Steel Pipe Industry A Quality Undervalued Stock
Company background Established in 1971, Steel Pipe Industry of Indonesia (Spindo) is the biggest player in the domestic steel pipe industry with market share of more than 30%. Being a company that provides a wide range of pipes for various industries, Spindo is in a position to ride along with the growth in the construction,.
Read More...Steel Pipe Industry Steel Pipes For The Nation, Cheap and Hot
We initiate ISSP with a BUY premised on 1) Its dominant position in domestic steel pipe market (~30% share); 2) A strong proxy to the oil & gas (O&G) pipes demand, construction/infrastructure developments and higher local content requirements in the automotive sector; and 3) Highly appealing 3.3x FY15F P/E, 15% ROAE and PEG of only.
Read More...Indocement to expand capacity
Indocement Tunggal Prakarsa (INTP IJ, BUY, TP: IDR26,000) intends to increase production capacity by planning to build two green field factories that will have production capacity of 1.5 – 2.5mn tonnes per annum. The investment value will be USD225-500mn per factory and it will be build in Pati, Central Java on 2016 and Langkat, North.
Read More...Waskita establish Toll Road Subsidiary
Waskita Karya, Tbk (WSKT IJ) has established a subsidiary for toll road investment, Waskita Toll Road (WTR). The company has signed a Memorandum of Understanding (MoU) with MNC Infrastruktur to develop Pejagan-Pemalang Toll Road (PPTR) segment. WSKT has also expressing intention to acquire majority of PPTR’s shares. Jaya Real Property Injects IDR33.74Bn Capital to Jakarta.
Read More...Waskita to Acquire Pejagan-Pemalang Toll
Waskita Karya (WSKT IJ) plans to expand their business to be a toll operator. The company intends to acquire 57.7 Km Pejagan-Pemalang toll road from MNC Infrastructure Utama, a subsidiary of MNC Group. Previously, MNC took over the toll and 4 other tolls from Bakrie Group for IDR2Trn, but it has yet to be developed..
Read More...Wintermar Officially Acquired 51% Fast Offshore
Wintermar Offshore Marines, Tbk (WINS IJ, BUY, TP:IDR1,200) has officially acquired 51% of Fast Offshore Indonesia for IDR27,937bn. With this acquisition, WINS will have four additional high-tier fast multipurpose support vessels (FMSV) to support deep offshore drills operation. Now, WINS have 28 armadas of low-tier vessels, 37 middle-tier, and 9 high-tier vessels. Perusahaan Gas Negara.
Read More...Wika Beton new contracts reached 40% ytd
Wijaya Karya Beton (WTON IJ, NR) has obtained additional IDR223bn of new contracts in this month. That will make total contracts obtained ytd to reach IDR1.3trn or 40% from target FY14F. Including carryover of IDR1.6trn, WTON is targeting IDR2.9trn of orderbook in this year. Wika Realty, subsidiary of Wijaya Karya (WIKA IJ, BUY, TP: IDR3,000).
Read More...Wintermar to Distribute Dividend of USD2.7mn
Wintermar Offshore Marine, Tbk (WINS IJ, BUY, TP: IDR1,200) will distribute USD2.705mn as dividend or 10% from FY13 net profit. The amount will translate into approximately IDR7.92/share and 0.67% yield by using yesterday’s closing price. The plan is subject to shareholders’ approval in the upcoming AGM on 5 June 2014. The scheduled cum date is.
Read More...PTPP Acquired Affiliated Heavy Equipment Company
Pembangunan Perumahan (PTPP IJ, UR) has acquired 31,995 shares (99.98%) of PT Primajasa Aldodua (PJA), an affiliated heavy equipment company, for IDR44.34bn. The heavy equipment company will be able to internally support PTPP’s core businesses and management targets IDR60bn of revenue generation from this heavy equipment.
Read More...Logindo Samudramakmur Robust Outlook
1Q14 net profit rose to USD6m (+9.6% q-o-q, +62.2% y-o-y), or 25% of our FY14 estimate Looking ahead, we expect more contribution from other customers besides Total E&P. Logindo has signed a two-year long-term contract with Pertamina Hulu Energi – a sign of better fleet contracts earnings quality. We maintain our TP at IDR4,900, with.
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