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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.

ASRI remains one of our top pick, given: (i) its strong future growth and profitability, (ii) the successful launch of its second project, “Suvarna Padi” in Pasar Kemis, and (iii) its grand plan to acquire more land in Bali and Jakarta. Our TP of IDR600 was derived by applying a lower discount of 25% to.

A good combination of variables to move forward BMRI is our top pick for the banking sector as it is well-positioned going into 2012. Its key strengths include: (i) a liquid balance sheet gives the bank ample room to disburse loans, (ii) an impressive deposit franchise growth enables it to manage its cost of funds,.

We believe TURI is a direct beneficiary of Indonesian automotive sector growth because of its main double business engines: 1) Its position as the second biggest Astra brands dealer with significant market share and close relationship with Astra International and 2) Having 49% ownership in Tunas Mandiri Finance which is backed by strong presence of.

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.

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.

Leveling up the consumer boom Indonesia’s continuously robust economic growth with strong structural platform has translated to strong GDP growth and rising income levels that boosted demand for consumer product. Petrochemical industry that supplies chemicals products for packaging, construction, agriculture, textiles, electronics as well as consumer goods would be definitely a key beneficiary of the.

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%..

Synergy from the merger Chandra Asri Petrochemical (TPIA), which was recently formed early this year through a merger between Chandra Asri and Tri Polyta Indonesia, has become the largest integrated olefins and poly olefins producer in Indonesia, providing a distinctive edge by possessing the only naphtha cracker in Indonesia with an integrated set of downstream-chain.