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Investment Merits a. Limited impact from the tender banning on its subsidiary b. Positive outlook remains intact c. Potential upside to our earnings growth forecasts Company Profile Wintermar Offshore Marine (WINS) has been involved in marine transportation since 1970. It also provides fleet support to the upstream activities of offshore companies. Its clients include oil.

Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below and market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue.

Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue increase.

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 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.

Weak demand from China will negatively impacted KKGI’s sales volume As mentioned in the Coal Asia Magazine (Jul-Aug’12 edition), stockpile in one of China’s biggest coal port, Qinhuangdao, already hit the highest level since the 2008 crisis. By June, the stockpile has reached 9.4m tonnes, already close to the 10.1m tonnes capacity. Noted that coal.

ASII’s domestic 4W market share rose to 57.1% in Jan-May 2012, from 54.3% in the same period last year, while its 2W market share rose to 55.2% from 51.2%. Although vehicle sales were temporary affected by the implementation of a new downpayment policy, we expect ASII’s vehicle sales growth to outperform that of the industry..

Wintermar Offshore Marine (WINS) plans to have a non pre-emptive rights issue via convertible bonds and ordinary shares amounting to 340m shares, which is 9.56% of its enlarged equity. The convertible bonds issuance amounts to IDR95bn (IDR500/share; 190m shares) while the new shares amounting to IDR69bn (at least IDR461/share; 150m shares), bringing total funds of.

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.

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.