Kategori: Infrastructure Transportation

Soechi Lines has decided to downsize the new IPO shares issuance from 2.5bn shares (30%) to ~1.25bn shares or 15%. The IPO price has also been set at IDR550/share, lower than the previous range of IDR600-800/share. This action was taken by the management due to unfavourable market and industry condition. Therefore, Soechi will gain IPO.

Tower Bersama Infrastructure (TBIG IJ, Neutral, TP: IDR8,600) is planning to conduct a non-preemptive rights issue for 479.65m shares (10%). This action is part of the share swap scheme with PT Dayamitra Telekomunikasi (Mitratel), subsidiary of Telekomunikasi Indonesia (TLKM IJ, BUY, TP: IDR3,200). Tower will also transfer its 53.29m treasury shares as part of the.

Adhi Karya (ADHI IJ, Neutral, TP: IDR2,720) has made another revision for this year’s target new contract from IDR15trn to IDR10.5trn (-30%). Unfortunately, management has not issue a formal explanation for this second revision. Moreover, new contracts won until October 2014 has reached IDR5.5trn. Therefore, the new contracts achievement YTD has reached 52% from the.

The IPO price of Soechi Lines is set at IDR550/share, lower than the initial range of IDR600 – 800 per share. Nonetheless, with the issuance of 2.57bn shares (30%) Soechi Lines will receive IDR1.4trn from the IPO fund. The funds will be used to expand its armada and pay off debts. Soechi is also allocating.

3Q14 net profit reached USD222m (+14.7% q-o-q), bringing 9M14 figure to USD592m (-7.8% y-o-y), in line, comprising 70%/75% of ours/consensus FY14 target. The q-o-q net profit increase is mainly due to forex gain of USD34m in 3Q14 (vs forex loss of USD11m in 2Q14). We see that gross margin squeeze on higher gas cost to.

3Q14 net profit reached USD5Mn (-1.3% QoQ), bringing 9M14 figure to USD18Mn (-4.7% QoQ), accounting to 64%/62% of ours and consensus FY14 target respectively which is below our expectation. We expect 4Q14 gross margin and net profit to pick ups QoQ on slightly higher utilization rated for its higher-end vessels yet inadaquate to reach our.

Adhi Karya (ADHI IJ, BUY, TP: IDR3,745) booked 44% YoY lower earnings in 9M14 that only reached IDR101bn, revenue also declined 8% YoY to IDR5.19trn. 9M14 achievements were below expectation where revenue & earnings only accounted for 45%/47% & 23%/24% from our/consensus full year estimates. Seasonally, revenue and net income achievements in the past 3.

Wijaya Karya Beton, Tbk (WTON IJ) booked IDR223.35Bn of net income during 9M14 (+15% YoY), this was supported by revenue that increased to IDR2,322Bn (+13.8% YoY). Wijaya Karya Beton’s 9M14 earnings were relatively in-line with our/consensus estimates that reflect 72%/71% from full-year projection. On quarterly basis, 3Q14 net income declined to IDR57.2bn (-33.4% QoQ) as.

Wijaya Karya Beton (WTON IJ, BUY, TP: IDR1260) booked IDR223.35bn of net income during 9M14 (+15% y-o-y), this was supported by revenue that increased to IDR2,322bn (+13.8% y-o-y). Wijaya Karya Beton’s 9M14 earnings was relatively in-line with our/consensus estimates that reflects 72%/71% from full-year projection. On quarterly basis, 3Q14 net income declined to IDR57.2bn (-33.4%.

3Q14 results highlights 3Q14 revenue declined 8.4% q-o-q on lower utilization on low-tier vessels and no new vessel expansion coming in in 3Q14. 3Q14 cost of revenue spiked 11.5% q-o-q mainly on crew & maintenance/docking costs dragging 3Q14 gross margin to 42.3% vs 52.6% in 2Q14. Given higher economies of scale from fleet expansion, 3Q14.