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PT Express Transindo Utama, Tbk (TAXI IJ) is increase its working and cost efficiency, amidst company’s laid off around 250 employees until June 2017, and its fleet fell from 9,700 unit in December 2016 to 9,600 unit in June 2017. TAXI’s fleet utilization as much as 45%, and company has been collaborating with Uber and.

PT Wicaksana Overseas International, Tbk (WICO IJ), engaging and trading company, is selling its assets to generate cash amidst company’s capital expenditure. The company divert its 11 assets in a form of warehouse, land and shop house, totaling IDR223.60bn, to its affiliated namely PT Wira Logitama Saksama and PT Jakarta.

Pressure on lease rates… XL Axiata’s (XL) (EXCL IJ, BUY, TP: IDR4,550)and Sarana Menara Nusantara’s (SMN) (TOWR IJ, BUY, TP: IDR4,700)Protelindo subsidiary’srecent sale and leaseback deal for 2,500 towers suggests that industry lease rentals remain under pressure. We think XL’s IDR10m per month/site rental has become the new industry benchmark for future lease rental negotiations.

We reinitiate coverage on the Indonesia Towerco sector with a NEUTRAL call premised on: i) the structural and operational headwinds impacting the sector in the longer term, ii) the still relatively attractive/superior EBITDA margin of the ITCs, iii) potential for opportunistic M&As, iv) and the valuation discount that the ITCs trade at when stacked against.

The last two bonds offering this month received decent demand from investors. Recent new bonds offered by Sarana Multigriya Finansal (idAA+/Stable) was oversubscribed by 2 times registering a total demand of IDR 2trn yet the company only issued IDR630bn. Oversubscription was seen also in Federal Finance’s (FIFA) new continuous bonds offering that received IDR3.9trn demand,.

We initiate coverage on Express Transindo with a NEUTRAL and a DCF-derived IDR200 TP. The Saratoga M&A cancellation on non-conducive market conditions resulted in a 74% YTD drop in share price. Its focus now is on improving the financial performance via a business reorganisation, lowering gearing levels and improving receivables collection. We opine for slower.

We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR300 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.

We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR350 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.

Company background RAJA is a gas distribution & transmission company with a market share of around 5% (based on my calculation) on the gas distribution business and is the largest non-SOE player in the gas distribution industry. It has a relatively similar business model compared to Perusahaan Gas Negara (PGAS IJ, BUY, TP: IDR6,600) only.

PGAS’ 2Q14 core profit of USD201m (+11.3% q-o-q, 23.5% y-o-y) brought 1H14 core profit to USD381m (+2.6% y-o-y), making up 49% of our FY14 estimate of USD786m (+5.4% y-o-y). Higher contribution from its E&P segment led to a higher margin mix in 2Q14, resulting in a 21.4% q-o-q growth in 2Q14 operating profit and a.