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Overweight on the sector We initiate coverage on the coal sector with a positive view reinforced by the strong earnings growth momentum, exciting demand-supply dynamics and Indonesia’s strategic position in the global seaborne coal market. The coal companies under our coverage are projected to deliver earnings growth of 67% – 46% in the 2011-2012 period,.

Wintermar Offshore Marine, Tbk (WINS IJ) provides upstream services for the oil & gas sector. As of 2010, WINS have 59 vessels, such as fast utility vessels, tug boat, oil barge and anchor handling tugs. WINS charter its own vessels to customers with additional optional services such as providing crew, ship management and catering services..

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.

Wintermar Offshore Marine (WINS) is set to deliver an earnings CAGR of 32.8% from 2010-2012 powered by higher rates from its owned vessels, which will bolster its 2011 topline to IDR864bn (+34% y-o-y) before escalating to IDR1,052bn (+21.7% y-o-y) in 2012. The company’s owned vessels will contribute 71.9% of total revenue in 2011 against 56%.

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.

Supported by ample coal reserves and in-place coal processing and handling infrastructure, Resource Alam Indonesia (KKGI) is set to continuously ramp up coal production in the coming years. The company has internal estimated coal reserves of 73m tonnes, which translate into a life-of-mine of 20 years. Production for 2011 is slated to reach 3.5m tonnes.

Supported by adequate coal reserves and in-place coal processing and handling infrastructure, Resource Alam Indonesia (KKGI) is set to continuously ramping up its coal production volume in coming years. The company has an internal estimate coal reserves of 73m tonnes that translates to life-of-mine of 20 years. Production for 2011 is slated to reach 3.6m.

BUY with target price Rp6,300 Our BUY call hinges on INDF’s i) diversified earnings, ii) ability to maintain robust margins, and iii) aggressive expansion for future growth. Our target price is Rp6,300, based on 18.8x-16.6x FY11-12f PE earnings multiple. Diversified earnings INDF’s diversified earnings base ranging from flour, noodle and dairy to plantations provides the.

BUY, TP Rp3,900 Our Buy recommendation is based on SCMA’s i) strong position in Indonesia’s television network, ii) promising earnings growth, iii) improving profitability, iv) high dividend yield, and v) strong cash position. Our target price of Rp3,900 is premised on 14.9-13.0x FY11-12f PE. The share’s price catalysts include: i) a special dividend, and ii).