Steel Pipe Industry Beneficiary of key sectors growth
Company Profile Steel Pipe Industry (ISSP) was founded in 1971 as a joint-venture between a local company, Itochu Corporation and Kawasaki Steel Corporation. In 1989, the company was acquired by Ibnu Susanto, a seasoned steel entrepreneur. In 1998, the company merged with PD&I Rajin, a steel pipe producer with the same owner. Constructions pipe, oil.
Read More...Mitrabahtera Segara Sejati, Holding a Long Breath From Coal Downturn
MBSS’s 4Q13 net profit dipped 2.4% y-o-y but grew 14.6% q-o-q to USD10m, given a peak quarter which coincided with China’s winter. This brought FY13 net profit to USD38m, in line with our expectations at 95% of our FY13 estimate. We cut 2014-15 earnings by 7-5% on lower fee charges assumption amid further renegotiations. While.
Read More...Mitrabahtera Segara Sejati, a Survivor Amid Downturn
MBSS 4Q13 net profit increased 14.6% q-o-q to USD10m given peak seasonality in 4Q13 from China’s winter season, yet down 2.4% y-o-y, bringing FY13 net profit amounting to USD38m, inline to our FY13 estimate (95%). We cut earnings by 7% and 5% for 2014-15 earnings as we lower our fee charges to its customers from.
Read More...Logindo Samudramakmur In Line; Great Years Ahead
Following Logindo’s (LEAD) FY13 results which were in line with our expectations, we expect strong earnings growth (+39% y-o-y) to persist in 2014 on the back of vessel expansion in 2013-14. We believe that the Indonesia OSV industry is still at an early cycle and last year’s strong industry earnings growth from cabotage makes industry.
Read More...Logindo Samudramakmur FY13 Results In Line – Good Times Ahead
LEAD’s FY13 results were in line with our estimates We see its strong earnings growth (+39% y-o-y) persisting in 2014 on its ongoing vessel expansion plans. Indonesia’s OSV sector remains at an early cycle and 2013’s strong industry earnings growth from cabotage is crystallising market visibility. We upgrade our IDR3,850 TP (from IDR3,450), implying 9.4x.
Read More...Perusahaan Gas Negara, Revenue And Net Profit In Line
PGAS’ USD3.0bn in FY13 revenue (+16.5% y-o-y) and USD861m in earnings (-3.4% y-o-y) was inline with our forecasts. However, gross margins were lower at 47.2% vs FY12’s 57.1%, given the slow adjustment on selling prices due to the gas supply price hikes back in Sept 2012 & April 2013. We expect gross margin to normalize.
Read More...Wintermar FY13 Earnings May Surprise
We think WINS’ 4Q13 earnings could be poised for an upside surprise, bolstered by contributions from its anchor-handling tug and supply (AHTS) vessels in 2H13. In view of the strong 4Q13 and higher vessel utilisation expected for 2014, we raise our FY13-14F earnings estimates by 8-6%. Maintain BUY, with our TP lifted to IDR840 (8.5x.
Read More...Wintermar Wrapping Up 2013 With a Bang
We think 4Q13 earnings could bring an upside surprise, following the contribution from its anchor handling tug and supply (AHTS) vessel, which came in 2H13. Given the strong 4Q13 and higher vessel utilization expected in 2014, we raise our FY13-14F earnings by 8-6%. Maintain BUY, with our TP higher at IDR840 (8.5x 2014 P/E) to.
Read More...Wintermar Closing 2013 On a Positive Note
We think 4Q13 earnings could bring an upside surprise, following the contribution from its anchor handling tug and supply (AHTS) vessel, which came in 2H13. Given the strong 4Q13 and higher vessel utilization expected in 2014, we raise our FY13-14F earnings by 8-6%. Maintain BUY, with our TP higher at IDR840 (8.5x 2014 P/E) to.
Read More...Logindo Samudramakmur a Strong Contender
Logindo (LEAD) is to book an 83% net profit CAGR for the three years to 2014, spurred by its strong fleet expansion to higher-tier vessels. Its relatively young fleet age, lucrative margins and strong industry track record are precursors of greater things. We initiate coverage with a BUY and IDR3,450 TP, implying an 8.5x 2014.
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