Kategori: Infrastructure Transportation

Wintermar Offshore Marine, Tbk (WINS IJ) indicated that its 2011 earnings will be slightly below its initial target of ~IDR140bn, owing mainly to a hefty USD loan obtained at an unfavorable rate of USD/IDR8,500. At the current ~USD/IDR9,000 rate level, the resultant forex loss will adversely affect its 2011 earnings. That said, we still expect.

As per conversation with the company, Wintermar Offshore Marine, Tbk (WINS IJ) 2011 bottom line will be slightly below the company’s initial target of around IDR140bn mainly caused by hefty USD loan obtained at an unfavourable exchange rate of USD/IDR8,500, whereas current exchange rate is at the USD/IDR9,183 level causing an expense numb of forex.

Company background Wintermar Offshore Marine (WINS) is owned by the Layanto family and has been providing upstream services for the oil & gas sector for more than 40 years. It was established under the name of Swakarya Mulia Shipping in 1995 and subsequently, changed its name to WINS. In that year, WINS won its first.

Positive industry outlook The company bagged IDR1.48trn worth of new contracts during the 9M11 period. This will boost its total outstanding jobs to IDR4.3trn, of which IDR2.8trn will be carried forward to 2012. Meanwhile, Bank Indonesia held the policy benchmark rate at a lowest historic level of 6%, following a cumulative 75-bpt cut since the.

Stronger performance seen for coming semester The company sold 756 units of Hitachi equipment in 2Q12 (July-Sept 2011), or an increase of 48% from 511 units in 1QFY12 (April-June 2011), on the back of continued strong demand. This propelled HEXA’s revenue to USD175m, a q-o-q surge of 43%. This, combined with a 200bpts expansion in.

Company background. WINS is owned by the Layanto family and has been providing upstream services for the oil & gas sector for more than 40 years. The company was legally established under the name of Swakarya Mulia Shipping in 1995, and then the company changed its legal name to Wintermar Offshore Marine. In the same.

We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.

9MFY11 profit in line; top-line above our 2011 forecast Wintermar Offshore Marine’s (WINS IJ) 3QFY11 net profit reached IDR28bn (-18% q-o-q and +8% y-o-y), bringing its 9MFY11 net profit to IDR107bn (+46% y-o-y), accounting for 71% of our and consensus FY11 forecasts respectively. The 9MFY11 revenue of IDR760bn (+80% y-o-y) was above our expectation, making.

9M11 bottom line in line, yet top line above our 2011 forecast Wintermar Offshore Marine, Tbk (WINS IJ) 3Q11 net profit reached IDR28bn (-18% q-o-q & +8% y-o-y), bringing 9M11 net profit to IDR107bn (+46% y-o-y), accounting for 71% to our FY11 forecast and consensus respectively. 9M11 revenue which amounted to IDR760bn (+80% y-o-y) was.

Big purchases delayed until 2012, yet 2011 earnings intact Based on our conversation with Wintermar Offshore Marine (WINS IJ), we expect the company to postpone the purchase of two high-end vessels in 4Q11 to 1Q12. These are anchor-handling tug supply-type (AHTS) vessels which enable WINS to command tariffs that are 20x higher than those for.