Kategori: Misc Industry

The large majority of ASII’s earnings are related to Indonesia’s domestic consumer sector, which is pretty much in line with the country’s macroeconomic picture. The company’s earnings growth is also driven by growing coal mining activities. Given its earnings structure, we believe ASII can benefit immensely from strong domestic economic growth, supported by rising income.

IPOL’s 9M11 net income came in significantly below our FY11 estimates at IDR63bn (-95% q-o-q or -59% y-o-y), comprising only 34% of our FY11 estimate. Its 9M11 gross margin was low at 18.5% (FY11f: 24.7%), driven by Biaxially Oriented Polyethylene Terphthalate’s (BOPET) low initial performance and unfavourable timing in raw material purchasing. We revised down.

We initiate coverage on Selamat Sempurna (SMSM) with a BUY recommendation, based on: i) its high dividend yield; ii) high profitability; and iii) stable revenue growth prospects. We expect ROE to improve to 36.3% in 2013 from 29.6% in 2010, fuelled by higher utilization, and the stock’s dividend yield to jump to 10.7% from 7.1%..

New products in the pipeline In addition to Biaxially Oriented Polypropylene (BOPP) or plastic packaging film, the company is slated to launch three new products this year, which are: i) Biaxially Oriented Polyethylene Terephthalate (BOPET), or simply polyester-based packaging film, with an installed capacity of 20k tonnes/year. The equipment was commissioned this month; ii) metalizing.

COMPANY PROFILE Indopoly is a producer of plastic packaging film, Biaxially-Oriented Polypropylene (BOPP). Starting 2011, Indopoly also produces Biaxially-Oriented Polyester (BOPET). The products are mainly used for consumer product packaging such as food and cigarettes. Indopoly start commencing its first operational activities in 1996. In 2009, Indopoly acquire Yunnan Kunlene and Suzhou Kunlene, both also.

COMPANY PROFILE Multistrada was established in 1988 under the name PT Oroban Perkasa The company was transferred to BPPN in 1998 as a result of the Asian Crisis and took over by new management in 2005 under PVP XVIII. Since 2007, the company started to produce higher portion of high performance tires which is resulted.

MASA’s FY10 bottom line came in at IDR176bn (up 139% q-o-q or +1% y-o-y), which perfectly matched our forecast of IDR177bn. The company chalked up better numbers although volume was lower, thanks to its margins beating our 4Q estimates. We are maintaining our buy recommendation and target price at IDR440 while closely watching the progress.

Summary: We visited SMSM’s Bitung – Tangerang plant which produces filters and found the plant to be neat and well organized. We reiterate our positive view on SMSM considering its 1) high profitability; 2) high dividend yield; and 3) stable growth in export and local market. We maintain our forecast and BUY recommendation with TP.

Catering to Jakarta demand Given its huge unutilized capacity, INTP is in a good position to reap the most benefit from increasing cement demand. Most of its plants are located in Citeureup in West Java, which is close to Jakarta. The Jakarta government has plans to carry out massive infrastructure projects, and has started constructing.

Progress at Tuban IV development Construction on the Tuban IV–East Java cement plant is slightly ahead of schedule. The cooling tower is nearing completion while the clinker storage is now being built and machines and equipment delivered to the site. SMGR bought machineries such as crushers from reputed companies such as Thysenkrupp Fordentechnik, raw mill,.