Wintermar 3Q12 Brief Notes
Wintermar Offshore Marine, Tbk (WINS IJ) 9M12 net profit reached USD14m (+29.4% y-o-y) mainly derived from higher owned-vessel revenue proportion of 56% in 9M12 which is higher compared to 44% contribution in 9M11. We have not translated our financial model into USD currency yet, however we believe the 9M12 results is relatively in line with our FY12 bottom line.
Medco’s Revenue Increase 56%
United States Market Supported Kedaung’s Performance
PLN Issues Bonds to Refinancing its Debt
Foreign Investors Avoids The Primary Market
Pace of the Economy Reflected Purchasing Power
Indonesia Bond Market Traded Mixed Amid Foreign Reserve Data
Although 9M12 revenue declined 2% y-o-y, gross profit managed to increase 20% y-o-y as the portfolio composition changed quite significantly. Note that WINS has 2 revenue sources which is from owned vessels which has around the 45% gross margin levels and 3rd party chartered vessels which has a very thin margin of ~3%. By this, gross margin in 9M12 has been boosted to 29%, higher compared to 24% in 9M11. Meanwhile, EBITDA increased 27% y-o-y. Given the company’s capital intensive in nature, net gearing of 52% in 9M12, which is expected in our view.
PP Properti Targets 20%YoY Growth
Indo-Rama Synthetics Targets 20% Increase in Production Capacity Until 2020
KEB Hana Third Party Fund IDR22.50Trn
Shelf Registration II WOM Finance Tranche II Year 2017
Pertamina do the Hedging and Revised the Assumptions of Rupiah
Indonesia Poverty Rate Declines to 9.82%
Due to enhance operational skills and infrastructure in the last 2 years, the benefit of economic of scale has been felt as indirect expenses only contributes 9% of operating profit in 9M12, lower compared to 24% in 9M11. WINS took delivery 3 new vessels (1 AHT and 2 AHTS) in 3Q12 as planned. Gross margin fells in 9M12 compared to 1H12 because of the startup costs associated with new vessel deliveries and fleet upgrading.
Ramayana Lestari Books 3.9% YoY Sales Growth in 1H18
Gajah Tunggal Buys 92.9% of Filamendo Shares from Polychem
Bank Mualamat Senior Term Notes Rating
BI is the Largest Net Buy on Government Bond
Government Spending and Revenue Realization Reached Only 75.9% and 76%
Bank Indonesia’s Year-end Inflation Projection to 3.29%
WINS plans to participate in the tenders for several large deep water project in 1H13. The offshore industry has been more focused on exploration activities which is characterized by shorter-term contracts compared to production contracts. However, given the abundance of potential off-shore blocks, new potential tender for WINS is highly imminent. Note that 30 September contracts on hand amount to USD264m, higher compared to USD196m in June 2012. At this current juncture, we maintain our target price at IDR690 and maintain our BUY call.
