Kategori: Infrastructure Transportation

Company & industry background Rukun Raharja (RAJA) is one of Indonesia’s leading mid-to-downstream energy company which has a similar business model with Perusahaan Gas Negara (PGAS) focusing on the gas distribution and transmission business, yet in a much smaller form. It claims to be the only company besides PGAS that has such mid-downstream business chain..

Mitra Bahtera Segara Sejati (MBSS) managed to book a 23% y-o-y growth in FY12 net profit (in line with our estimate) despite negative earnings growth for the coal sector in FY12. This reflects the company’s resilient fundamentals against external shocks, backed by its long-term contract relationships and minimum guaranteed coal volume. Although capex is at.

WIKA’s FY12 results were in line, with its revenue growing by 27% y-o-y to IDR9.8trn, 3%/4% above our and consensus estimates; while its bottom-line climbed 29% y-o-y to IDR458bn, 5%/4% ahead of our and street forecasts. The group plans to increase its gearing this year to secure additional power plant (IPP & EPC) projects. Higher.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

Wintermar Offshore Marine (WINS) remains attractive although we have seen the recent negative sentiment from the BP Migas which will be taken over by the Ministry of Energy & Mineral Resources (ESDM). WINS is currently trading at 7x and 6x 2012 -13 PER. Our take regarding the BP Migas takeover WINS contracts are signed with.

Mitrabahtera Segara Sejati’s (MBSS) share price has gone up and the stock has outperformed the JCI and is the best outperformer against the coal supporting industry and the coal mining industry relative to the JCI stretching back for the past one year. Following the positive reaction to the market over the last couple of weeks,.

Wintermar Offshore Marine (WINS) remains attractive although we have seen the recent negative sentiment from the BP Migas which will be taken over by the Ministry of Energy & Mineral Resources (ESDM). WINS is currently trading at 8x and 7x 2012 -13 PER. Our take regarding the BP Migas takeover WINS contracts are signed with.

We attended United Tractors’  (UNTR IJ, SELL, TP IDR19,700) annual analyst meeting yesterday and witnessed an unusually pessimistic note from the largest player within the Indonesian heavy equipment market. Yet, we are delighted to learn that our new call and target price on UNTR found a firmer foundation as the company confirmed of our FY.

We reiterate our strong BUY on WIKA with a new TP at IDR1,850 TP, providing a 20% upside to the current share price. We are basing our TP on a target PE of 16.5x over its FY14 earnings, which is +1 standard deviation above its historical average forward PER. We have upgraded our target mainly.

Sector Outlook We maintain an OVERWEIGHT call for the Constructions sector upon the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.