Total Bangun Persada Timid Growth
TOTL’s 1H13 revenue and net profit were in line, accounting for 56.6%/47.4% of its estimates and 54.9%/45.6% of ours. Its real estate business contributed 12.4% to revenue, boosting gross margin by 60bps y-o-y. Nonetheless, earnings growth was muted, growing by a mere 18.5% y-o-y as Management remains ultra conservative and severely risk averse. Maintain NEUTRAL.
Read More...Wijaya Karya Unlocking Value
WIKA booked a 55.7% net profit growth y-o-y in 1HFY13 to arrive at 50.5%/46.4% of the Company’s/our FY13 estimate respectively – in line. It is on track to unlock the value of subsidiary PT Wijaya Karya Beton (WIKA Beton) through an IPO that is slated to conclude in 2HFY13. We call for a BUY on.
Read More...Wintermar Bottomline In Line
WINS’ 1HFY13 earnings came as no surprise, accounting for 49% and 50% of our and consensus FY13 targets respectively. Gross margins were relatively maintained, aided by rising re-charter business and rates. Yet, higher interest expenses pressured bottomline margins to 13.8% (1HFY12: 18%). We also see 2HFY13 as relatively similar to 1HFY13 and we maintain our.
Read More...Mitra Pinasthika Mustika Full-Fledged Auto Player
Company Profile Mitra Pinasthika Mustika (MPMX) was established in 1987 with initial operations in the motorcycle distribution business. It subsequently expanded into related areas such as motorcycle retail sales and consumer parts. In 2011, it expanded its business by acquiring a car rental and financing business. The company is 29%-owned by Saratoga Investama Sedaya (majority.
Read More...Selamat Sempuma Notable Dividend Player
Company Profile Founded in 1976, Selamat Sempurna (SMSM) is a part of ADR Group and currently one of the largest filter and radiator manufacturers in the region. The Company manufactures filters, radiators, oil coolers, condensers, brake pipes, fuel pipes, fuel tanks, exhaust systems, and press parts for passenger vehicles and heavy equipment. Highlights A dividend.
Read More...Radiant Utama Interinsco Cheap Exposure To a Growing Industry
Company Profile Radiant Utama Interinsco (RUIS) provides operation support, inspection and certification, offshore services and others to the upstream oil & gas (O&G) industry. RUIS has two business segments: i) light-based services, and ii) asset-based services. The former is an operating support and inspection services provider and accounted for ~77% of the Group’s FY12 revenue.
Read More...Wismilak Inti Makmur Braveheart
Company Profile Wismilak Inti Makmur (WIIM), established in 1994, produces a variety of machine-made clove cigarette (SKM) and hand-rolled clove cigarette (SKT) under various brands. Its anchor brand is Wismilak Diplomat (WD), which has been in existence for more than 20 years and from which it derives lucrative margins. WIIM uses WD as a cash.
Read More...Mitrabahtera Segara Sejati, Defensive Play Against Coal Market Gloom
Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to offshore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segments. Its barging.
Read More...Malindo Feedmill Riding The Poultry Consumption Growth
Company Profile Malindo Feedmill (MAIN) is a poultry company that mainly produces chicken feed, day-old chicks and chicken meat. The company was established in 1997. The Lau Family, who controls Malaysia’s largest poultry player Leong Hup Group, became MAIN’s major shareholder in 2000. The Leong Hup Group includes Leong Hup Holdings and Emivest (EMIV MK;.
Read More...Matahari Putra Prima Getting Nimbler Post-Divestments
Company Profile Matahari Putra (MPPA) is one of the leading modern fast-moving consumer good (FMCG) retailers in Indonesia with 82 hypermarkets in operation. It also operates 28 supermarkets and 79 pharmacies. Highlights Solid growth MPPA’s strong distribution network and the compact format of its Hypermarts give it great flexibility in opening hypermarkets in Indonesia’s second-tier.
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