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Three bonds issuers had their bonds listed in the Indonesia Stock Exchange (IDX) this week they are; OCBC NISP (AAA/Stable), Bima Multifinance (BBB/Stable) issued 3 bonds series each and the regular issuer Astra Sedaya Finance (ASDF rated AAA/stable) released 2 new series. Total issuances size from those three companies reached IDR4.15trn and bringing YTD issuance.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.

We initiate coverage on Siloam with a NEUTRAL and a DCF-derived IDR13,000 TP (10% upside), implying 22x/17x FY16F/17F EV/EBITDA. Siloam is the largest private hospital operator by bed capacity and, with Lippo Karawaci’s support and a planned non pre-emptive rights issue, it can easily further outgrow its IDX-listed peers. However, there is a potential delay.

Indonesia recent market volatility has caused some issuers to cancel the bond issuance this year. Las week, Tower Bersama Infrastructure Tbk (TBIG:IJ) has decided to cancel the sale of IDR 3.2 trillion bond from its remaining continuous bond I program due to unfavorable market condition. The company actually has completed the book building period for IDR.

We initiate coverage on Link Net, a leading cable broadband and pay TV services provider with networks in affluent areas, with a BUY and DCF-based IDR6,250 TP (20% upside), implying 30x/23.2x FY15F/FY16F P/Es. It is in a significantly advantageous position to benefit from the internet boom in Indonesia as it could bank on rising wealth,.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

We initiate coverage of Link Net (LINK) with a BUY call and a DCF derived TP of IDR6,500, implying a 27x/21x FY15F/16F P/E. Link Net is one of the leading providers’ of cable broadband and pay TV in Indonesia with a network in affluent areas. As a leader in Broadband internet industry, LINK has a.

Background First lited on the IDX in 1993, PT Rukun Raharja Tbk (RAJA) originally operated primarily as port logistics company; this was seen by its initial 99% shares acquisition of PT Sarana Timur Nusantara (PT CSN) a port services company that specializes in landing craft tanks, tug boats, and barges. By 2010, RAJA started its.

Wintermar Offshore Marine (Wintermar)’s 1H14 earnings of USD13m (+11.4% YoY) made up 38%/40% of our/street targets for FY14. The underperformance was mainly due to higher-than-expected interest expenses and lower-than-expected third-party vessel charters. Still, we see fundamentals of the OSV industry remaining solid and projects being abundant going forward. Maintain BUY, with our TP at IDR1,610.

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,.