Infrastructure Spending % of State Spending (RHS)
May-15

May-16

May-17

May-18

May-19
Nov-14

Nov-15

Nov-16

Nov-17

Nov-18
Feb-15

Feb-16

Feb-17

Feb-18

Feb-19
Aug-14

Aug-15

Aug-16

Aug-17

Aug-18

Aug-19

Growth (RHS)

Source: PSI Research, Bloomberg Source: PSI Research, Ministry of Finance

Figure 9 – Quarterly Revenue Contribution Figure 10 – Quarterly Net Income Contribution

2019 16.3% 16.9% 2019 12.8% 17.3%

2018 17.2% 20.2% 21.8% 40.8% 2018 11.8% 21.2% 24.5% 42.5%

2017 13.6% 23.6% 26.7% 36.1% 2017 15.1% 25.5% 24.8% 34.6%

2016 21.0% 22.6% 20.8% 35.6% 2016 18.4% 21.7% 20.2% 39.6%

2015 16.1% 17.5% 24.8% 41.6% 2015 9.8% 21.0% 19.7% 49.5%

2014 24.8% 26.4% 19.7% 29.1% 2014 24.4% 27.9% 15.4% 32.3%

0% 20% 40% 60% 80% 100% 0% 20% 40% 60% 80% 100%

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Source: Company, PSI Research, Bloomberg Source: Company, PSI Research, Bloomberg

Page | 3 | PHILLIP SEKURITAS INDONESIA

 WIJAYA KARYA BETON COMPANY UPDATE

Financials
FYE 2017A 2018A 2019F 2020F 2021F
Income Statement (IDR bn)
Revenue 5,362 6,931 7,874 8,786 9,468
COGS (4,696) (6,048) (6,881) (7,662) (8,271)
Gross profit 667 882 994 1,124 1,197
Operating expenses (136) (150) (160) (172) (184)
Operating profit / EBIT 530 733 833 952 1,014
EBITDA 709 959 1,090 1,239 1,322
Interest income 4 5 6 7 7
Interest expense (89) 95 (116) (136) (152)
Other Income (loss) (26) (23) (19) (19) (19)
EBT 420 619 704 804 849
Tax expenses (79) (133) (151) (172) (182)
Minority Interest 3.3 0.3 0.3 0.4 0.4
Net Income 337 486 553 632 667

Balance Sheet (IDR bn)

Cash and equivalents 638 865 945 1,054 1,136
Account Receivable 1,219 1,213 1,378 1,538 1,657
Inventories 1,034 1,206 1,372 1,528 1,649
Fixed Assets - net 2,679 2,948 3,470 3,895 4,305
Other assets 1,497 2,650 2,958 3,256 3,476
Total assets 7,068 8,882 10,123 11,271 12,224
Short term debt 1,245 1,455 1,657 1,930 2,710
Account Payable 913 1,146 1,304 1,452 1,567
Current portion of l-t debt 200 35 490 600 33
Other current liabilities 1,858 2,611 2,744 2,886 3,029
Long-term liabilities - net of current portion 0 0 390 40 38
Other non-current liabilities 104 107 115 124 133
Total liabilities 4,320 5,745 6,350 7,031 7,507
Capital Stock & APIC 1,845 1,845 1,845 1,845 1,845
PIC from Treasury (Treasury Stock) (58) (58) 172 172 172
Minority Interest 72 72 72 72 71
Retained earnings 889 1,278 1,685 2,151 2,629
Total Equity 2,748 3,137 3,774 4,239 4,716

Page | 4 | PHILLIP SEKURITAS INDONESIA

 WIJAYA KARYA BETON COMPANY UPDATE

Cash Flow Statement (IDR bn) 2017A 2018A 2019F 2020F 2021F
Net income 337 486 553 632 667
Depreciation & Amortization 179 226 257 286 309
Changes in NWC (239) (305) (329) (297) (178)
Others (4) 2 8 9 8
Cash Flow from Operations 272 409 489 630 806
Capex (639) (494) (779) (711) (719)
Others (33) (25) (20) (25) (25)
Cash Flow from Investing (672) (519) (799) (736) (744)
Dividends paid (82) (101) (146) (166) (190)
Increases / (decreases) in debt 776 435 307 382 209
Others 1 4 230 (0) (0)
Cash Flow from Financing 695 337 390 215 19
Net change in cash 296 227 80 109 82
Cash Ending 638 865 945 1,054 1,136

