We initiate coverage on Voksel Electric (VOKS) with a BUY and IDR2,400 TP – a 65% upside to the current price.

We initiate coverage on Voksel Electric (VOKS) with a BUY and IDR2,400 TP – a 65% upside to the current price.

VOKS is the undisputed leader in the manufacturing of high-medium voltage aluminum and fiber optic cables. As a major supplier to PLN and TLKM, it is the main beneficiary of Government megaprojects in power and telco, offering 22% net profit CAGR for FY11-FY15F and 25% ROAE in 1Q13. It currently trades at 7.2x/6.1x FY13/FY14F P/E – a 55%-65% discount to other infrastructure proxies. (OSK)

Source : Listri Adistri