Mitrabahtera Segara Sejati, Strong coal deliveries
We cut earnings by 4% and 3% for 2013 and 2014 respectively mainly due to our lower than expected fee per tonnage assumption. Despite foreseeable contract fee re-negotiations by customers post 2014, we are of the view that MBSS should be able to have vessel expansion in 2014 as more coal volumes would be delivered.
Read More...Bank Permata Bond Issuance
Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.
Read More...Perusahaan Gas Negara Within Expectations
PGAS’s 9M13 forex and derivative gains offset its slightly lower-than-expected distribution volume, bringing 9M13 earnings to USD642m (+3.3% y-o-y) or 76% of our and consensus estimates each. Its share price has declined, due to recent investor sentiment over the open-access policy that could threaten its dominance in the distribution business. Maintain BUY, with a lower.
Read More...Perusahaan Gas Negara, Earnings Get Partial Boost From Forex Gain
PGAS’ 1H13 net profit was in line, at 52% and 53% of our and street estimates respectively. Gross margin fell to 47% in 1H13 from 61% in 1H12 on gas cost hikes in Sept 2012 and 1 Apr 2013. PGAS is now trading at an 18% discount to its 5-year historical forward P/E and is.
Read More...Selamat Sempuma Committed Dividend Player
We like SMSM as a committed dividend player with a solid dividend payout ratio track record. We also view positively SMSM attempt to grow inorganically through acquisitions and joint ventures. However we keep our NEUTRAL recommendation due to current rich valuation of 14.3x FY14 PE. Our DCF based fair value is at IDR2,750 (12.6x FY14.
Read More...Dyandra Media Public Expose (2013)
Management expects 9M13 earning before tax to come at IDR62bn (+15% y-o-y) reaching only 46% of our FY13 forecast. We may need to revisit our forecast considering majority of the highly profitable exhibitions (IIMS, Mega Bazaar Computer, Festival Komputer Indonesia, IPA etc) are already included in 9M13 result. Major projects to come in 4Q13 including.
Read More...A walk through Indonesian International Motor Show
Yesterday we visited the opening of Indonesian International Motor Show 2013. We couldn’t see all of the car as some were still being concealed from public, but we sensed that the competition is heightening, especially in the low to mid segment market where automakers aggressively competiting to tap the growing middle income population that currently.
Read More...Mitrabahtera Segara Sejati 1H13 Earnings Spot-On
MBSS’ 1H13 net profit was spot-on, representing 46% of our FY13 earnings estimate. We expect 4Q13 to be its peak quarter, spurred by China’s strong coal demand during the winter season. All in, the company’s outlook remains intact, with possible vessel expansion should the company secure new contracts in 2H13, though this is not yet.
Read More...Pembangunan Perumahan Robust Outlook
PTPP booked 38.6% of its FY13F net profit target in 1H13 – much higher than the 19%-21% achieved in the past two years. Hence, it is cautiously optimistic of posting robust FY13F earnings and guides for a new IDR400bn earnings target (8.1% above earlier forecast). As at end-June, 48.2% of the new FY13 target contract.
Read More...United Tractors Further Deterioration in 1H13
UNTR’s 1H13 revenue and earnings fell 18.7% and 25.2% y-o-y respectively While revenue made up 55% and 57% of consensus and our FY13F estimates respectively, its earnings only comprised 45% and 47% of the respective forecasts, no thanks to margin pressure. We cut our FY14F numbers by 19.5% on its deteriorating earnings. Maintain NEUTRAL call.
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