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No surprises from 6M15’s performance, as sales and net income were in line with our/consensus FY15 estimates. Maintain NEUTRAL and IDR640 TP (0% upside) for now as we remained concerned with negative SSSG and persistently increasing inventory days. Furthermore, as Ace imports 40% of its goods from outside China, the recent import tariff hike would.

Adhi Karya, Tbk (ADHI IJ, Neutral, TP: IDR2,720) has booked IDR6.3Trn of new contracts in 11M14 that consist of building projects (59.4%), roads & bridges (21.1%), and other infrastructure projects. Most of its projects were still dominated by private projects (43.1%), while the Government portion was at 42.2%, and SOE portion was 14.5%. ADHI’s management.

Wijaya Karya Beton, Tbk (WTON IJ) booked IDR223.35Bn of net income during 9M14 (+15% YoY), this was supported by revenue that increased to IDR2,322Bn (+13.8% YoY). Wijaya Karya Beton’s 9M14 earnings were relatively in-line with our/consensus estimates that reflect 72%/71% from full-year projection. On quarterly basis, 3Q14 net income declined to IDR57.2bn (-33.4% QoQ) as.

1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.

As of FY13, MBSS’ cash position stood at USD44m, arising from cash collected from its customers coupled with a very low capex allocation as MBSS was hitting the expansion break as it was caught in the downturn cycle of the coal industry. Given its strong cash position in FY13, we expect MBSS to distribute a.

MBSS’s 4Q13 net profit dipped 2.4% y-o-y but grew 14.6% q-o-q to USD10m, given a peak quarter which coincided with China’s winter. This brought FY13 net profit to USD38m, in line with our expectations at 95% of our FY13 estimate. We cut 2014-15 earnings by 7-5% on lower fee charges assumption amid further renegotiations. While.

MBSS 4Q13 net profit increased 14.6% q-o-q to USD10m given peak seasonality in 4Q13 from China’s winter season, yet down 2.4% y-o-y, bringing FY13 net profit amounting to USD38m, inline to our FY13 estimate (95%). We cut earnings by 7% and 5% for 2014-15 earnings as we lower our fee charges to its customers from.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.

MBSS’ 1H13 net profit was spot-on, representing 46% of our FY13 earnings estimate. We expect 4Q13 to be its peak quarter, spurred by China’s strong coal demand during the winter season. All in, the company’s outlook remains intact, with possible vessel expansion should the company secure new contracts in 2H13, though this is not yet.