Valuation Ratios
P/E (X) 12.37 6.45 8.94 8.00 7.58
P/B (X) 1.52 1.00 1.31 1.19 1.07
Dividend Yield (%) 2.32% 4.45% 3.36% 3.75% 3.96%
EV/EBITDA (X) 7.39 4.55 5.74 5.36 5.12

Growth & Margins (%)

Growth
Revenue 54.0% 29.2% 13.6% 11.6% 7.8%
Gross profit 32.2% 32.4% 12.6% 13.1% 6.5%
Operating profit 29.9% 38.1% 13.7% 14.3% 6.4%
EBT 23.1% 47.6% 13.7% 14.2% 5.6%
Net Income 23.5% 44.3% 13.7% 14.2% 5.6%
Margins
Gross Margin 12.4% 12.7% 12.6% 12.8% 12.6%
Operating Margin 9.9% 10.6% 10.6% 10.8% 10.7%
EBITDA Margin 13.2% 13.8% 13.8% 14.1% 14.0%
Net Profit Margin 6.3% 7.0% 7.0% 7.2% 7.0%
Key ratios
ROA 4.8% 5.5% 5.5% 5.6% 5.5%
ROE 12.3% 15.5% 14.7% 14.9% 14.1%
Current Ratio 1.0x 1.1x 1.1x 1.1x 1.1x
DER 0.53x 0.60x 0.58x 0.61x 0.59x
Net Gearing 29.4% 32.4% 32.9% 35.7% 34.8%
Interest Coverage 6.0x 7.7x 7.2x 7.0x 6.6x
Per share data (IDR)
EPS 40.43 58.33 64.86 72.50 76.54
DPS 12.13 17.50 19.46 21.75 22.96
BVPS 330 376 443 486 541

Source: Company, Phillip Sekuritas Indonesia Research Est

Page | 5 | PHILLIP SEKURITAS INDONESIA

 WIJAYA KARYA BETON COMPANY UPDATE

Ratings History

1,200 PT Wijaya Karya Beton Tbk

Source: Bloomberg, PSI
1,000

800

600

400
Market Price

200 Target Price

0
Sep-16

Sep-17

Sep-18

Sep-19
Nov-16

Nov-17

Nov-18

Nov-19
Jan-16

Jan-17

Jan-18

Jan-19

Jan-20
Mar-16

Mar-17

Mar-18

Mar-19

Mar-20
May-16
Jul-16

May-17
Jul-17

May-18
Jul-18

May-19
Jul-19

May-20
Jul-20
1

PSR Rating System

Total Returns Recommendation Rating
> 10% Buy 1
0% to +10% Hold 2
<-0% Sell 3
Remarks
We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but
not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of
stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation.

Page | 6 | PHILLIP SEKURITAS INDONESIA

 WIJAYA KARYA BETON COMPANY UPDATE

Important Information

Rating for Sectors:

Overweight : We expect the industry to perform better than the primary market index (JCI) over the next 12 months.
Neutral : We expect the industry to perform in line with the primary market index (JCI) over the next 12 months.
Underweight : We expect the industry to under-perform the primary market index (JCI) over the next 12 months.

Rating for Stocks:

Buy : The stock is expected to give total return (price appreciation + dividend yield) of > +10% over the next 12 months.
Hold : The stock is expected to give total return of > 0% to ≤ +10% over the next 12 months.
Sell : The stock is expected to give total return of < 0% over the next 12 months.
Outperform : The stock is expected to do slightly better than the market return. Equal to “moderate buy”
Underperform : The stock is expected to do slightly worse than the market return. Equal to “moderate sell”

Analyst Certification:
The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this
research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that
no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research
report.

