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20250508_WEGE_Laporan Informasi dan Fakta Material_31884390_lamp1.pdf
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Rating Summary
May 8, 2025
PT Wijaya Karya Bangunan Gedung Tbk
Credit Rating PEFINDO has assigned its idBBB rating with stable outlook to PT Wijaya Karya
General Obligation (GO) idBBB/Stable Bangunan Gedung Tbk (WEGE). The rating reflects the Company’s conservative
capital structure and its favorable business model. The rating is constrained by its
Rating Period concentrated project type and volatile business environment.
April 24, 2025 – April 1, 2026
The rating may be raised if WEGE improves its market position, strengthens its
Published Rating History modular business, and obtains more non-government projects, as well as improves
- its profitability on a sustained basis. This should also demonstrate a more conservative
capital structure and stronger cash flow protection measures. However, the rating may
be lowered if the Company incurs more debt than projected to finance expansion or
working capital, resulting in the deterioration of its financial profile.
Established in 2008, WEGE is a subsidiary of PT Wijaya Karya (Persero) Tbk (WIKA),
engaged in building-related projects, industry (modular and precast), investment &
concession, and property. Currently, the Company is focusing on developing its latest
modular type, namely NETRO – Smart Net-Zero Growing Modular House System as
a flagship product, which complements WEGE's previous modular portfolio, namely
MOLI (Modular Lite), WG Flatpack, and Volumetric. As of December 31, 2024, its
shareholders were WIKA (69.3%), Koperasi Karyawan WIKA (0.7%), and the public
(30%).
Rating Definition Financial Highlights
An obligor rated idBBB has an adequate capacity to
As of/for the year ended Dec-2024 Dec-2023 Dec-2022 Dec-2021
meet its long-term financial commitments relative to
that of other Indonesian obligors. However, adverse (Audited) (Audited) (Audited) (Audited)
economic conditions or changing circumstances are Total adjusted assets [IDR bn] 5,476.3 5,313.2 5,076.6 5,571.0
more likely to weaken its capacity to meet its financial Total adjusted debt [IDR bn] 457.1 223.5 601.0 535.3
commitments. Total adjusted equity [IDR bn] 2,355.0 2,310.4 2,192.1 1,978.6
Total sales [IDR bn] 3,773.2 3,990.5 2,447.0 3,251.2
EBITDA [IDR bn] 305.8 267.6 283.9 340.8
Net income after MI [IDR bn] 67.9 46.7 230.1 213.9
EBITDA margin [%] 8.1 6.7 11.6 10.5
Adjusted debt/EBITDA [X] 1.5 0.8 2.1 1.6
Adjusted debt/adjusted equity [X] 0.2 0.1 0.3 0.3
FFO/adjusted debt [%] 39.6 38.7 26.8 33.7
EBITDA/IFCCI [X] 10.8 4.0 5.0 5.4
USD exchange rate [IDR/USD] 16,162 15,416 15,731 14,269
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
Contact Analysts: MI= Minority Interest
jono.syafei@pefindo.co.id
The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
agung.iskandar@pefindo.co.id
been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com May 2025
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Rating Summary
May 8, 2025
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com May 2025
Names mentioned 6 people and organisations named in the text · linked when the evidence is strong
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Wijaya Karya Bangunan
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PT Wijaya Karya General Obligation
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Koperasi Karyawan WIKA
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PT Pemeringkat Efek Indonesia
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