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SMGR reported robust FY13 sales while its market share rose to 43.9% in Dec 2013 vs Dec 2012’s 40.9%. However, FY14F earnings growth may be slower than originally estimated due to higher electricity costs. As we foresee a time lag between the increasing input cost and a hike in its selling prices, we cut our.

Executive Summary “Logindo Sukses Makmur (Logindo) is expected to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher tier vessels. The group has a relatively young fleet age and lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things.

We are keeping MAIN as our Top Pick in the poultry sector for the following reasons: i) the company’s above-industry growth prospects, ii) strong profitability, and iii) potential improvement in gearing. Maintain BUY and IDR4,000 TP, pegged to a 15.2x FY14 P/E. The counter is currently trading at a 12.1x FY14 P/E. Above-industry growth prospects.

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,.

Management expects 9M13 earning before tax to come at IDR62bn (+15% y-o-y) reaching only 46% of our FY13 forecast. We may need to revisit our forecast considering majority of the highly profitable exhibitions (IIMS, Mega Bazaar Computer, Festival Komputer Indonesia, IPA etc) are already included in 9M13 result. Major projects to come in 4Q13 including.

Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to offshore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segments. Its barging.

Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to off-shore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segment. Its barging.

Massive growth seen As Indonesia still lags in terms of per capita consumption of protein, provides huge opportunities in the poultry industry given that chicken meat is one of the cheapest sources of animal protein, as well as its low per capita consumption. In tandem with increasing standards of living, broiler consumption per capita also.

New cement plants to commence operation SMGR’s two cement plants – located in Tuban, East Java and Tonasa, South Sulawesi – are expected to commence operations in early-2012. These new cement plants’ combined capacity stands at 5.0m tonnes, which is equivalent to 24.3% of SMGR’s existing capacity. It plans to increase its production capacity to.

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.