Disclaimers:
This document has been prepared for general circulation based on information obtained from sources believed to be reliable. But we do not make
any representations as to its accuracy or completeness. Phillip Sekuritas Indonesia (PSI) accept no liability whatsoever for any direct or
consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials
and/or employees may have positions in, and may affect transactions in securities mentioned herein from time to time in the open market or
otherwise, and may receive brokerage fees or act as principal or agent in dealing with respect to these companies. PSI may also seek investment
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that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

Disclosure:
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employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in
Indonesia and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or
underwriting activities), brokerage or securities trading activities. Phillip Sekuritas Indonesia, or persons associated with or connected to Phillip
Sekuritas Indonesia, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have
participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or
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including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or
investment services to such companies and investments or related investments, as may be mentioned in this report.

Country-Specific Disclaimers
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Financial Services Licence No. 246827). This report contains general securities advice and does not take into account your personal objectives,
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Investment Banking and Advisory activities: In the preceding 12 months, Phillip Sekuritas Indonesia and/or an affiliate is not involved in any
investment banking activities with PT. Wijaya Karya Beton Tbk.
Market Maker and Liquidity Provider: Phillip Sekuritas Indonesia and/or an affiliate is not a market maker / liquidity provider in securities issued by
PT. Wijaya Karya Beton Tbk.
Other Financial Interests: Phillip Sekuritas Indonesia owns 0 shares in PT. Wijaya Karya Beton Tbk.

Analyst’s Disclosure:
Share Ownership: The analyst who wrote and published this report owns 0 shares in PT. Wijaya Karya Beton Tbk.
Affiliation: The analyst who wrote and published this report is not affiliated with PT. Wijaya Karya Beton Tbk and any of the affiliates of PT. Wijaya
Karya Beton Tbk.

Page | 7 | PHILLIP SEKURITAS INDONESIA


Management
Jasa Adhimulya
(Head, Research - Equities)
Banking | Economist
Jasa Adhimulya +62 21 57 900 800
jamulya@phillip.co.id
Coal
Yunita C. Kumala +62 21 57 900 800
Yunita@phillip.co.id
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Paris France
Tel (33-1 45633100)
Fax (33-1) 45636017
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INDONESIA
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ANZ Tower Level 23B,
JlJendSudirmanKav. 33A
Jakarta 10220 – Indonesia
Tel (62-21) 5790 0800
Fax (62-21) 5790 0809
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Chicago, IL 60604 USA
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Fax 1 (312) 356 9005
Website: www.phillipcapital.com
WIJAYA KARYA BETON COMPANY UPDATE
Contact Information (Indonesia Research Team)
+62 21 57 900 800
jamulya@phillip.co.id
Cement | Precast
Anugerah Zamzami Nasr +62 21 57 900 800
anugerah.zamzami@phillip.co.id
Telecommunication
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Stefchandra@phillip.co.id
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Page | 8 | PHILLIP SEKURITAS INDONESIA
 WIJAYA KARYA BETON COMPANY UPDATE

ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia
Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email: customercare@phillip.co.id
Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id

Komp. Ruko Mega Grosir Cempaka Mas Mangga Dua

Jl. Let. Jend. Soeprapto Ruko Bahan Bangunan Mangga Dua Blok F1/8
Blok D No. 7 Jakarta, 10640 Jl. Mangga Dua Selatan Jakarta 10730
Telp. (021) 4288 5051 / 50; Fax. (62-21) 4288 5050 Telp. (021) 6220 3589; Fax. (021) 6220 3602
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Puri Roxy
Metro Park Residence Tower Milan LG 16 Pusat Niaga Roxy Mas Blok B2/2
Jl. Pilar Mas Raya Kav. 28 – Jakarta Barat, 11520 Jl. KH. Hasyim Ashari - Jakarta Barat
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E-Mail: hendra.k@phillip.co.id E-Mail: dicky@phillip.co.id

Pantai Indah Kapuk Taman Palem

Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Citypark Business District, Blok B2 No. 12, Cengkareng, Jakbar 11730
Telp. (021) 5694 5791/92/93; Fax. (021) 56945790 Telp. (021) 22522147/48
E-Mail: pik.admin@phillip.co.id E-Mail: adminpalem@phillip.co.id

Tanah Abang Kelapa Gading

Pusat Grosir Metro Tanah Abang (PGMTA) Zona 3 Lt. 5, No. 001 Jl. K.H Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara
Hasyim, Tanah Abang - Jakarta Pusat 10250 Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939;
Telp : (021) 5010 1638; Fax : (021) 3003 6748 E-Mail: tjandrabuana@phillip.co.id
E-Mail: tarjo.kapita@yahoo.com

