IPO Highlight PT Koka Indonesia (KOKA)

Company Description

PT Koka Indonesia (KOKA) is an industrial building construction company with strong network and track record servicing foreign clients as well as becoming top-of-mind contractor for China-based project owners in Indonesia. 

Founded in 2011, KOKA has done nearly 100 projects with more than 10 construction and civil engineering projects throughout Indonesia, such as Mason Pine Hotel Bandung, Hua Ching Aluminium, Chengtong Lithium, DFSK Office, OPPO Office & Factory, Vivo HQ Office, QMB Control Center, CNCEC Indonesia, and SGMW Wuling Indonesia. 

 

Investment Highlights

Given its strong networking with many Chinese project owners, KOKA has pocketed 6 new contracts with projects value of more than IDR200 bn dominated by mining infrastructure project in Morowali, Sulawesi. The company also has 7 pipeline projects with total value of more than IDR400 bn (2.2x of ’22 revenue) mostly coming from mining and energy related sectors.

The company aims for at least 40% yoy revenue and earnings growth in 2023 which translating into ’23 PE of 13.5x and post-IPO PBV of 2.2x, still at discount to its private contractor peers yet offering superior margins, robust balance sheet and higher growth momentum as well as strong competitive advantage in captive market of Chinese-based projects in Indonesia.

 

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