Kategori: Infrastructure Transportation

We attended Logindo’s site visit on 16 May at Batam to see its recent USD22.5m 8k hp anchor handling tug supply (AHTS) dynamic positioning (DP2) vessel purchase, which is the 2nd vessel purchase this year from its 4 new vessel full year target. This specifically well equipped, technologically advanced vessel is well designed to support.

Mitrabahtera Segara’s 1Q14 earnings hit USD9m (-7.9% q-o-q; -11.5% y-o-y), or 24% of our FY14 net profit estimate. We see it facing a challenging year as we see no signs of a structural recovery in the coal sector. We applaud management’s efforts to maintain survivability in the coal support industry. We maintain our NEUTRAL call.

1Q14 earnings reached USD8m (-12.9% q-o-q; +30.5% y-o-y), in line with our expectations (22% of our FY14 estimate). We believe the company should be rated against its regional peers, which benefit from the cabotage or local content ruling. We increase our TP to IDR1,200 with a target PER of 12x (previously 9.4x), premised on the.

1Q14 net profit rose to USD6m (+9.6% q-o-q, +62.2% y-o-y), or 25% of our FY14 estimate Looking ahead, we expect more contribution from other customers besides Total E&P. Logindo has signed a two-year long-term contract with Pertamina Hulu Energi – a sign of better fleet contracts earnings quality. We raise TP to IDR4,900, with 12x.

1Q14 net profit increased hit USD6m (+9.6% q-o-q; +62.2% y-o-y), which is inline accounting 25% to our FY14 net profit. We see more contribution from other customers besides Total E&P which is positive in our view. Logindo recently signed a 2 year long-term contract with its Pertamina Hulu Energi, which is a sign of better.

1Q14 net profit reached USD8m (-12.9% q-o-q; +30.5% y-o-y), which is in line accounting for 22% to our FY14 net profit. We believe WINS should be rated against its peers in South-East Asia which benefit from the cabotage or local content ruling. Therefore, We upgrade our TP to IDR1,200 (from IDR1,000) with a target PER.

As of FY13, MBSS’ cash position stood at USD44m, arising from cash collected from its customers coupled with a very low capex allocation as MBSS was hitting the expansion break as it was caught in the downturn cycle of the coal industry. Given its strong cash position in FY13, we expect MBSS to distribute a.

Company Profile WINS has been involved in marine transportation since 1970 catering offshore support vessels to the oil and gas. It also provides fleet support to the upstream activities of offshore oil and gas companies. WINS’ clients are oil & gas giants, such as Chevron, Exxon Mobil, Conoco Phillips and Pertamina. Highlights A young OSV.

MBSS’s 4Q13 net profit dipped 2.4% y-o-y but grew 14.6% q-o-q to USD10m, given a peak quarter which coincided with China’s winter. This brought FY13 net profit to USD38m, in line with our expectations at 95% of our FY13 estimate. We cut 2014-15 earnings by 7-5% on lower fee charges assumption amid further renegotiations. While.

MBSS 4Q13 net profit increased 14.6% q-o-q to USD10m given peak seasonality in 4Q13 from China’s winter season, yet down 2.4% y-o-y, bringing FY13 net profit amounting to USD38m, inline to our FY13 estimate (95%). We cut earnings by 7% and 5% for 2014-15 earnings as we lower our fee charges to its customers from.