Kategori: Infrastructure Transportation

Indonesian Toll Road Authority (BPJT) announced that 14.41 Km Mojokerto-Kertosono toll road section 1 (SS Bandar – SS Jombang) will operate soon before the end of the current President’s reign. The toll road is part of the Trans-Java toll road project. Currently, the section is under feasibility trials with indefinite completion.

PT Nusantara Infrastructure (META IJ, Not Rated) will issue 10% of new shares through rights issue. The funds will be used to finance the acquisition of 3,500 units of PT XL Axiata’s (EXCL IJ, BUY, TP: IDR6,300) tower and other expansion. Rights issue offer price will be at IDR250/share, so META will receive around IDR380bn.

Indosat (ISAT IJ, BUY, TP: IDR4,800) is targeting remittance business. The company has signed an agreement with HomeSend to develop a remittance service to target 60 million Indosat’s customers in Indonesia. HomeSend is a joint venture between MasterCard, eServGlobal, and BICS that enables B2B cross-border and cross-network value transfers through a single connection. Through the.

PT Indosat (ISAT IJ, BUY, TP: IDR4,800) is targeting remittance business. The company has signed an agreement with HomeSend to develop a remittance service to target 60 million Indosat’s customers in Indonesia. HomeSend is a joint venture between MasterCard, eServGlobal, and BICS that enables B2B cross-border and cross-network value transfers through a single connection. Through.

Wintermar Offshore Marine (Wintermar)’s 1H14 earnings of USD13m (+11.4% YoY) made up 38%/40% of our/street targets for FY14. The underperformance was mainly due to higher-than-expected interest expenses and lower-than-expected third-party vessel charters. Still, we see fundamentals of the OSV industry remaining solid and projects being abundant going forward. Maintain BUY, with our TP at IDR1,610.

1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.

Wijaya Karya (WIKA IJ, Under Review) revenue during 1H14 grew 10.8% y-o-y to IDR5.85trn while net income is relatively flat at IDR283bn (+0.8% y-o-y). Revenue during 2Q14 grew 15.3% y-o-y to IDR3.06trn where we estimate around 22% was contributed from its subsidiary PT Wika Beton (WTON IJ, Not Rated). However, 2Q14 net income tumbled by.

Logindo’s 2Q14 net profit jumped 10.4% q-o-q and 70.1% y-o-y to USD6m, pushing its 1H14 net profit 66.2% higher y-o-y to USD12m. This is in line, accounting for 52% of our FY14 net profit assumption. We remain upbeat on the 2015 outlook for the OSV (offshore supply vessel) sector. The stock is now trading at.

Wijaya Karya, Tbk (WIKA IJ) through its subsidiary, Wika Beton, Tbk (WTON IJ), has acquired 80% of Citra Lautan Teduh (CLT), a concrete company, for USD23.5Mn from Pumyang Construction Co Ltd. CLT is producing pre-stressed spun concrete pile and has a production capacity of 100k tons. Management has signed CSPA where WIKA will have 10%.

We view PGN’s USD5.50/boe shale gas acquisition as a fair deal and should not harm its balance sheet. In fact, it is a wise move to secure gas supply for future pipeline expansion, which reinforces our thesis that PGN is the main beneficiary of the rise in gas infrastructure. Maintain BUY but upgrade our SOTP-based.