Kategori: Misc Industry

Voksel Electric (VOKS)’s 1Q13 revenue rose 13% y-o-y to IDR600.4bn, but net profit edged down 2% y-o-y to IDR26.8bn. Yet, we believe margins are set to improve going into the year as commodity prices are bottoming out, thus allowing the group to accumulate raw materials at lower costs. VOKS’ IDR1.6trn orderbook as at end-April reaches.

SMSM’s FY12 net profit of IDR233bn (+69% q-o-q, +16% y-o-y) was in line with our forecast of IDR232bn owing to a seasonally stronger 4Q12 and better-than-expected margins. We maintain our NEUTRAL call and TP at IDR2,475 (13.2x FY13 PE). The counter is currently trading at a 14.1x FY13 PE. The Hydraxle effect Selamat Sempurna (SMSM)’s.

VOKS is the undisputed leader in manufacturing aluminum and fiber optic cables in Indonesia. The company is a major supplier to PLN and TLKM, making it the main beneficiary of the Government’s megaprojects in power and telco, which are worth at least USD4.5bn in opportunities to the company for the next 10 years. VOKS is.

City Car Saga At last! The long awaited IIMS 2012 is finally there! We were being welcomed by the long queue of car fans behind the locket (after lunch, it became more crowded ), showing high enthusiasm of domestic auto demand in general and low cost green car (LCGC) in particular. Yes! This year show.

A challenging quarter 1H12 core income come below our estimate at IDR89bn (-2% y-o-y or -2% q-o-q); reached 37% of our FY12 forecast, while top line come barely in line with our forecast at IDR1.6trn (+17% y-o-y or +3% q-o-q), reached 45% of our FY12 forecast. Basically 1H12 top line performance was in tandem with.

Satisfactory bottom-line, flat top-line Selamat Sempurna (SMSM)’s 1H12 net income of IDR112bn (+13% y-o-y, +33% q-o-q) was in line with expectations, and comprising 48% of our forecast. The top-line numbers, though, were a rather flat IDR893bn (+2% y-o-y and +10% q-o-q), making up only 44% of our forecast. On a q-o-q basis, revenue indicated a.

VOKS booked 1HFY13 earnings of IDR50.6bn (-7.7% y-o-y) on IDR1.2trn in revenue (+5.8% y-o-y), due mainly to unrealised commodity contract losses that were booked as part of cost of revenue. However, we expect the losses to be offset in 2H, as it purchases the physical raw materials at lower prices, thus expanding 2HFY13 gross margins..

Solid footing in domestic replacement market In the domestic replacement market, GJTL commands 21%, 50% and 52% of the radial, bias and motorcycle tyre sub-segments respectively. We expect the radial and motorcycle tyre replacement market to keep growing, propelled by the increasing number of cars and motorcycles. Meanwhile, the sunset bias tyre market is expected.

ASII’s domestic 4W market share rose to 57.1% in Jan-May 2012, from 54.3% in the same period last year, while its 2W market share rose to 55.2% from 51.2%. Although vehicle sales were temporary affected by the implementation of a new downpayment policy, we expect ASII’s vehicle sales growth to outperform that of the industry..

We see a promising outlook for domestic vehicle sales in the long term, although there might be hiccups in the short-term due to the new higher downpayment policy. Although 4W vehicle sales growth is likely to soften in the second-half, our calculation shows that FY12 car sales might still be higher than that in FY11,.