Kategori: Infrastructure Transportation

Following Logindo’s (LEAD) FY13 results which were in line with our expectations, we expect strong earnings growth (+39% y-o-y) to persist in 2014 on the back of vessel expansion in 2013-14. We believe that the Indonesia OSV industry is still at an early cycle and last year’s strong industry earnings growth from cabotage makes industry.

LEAD’s FY13 results were in line with our estimates We see its strong earnings growth (+39% y-o-y) persisting in 2014 on its ongoing vessel expansion plans. Indonesia’s OSV sector remains at an early cycle and 2013’s strong industry earnings growth from cabotage is crystallising market visibility. We upgrade our IDR3,850 TP (from IDR3,450), implying 9.4x.

PGAS’ USD3.0bn in FY13 revenue (+16.5% y-o-y) and USD861m in earnings (-3.4% y-o-y) was inline with our forecasts. However, gross margins were lower at 47.2% vs FY12’s 57.1%, given the slow adjustment on selling prices due to the gas supply price hikes back in Sept 2012 & April 2013. We expect gross margin to normalize.

We think WINS’ 4Q13 earnings could be poised for an upside surprise, bolstered by contributions from its anchor-handling tug and supply (AHTS) vessels in 2H13. In view of the strong 4Q13 and higher vessel utilisation expected for 2014, we raise our FY13-14F earnings estimates by 8-6%. Maintain BUY, with our TP lifted to IDR840 (8.5x.

We think 4Q13 earnings could bring an upside surprise, following the contribution from its anchor handling tug and supply (AHTS) vessel, which came in 2H13. Given the strong 4Q13 and higher vessel utilization expected in 2014, we raise our FY13-14F earnings by 8-6%. Maintain BUY, with our TP higher at IDR840 (8.5x 2014 P/E) to.

We think 4Q13 earnings could bring an upside surprise, following the contribution from its anchor handling tug and supply (AHTS) vessel, which came in 2H13. Given the strong 4Q13 and higher vessel utilization expected in 2014, we raise our FY13-14F earnings by 8-6%. Maintain BUY, with our TP higher at IDR840 (8.5x 2014 P/E) to.

Logindo (LEAD) is to book an 83% net profit CAGR for the three years to 2014, spurred by its strong fleet expansion to higher-tier vessels. Its relatively young fleet age, lucrative margins and strong industry track record are precursors of greater things. We initiate coverage with a BUY and IDR3,450 TP, implying an 8.5x 2014.

Logindo (LEAD) is to book an 83% net profit CAGR for the three years to 2014, spurred by its strong fleet expansion to higher-tier vessels. Its relatively young fleet age, lucrative margins and strong industry track record are precursors of greater things. We initiate coverage with a BUY and IDR3,450 TP, implying an 8.5x 2014.

LEAD to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher-tier vessels. LEAD has relatively young fleet age & lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things to come. We have a BUY call with TP IDR3,450,.

LEAD to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher-tier vessels. LEAD has relatively young fleet age & lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things to come. We have a BUY call with TP IDR3,450,.