Logindo Samudramakmur Site Visit Trip to Batam
We attended Logindo’s site visit on 16 May at Batam to see its recent USD22.5m 8k hp anchor handling tug supply (AHTS) dynamic positioning (DP2) vessel purchase, which is the 2nd vessel purchase this year from its 4 new vessel full year target. This specifically well equipped, technologically advanced vessel is well designed to support.
Read More...Mitrabahtera Segara Sejati, In Line But Facing a Challenging Year
Mitrabahtera Segara’s 1Q14 earnings hit USD9m (-7.9% q-o-q; -11.5% y-o-y), or 24% of our FY14 net profit estimate. We see it facing a challenging year as we see no signs of a structural recovery in the coal sector. We applaud management’s efforts to maintain survivability in the coal support industry. We maintain our NEUTRAL call.
Read More...Wintermar 1Q14 In Line – Bright Years Ahead
1Q14 earnings reached USD8m (-12.9% q-o-q; +30.5% y-o-y), in line with our expectations (22% of our FY14 estimate). We believe the company should be rated against its regional peers, which benefit from the cabotage or local content ruling. We increase our TP to IDR1,200 with a target PER of 12x (previously 9.4x), premised on the.
Read More...Logindo Samudramakmur 1Q14 In Line
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 raise TP to IDR4,900, with 12x.
Read More...Logindo Samudramakmur In Line; Set to Experience Multi-year Boom
1Q14 net profit increased hit USD6m (+9.6% q-o-q; +62.2% y-o-y), which is inline accounting 25% to our FY14 net profit. We see more contribution from other customers besides Total E&P which is positive in our view. Logindo recently signed a 2 year long-term contract with its Pertamina Hulu Energi, which is a sign of better.
Read More...Wintermar in Line; A Further Re-rating
1Q14 net profit reached USD8m (-12.9% q-o-q; +30.5% y-o-y), which is in line accounting for 22% to our FY14 net profit. We believe WINS should be rated against its peers in South-East Asia which benefit from the cabotage or local content ruling. Therefore, We upgrade our TP to IDR1,200 (from IDR1,000) with a target PER.
Read More...LPKR targets IDR1.3trn for 1Q14 marketing sales
Lippo Karawaci (LPKR IJ, BUY, TP: Rp1,500) is targeting IDR1.2-1.3trn of marketing sales throughout 1Q14 that will translates to 18-20% of total FY14F target marketing sales of IDR6.8trn. FY14F capex is allocated for US$650mn or IDR7.5trn that will be financed from internal cash and the last emission of US$150mn global.
Read More...Mitrabahtera Segara Sejati, A Tough Coal Transporter
As of FY13, MBSS’ cash position stood at USD44m, arising from cash collected from its customers coupled with a very low capex allocation as MBSS was hitting the expansion break as it was caught in the downturn cycle of the coal industry. Given its strong cash position in FY13, we expect MBSS to distribute a.
Read More...MAIN’s share issuance to support capex
Malindo Feedmill (MAIN, BUY, TP: Rp3,800) will issue 69 million new shares (5.7%) through private placement on 21 April 2014. The new shares will be issued at Rp3,500/share with Ginger Company Limited and Peak Team Company Limited as the buyers. MAIN will use the fund to support this year’s capex of Rp500 billion which will.
Read More...Wintermar Earnings Quality Ahead
Company Profile WINS has been involved in marine transportation since 1970 catering offshore support vessels to the oil and gas. It also provides fleet support to the upstream activities of offshore oil and gas companies. WINS’ clients are oil & gas giants, such as Chevron, Exxon Mobil, Conoco Phillips and Pertamina. Highlights A young OSV.
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