Search result for: "stable outlook"

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.

We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

COMPANY PROFILE Owned by the Layanto family, Wintermar Offshore Marine, Tbk (WINS IJ) has been providing upstream services for the oil and gas sector for more than 40 years. It was established under the name of Swakarya Mulia Shipping in 1995 and subsequently changed its name to WINS. In that year, WINS won its first.

FY11 bottom line to IDR132bn (up 25% y-o-y), accounting for 99% and 92% to our and consensus. Outlook remains solid. The counter is trading at 10x and 8x 2012-13 PER, a 41% and 39% discount to the sector respectively. Hence we increase our target price to IDR540 based on an implied target PER of 12x.

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.

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.

Chandra Asri Petrochemical (TPIA) is an integrated petrochemical company as a result from a vertical merger of two affiliated petrochemical companies, PT. Chandra Asri and Tri Polyta, which are subsidiaries of Barito Pacific. The merger was effective on 1 January 2011. Embodied with its strong position of possessing the only naptha cracker in Indonesia, TPIA.

Mitra Bahtera Segarasejati (MBSS) provides cost-effective and reliable sea and river based coal transport to Indonesia’s top tier coal producers, which are reaping the benefits of rising domestic and global demand for Indonesia’s coal. Equipped with a sizable and modern fleet of tugs and barges as well as floating cranes and a well-trained workforce, MBSS.