Kategori: Infrastructure Transportation

Bright prospects RUIS provides services to oil and gas (O&G) companies such as operation support, inspection, offshore services and others. The company has vast management experience with 38 years in the O&G upstream business services and is highly exposed to reputable O&G clients. We see opportunities for RUIS in strong cross-selling services and margin expansion.

PGAS’ long term outlook remains bright despite its short term gas supply concerns. As the country’s largest gas distributor with 85% market share, it should be well positioned to venture into other gas-related businesses as well as embark on upstream takeovers. We recommend PGAS as a defensive rotational play given its strong domestic exposure, which.

Despite short-term supply concern for PGAS, long-term outlook remains bright as PGAS as the largest gas distributor (85% market share) should be well positioned for ventures to any diversified gas related forms and upstream takeovers. PGAS is recommended as a defensive rotational play given its strong domestic exposure and less impacted from inflation impact. We.

In a recent newsletter, Wintermar Offshore Marine (WINS) touched upon an unfortunate incident that resulted in tragic consequences for the crew of a small fishing vessel. Due to this episode, its PT Wintermar (subsidiary) has been prohibited from submitting tenders for one year by industry regulator SKK Migas. We believe the impact of this ban.

We trim WINS’ FY13-FY14 earnings forecasts by 2% and 8% on the back of high crew costs due to the growing demand for expertise in the OSV market. Its recent announcement of a share buyback plan should lead to positive sentiments. 21 oil and gas (O&G) industry blocks tender rights which are mostly offshore this.

WIKA’s consortium won CP104 & CP105 underground sections of the Jakarta MRT project, an IDR450bn addition to its orderbook but a mere 0.9% addition to the company’s topline annually for 2012-2017. Despite the high-profile nature of the project, we see no upside to WIKA’s FY13E earnings. Maintain NEUTRAL at IDR2,500 TP. The company is trading.

MBSS’ 1Q13 bottom-line grew 1.6% q-o-q and 4% y-o-y to USD10m, driven by a robust 56.9% y-o-y surge in floating crane sales (21% revenue contribution). 1Q13 net profit accounted for 25% of our FY13 net profit. The company’s cash position stood at USD21m on better receivables and working capital management, providing flexibility for larger capex.

TOTL booked IDR584bn in revenue and IDR53.5bn in net profit for 1Q13, up 69.7%/47.8% y-o-y and 27%/22% of our FY13 estimates respectively. We continue to be wary over its management’s vague strategic plans, as it hoarded for cash despite minimal capex disbursements. We maintain our NEUTRAL call and TP of IDR1,060, as its valuation reached.

WINS’ 1Q13 top line was slightly above our expectation given stronger contribution from the re-chartering division, while its bottom-line was within our and consensus expectations, making up 25% of our and consensus FY13 bottom-line estimates. We see the 11.4% share price hike since 19 April and its trading volume gain as positive reactions to the.

We raise our earnings estimates by 7.8% for FY13 in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL amid minimal prospects for an earnings surprise on top of our revised estimates and WIKA’s historic high valuation. It is trading.