Kategori: Infrastructure Transportation

TOTL’s 1H13 revenue and net profit were in line, accounting for 56.6%/47.4% of its estimates and 54.9%/45.6% of ours. Its real estate business contributed 12.4% to revenue, boosting gross margin by 60bps y-o-y. Nonetheless, earnings growth was muted, growing by a mere 18.5% y-o-y as Management remains ultra conservative and severely risk averse. Maintain NEUTRAL.

WINS’ 1HFY13 earnings came as no surprise, accounting for 49% and 50% of our and consensus FY13 targets respectively. Gross margins were relatively maintained, aided by rising re-charter business and rates. Yet, higher interest expenses pressured bottomline margins to 13.8% (1HFY12: 18%). We also see 2HFY13 as relatively similar to 1HFY13 and we maintain our.

Company Profile Radiant Utama Interinsco (RUIS) provides operation support, inspection and certification, offshore services and others to the upstream oil & gas (O&G) industry. RUIS has two business segments: i) light-based services, and ii) asset-based services. The former is an operating support and inspection services provider and accounted for ~77% of the Group’s FY12 revenue.

Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to offshore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segments. Its barging.

Company Profile Surya Semesta Intermusa (SSIA) was established in 1971 as an investment company and went public in 1997. Through its units, the Company is involved in property development (industrial estates, commercial offices and shopping malls), construction and hospitality (hotels and resorts). It has a strong relationship with the Astra Group (NEUTRAL, ASII: IJ, TP:.

Investment Merits WIKA’s strong ties with the national power and oil & gas (O&G) companies make it the frontrunner to secure high-margin engineering, procurement and construction (EPC) projects. Strategic ownership of precast manufacturer WIKA Beton ensures consistent supply despite increasingly tight raw materials market. Widest net margins among other national construction companies (5.0% in FY13F),.

Investment Merits a. Limited impact from the tender banning on its subsidiary b. Positive outlook remains intact c. Potential upside to our earnings growth forecasts Company Profile Wintermar Offshore Marine (WINS) has been involved in marine transportation since 1970. It also provides fleet support to the upstream activities of offshore companies. Its clients include oil.

Highlights Potential tenders with commencements in 4Q13 RUIS is in tender process to supply Floating, Storage and Offloading Unit (FSO) service for CNOOC which will start operating in 4Q13. Given RUIS highly leveraged position (net gearing at 223% in 2012), RUIS can only use a re-chartered vessel scheme with foreign partnership. The deal would command.

PGAS’ long term outlook remains bright despite concerns over its short term gas supply. As Indonesia’s largest gas distributor with an 85% market share, it is well positioned to venture into other gas-related businesses as well as undertake upstream takeovers. We see PGAS as a defensive rotational play given its strong domestic exposure, which partly.

Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to off-shore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segment. Its barging.