PTPP Finalized Prima Jasa Acquisition Process
PT Pembangunan Perumahan (PTPP IJ, Under Review) has finalized the IDR44bn acquisition of Prima Jasa Aldodua (PJA), a heavy equipment rental company. According to management, the acquisition was made to reduce dependency on third party heavy equipment rental. On the other hand, until 1H14 PTPP has booked IDR8.4trn of new contracts (-11.5% y-o-y) or 35%.
Read More...Wintermar Fundamentals Remain Solid
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.
Read More...Wintermar Fundamentals Remains On Solid Footing
1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.
Read More...WIKA 1H14 net income grew a flat 0.8% y-o-y
Wijaya Karya (WIKA IJ, Under Review) revenue during 1H14 grew 10.8% y-o-y to IDR5.85trn while net income is relatively flat at IDR283bn (+0.8% y-o-y). Revenue during 2Q14 grew 15.3% y-o-y to IDR3.06trn where we estimate around 22% was contributed from its subsidiary PT Wika Beton (WTON IJ, Not Rated). However, 2Q14 net income tumbled by.
Read More...PTPP’s 1H14 Earnings Grew 2% y-o-y
Throughout 1H14, PT Pembangunan Perumahan (PTPP IJ, Under review) booked IDR4.6trn of revenue (+10.2% y-o-y) and IDR147bn of net profit (+2.2% y-o-y). The results are in-line with our forecast as well as consensus’ where top line and bottom line account for 32% & 22% respectively from our FY14F projection (Vs. 31% & 27% from consensus)..
Read More...Logindo Samudramakmur Maintain Upbeat View As Results Meet Estimates
Logindo’s 2Q14 net profit jumped 10.4% q-o-q and 70.1% y-o-y to USD6m, pushing its 1H14 net profit 66.2% higher y-o-y to USD12m. This is in line, accounting for 52% of our FY14 net profit assumption. We remain upbeat on the 2015 outlook for the OSV (offshore supply vessel) sector. The stock is now trading at.
Read More...Wijaya Karya Beton Acquired Batam Concrete Company
Wijaya Karya, Tbk (WIKA IJ) through its subsidiary, Wika Beton, Tbk (WTON IJ), has acquired 80% of Citra Lautan Teduh (CLT), a concrete company, for USD23.5Mn from Pumyang Construction Co Ltd. CLT is producing pre-stressed spun concrete pile and has a production capacity of 100k tons. Management has signed CSPA where WIKA will have 10%.
Read More...Perusahaan Gas Negara Shale Gas Acquisition a Fair Deal
We view PGN’s USD5.50/boe shale gas acquisition as a fair deal and should not harm its balance sheet. In fact, it is a wise move to secure gas supply for future pipeline expansion, which reinforces our thesis that PGN is the main beneficiary of the rise in gas infrastructure. Maintain BUY but upgrade our SOTP-based.
Read More...SMGR is Investing IDR638bn in Power Plant
Semen Indonesia (SMGR IJ, BUY, TP: IDR18,000) is planning to invest IDR638bn to build a waste heat recovery power generation (WHRPG) that has a capacity of 30.6 MW and located nearby Tuban factory. This project will be a joint operation between SMGR and JFE Engineering from Japan. This power plant is built as an efficiency.
Read More...WIKA’s ytd new contracts reached 25.94% from target
Wijaya Karya (WIKA IJ, Under Review) booked IDR6.7trn of new contracts during 1H14 or 25.94% from target IDR25.93trn. The low realization is due to seasonality faced by most SOE contractors as government projects are usually disbursed during second semester of the year. The company also targets IDR18.82trn for FY14F revenue including joint.
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