Company Update

06 November 2023

KOKA IJ - MNC Sekuritas Equity Report November 6, 2023

Modest in Size, Mighty in Merit

Key Takeaways:
• PT Koka Indonesia (KOKA IJ) is a construction company established in 2011, specializing in general contracting, mechanical engineering, geotechnical engineering, interior design, and furniture services.
• KOKA stands poised to harness the upward trajectory of the down streaming industry in Morowali, leveraging over 12 years of valuable experience and robust connections with foreign clients, notably those hailing from China.
• We anticipate revenue growth with a CAGR FY22-24F +37.3% to reach IDR345.0bn in FY24F. We also projected net profit to continue its growth trajectory, with a CAGR FY22-24F of +72.4%, reaching IDR57.6bn in FY24F.
• We recomend BUY for KOKA with initiate TP of IDR200, which implies PE and EV/Ebitda of 14.1x/8.9x in FY23E. Downside risks including: 1) project cost overruns; 2) funding shortfall; and 3) risk of high customers dependency.

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