Kategori: Infrastructure Transportation

Controversies of PGAS-Pertagas merger plan has been heating up in medias PGAS and Pertamina have expressed their respective views regarding the merger schemes to the government and has led to a concern to investors whether any decisions to be made is for political rather than national interest. We provide scenarios should any synergies be made.

The controversy over the PGAS-Pertagas merger plan is heating up. PGAS and Pertamina have conveyed their respective views on the proposal to the Government, but this has led to concerns whether any decision would be motivated by politics rather than in the national interest. We draw up scenarios of any potential synergies arising from merging.

Executive Summary “Logindo Sukses Makmur (Logindo) is expected to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher tier vessels. The group has a relatively young fleet age and lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things.

We think that PGAS-Pertagas potential M&A schemes, open-access & unbundling policies” issues is still a rough scheme, therefore needs further study and unlikely to proceed in the mean-term. We like PGAS given its given its rich cash position to cater diversified projects aligned with strengthening its vertical integrated chain. We see that the share price.

We think that PGAS-Pertagas potential M&A schemes, full “open-access & unbundling” proposals are still at a very early stage, thus needs further study & unlikely to proceed in the mean-term. We view that PGAS should maintain its dominance in the industry given its vast experience in the industry to provide solid distribution to cater domestic.

PGAS’ long-term outlook remains bright despite concerns over its short-term gas supply and it is well positioned to venture into other gas-related businesses, as well as undertake upstream takeovers. We maintain our BUY call, with DCF-based IDR6,000 TP unchanged, on its defensive characteristics and project diversification visibility, which is aligned with the strengthening of its.

The earnings of Wintermar Offshore Marine, Tbk (WINS IJ), a leading Indonesian OSV player, have risen consistently since its Nov 2010 IPO. It has beaten the JCI by 40% since the market peaked on 20 May 2013, buoyed by its sturdy fundamentals. As its 9M13 earnings beat our estimate, we expect alluring double-digit earnings growth.

PGAS’ long-term outlook remains bright despite concerns over its short-term gas supply and it is well positioned to venture into other gas-related businesses, as well as undertake upstream takeovers. We maintain our BUY call, with DCF-based IDR6,000 TP unchanged, on its defensive characteristics and project diversification visibility, which is aligned with the strengthening of its.

Given its superior fundamentals, Telkom is set to outperform in an uncertain market environment. Investors should accumulate on excessive weakness, given the re-rating catalysts from its tower asset’s IPO in 1H14 and continued market share gains. It is executing well on most fronts while peers are distracted by network and merger challenges. We see a.

We expect Telkom to outperform in an uncertain market environment due to its superior fundamentals. Investors should accumulate on excessive weakness given the re-rating catalysts from the IPO of its tower assets in 1H14 and continued revenue market share gains. Telkom is executing well on most fronts when its peers are distracted by network and.