Citra Garden 2 Alam Sutera

Komp. Citra – Blok A/12, Kalideres, JakBar, 11830 Ruko Prominence Blok 38 - G No. 18
Telp. (021) 5437 4635 Jl. Sutra Barat Boulevard Alam Sutra 15143, Tangerang
E-Mail: dtandy08@yahoo.com No. Telp : (021) 50314300
E-Mail: adminserpong@phillip.co.id

Purwokerto Yogyakarta
Jln. Perintis Kemerdekaan No. 38 Kantor Perwakilan (KP) BEI Yogyakarta
Purwokerto - Jawa Tengah, 53110 Jl. Mangkubumi No. 111 Yogyakarta
Telp. (0281) 626 899 Telp. (0274) 557367
E-Mail: haddy1812@gmail.com E-mail: sugiyanto@phillip.co.id

Semarang Tegal
Jl. Karang Wulan Timur No. 2 - 4 Semarang Kompleks Nirmala Square Blok C no.7
Indonesia Jl. YosSudarso - Tegal 52121
Telp. (024) 3555959; Fax. (024) 3513194 Telp. (0283) 340774
E-Mail: adminsmg@phillip.co.id E-mail: ary@phillip.co.id

Bandung Batam
Komp. Paskal Hypersquare Blok D-40 Kompleks Mahkota Raya
Telp. (022) 8606 0765; Fax : (022) 860 61 120 Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri
E-Mail: adminbandung@phillip.co.id; felix@phillip.co.id Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 7483117
E-Mail: phillip_batam2@yahoo.com

Surabaya Pontianak
Jln. Flores No. 11 Surabaya, 60281 Kantor Perwakilan (KP) BEI Pontianak - Komplek Perkantoran Central
Telp. (031) 5015777; Fax. (031) 5010567 Perdana Blok A2-A3
E-Mail: kadim.phillip@gmail.com Jalan Perdana – Pontianak, 78124
Telp. (0561) 8102257
E-Mail: andi.abdi@phillip.co.id

Jambi Denpasar
Jln. GR. Djamin Datuk Bagindo No. 56A Kantor Perwakilan (KP) BEI Denpasar
Jambi, 36142 Jl. P.B. Sudirman 10 X Kav. 2
Telp. (0741) 7555 699 Denpasar - Bali
E-Mail: mimi.phillip@yahoo.com Telp. (0361) 255 900
E-Mail: phillipdps@gmail.com

Bandar Lampung Palembang

Jl. Pangeran Diponegoro 36A - Bandar Lampung, 35214 Kantor Perwakilan (KP) BEI Palembang
Telp. (0721) 474 234; Fax. (0721) 474 108 Jalan Angkatan 45 No.13 - 14 – Palembang, 30137
E-Mail: kk_lampung@yahoo.com Telp. (0711) 564 092 60
E-Mail: peni@phillip.co.id

Manado Medan
Kantor Perwakilan (KP) BEI Manado – Ruko Mega Style, Blok 1C No. 9, Kompleks Multatuli Indah
Kompleks Mega Mas, Jalan Pierre Tendean Boulevard – Manado, 95000 Jl. Multatuli Blok CC No. 5 & 6, Medan 20151
Telp. (0431) 882 0390 Telp. (061) 457 4033, 457 4055
E-Mail: chlief@phillip.co.id E-Mail: adminmedan@phillip.co.id
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 WIJAYA KARYA BETON COMPANY UPDATE

Jayapura Banjarmasin
Kantor Perwakilan (KP) BEI Jayapura - Komp. Ruko Pasifik Permai Blok. Jl. A. Yani Km. 5,5 No. 2A
H-19, Jayapura 99112, Papua Banjarmasin 70249
Telp. (0967) 532 414 Telp. (0511) 6744 204
E-Mail: fitria.novita@phillip.co.id E-Mail: yunisasmita@phillip.co.id

Ambon
Kantor Perwakilan (KP)- BEI Ambon
Jln. Philip Latumahina, No. 16, Ruko C.
Kel. Honipopu, Kec. Sirimau, Ambon 97115
Telp. (0911) 382 3336
E-Mail: rahma@phillip.co.id

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