Search result for: "BI"

Wintermar Offshore Marine, Tbk (WINS IJ) 1H11 net profit soars 68% y-o-y to IDR79bn, accounting 52% of our FY11 target. The earnings jump is mostly on the back of owned-vessel revenue growth (+36% y-o-y) and strong growth in the 3rd party chartered vessel (+138% y-o-y) division which provides smaller margins in nature. WINS is currently.

WHAT’S BREWING? Wintermar Offshore Marine (WINS) issued several announcements over the past 1 month, which are i) ordered a platform supply vessel (PSV) for deepwater drilling support, ii) plans to gradually sell off 38 older vessels, and iii) obtained a USD27m loan from Bank Mandiri. We believe strong support from the cabotage ruling has enabled.

We visited OKAS this early week and met the president director, Mr. Dharma Djojonegoro. Below are some key takeaways: 1. Business. The manufacturing and trading segment are in ammonium nitrate (explosives raw material) business, while service segment is a combination of service in oil and gas drilling (~70%) and mine blasting (~30%). The company strategy.

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.

We upgrades by 6% our earnings target for 2011 to IDR153bn (+44% y-o-y) on the back of a share of net income from its associate Fast Offshore Supply (Singapore) amounting to IDR24bn (based on the company’s guidance). We like WINS’ efficient spending of its 2011 capex on vessel expansion this year (12 added vessels) as.

INVESTMENT MERITS 40 years of experience in the industry delivering high standards Upside risk supported by the proposed cabotage principle Vessel expansion into higher value segment Reputable international clients with long-term contracts Currently trading at 8.1x 2011 PE, 59% discount to the sector COMPANY PROFILE Established in 1970, Wintermar Offshore Marine (WINS) operates offshore support.

Wintermar Offshore Marine, Tbk (WINS IJ) booked an impressive 1Q11 net profit amounted to IDR44bn (+143.2% y-o-y; accounts 31% to our FY11 forecast) driven by fleet expansion and third party chartering. This translates to a net profit margin of 19.7% in 1Q11 from 17.6% in 1Q10. WINS’ vessel expansion remains on track along with its.

Reinstate coverage with Neutral call, TP: IDR21,150 , potential upside: -6.2%. We reinstate coverage on PTBA with a neutral call, with our TP implying a 17.1x-12.5x FY11-12f earnings. PTBA’s value hinges on its ability to execute its long-term projects that will rapidly increase the utilization of its vast coal reserves. But until more certainty emerges.

Maintain BUY with TP of IDR2,550 We remain optimistic of ADRO’s performance going forward as the company is positioned to ride on a strong wave of coal demand, as is being reflected in the red-hot coal price. Indeed, although missing its production target and surging costs in 2010 are of concern, we believe that the.

Reiterating our Buy call, TP: IDR10,450, potential upside: 14.2% We are reiterating our Buy recommendation on HRUM while revising upwards our target price to incorporate a higher coal price assumption. We are raising our FY2011f-12f earnings forecasts by 9%-27% on adjusting our ASP assumptions. Our end-2011 DCF target price is IDR10,450, based on 17.4x-10.8x 2011f-12f.