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PT Pembangunan Perumahan (PTPP IJ, Under Review) will begin groundbreaking of the IDR20trn Grand Kamala Lagoon superblock project in Bekasi, West Java. The 25 ha superblock area is designed to have 25 apartment towers in the next 20 years. Other than that there are several more projects to come such as the groundbreaking for IDR5trn.

Pembangunan Perumahan, Tbk (PTPP IJ) will begin groundbreaking of the IDR20Trn Grand Kamala Lagoon superblock project in Bekasi, West Java. The 25 ha superblock area is designed to have 25 apartment towers in the next 20 years. Other than that, there are several more projects to come such as the groundbreaking for IDR5Trn Grand Sungkono.

We initiate Spindo with BUY conviction premised on: 1) Its dominant position in domestic steel pipe market (~30% share); 2) Main beneficiaries to the nation’s rise in gas infrastructure, construction developments and higher local content requirements in the automotive sector; and 3) Super appealing 3.3x FY15F P/E with 13% ROAE and PEG of 0.1x. We.

We initiate Spindo with a BUY conviction premised on: 1) Its dominant position in domestic steel pipe market (~30% share); 2) Strong proxies to the nation’s rise in gas infrastructure, construction developments and higher local content requirements in the automotive sector; and 3) Super appealing 3.3x FY15F P/E, 15% ROAE and PEG of only 0.1x..

PT Indocement Tunggal Prakarsa (INTP IJ, BUY, TP: IDR29,000) will finish developing new cement mill P14 in Citeureup, West Java by 2015. The new plant will have 4.4mn tons/annum of capacity and worth IDR5.5trn. Out of the IDR4-5trn of capex allocation, IDR880bn have been spent to develop the new mill. On the other hand, INTP.

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,.

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.

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.

Wijaya Karya Beton (WTON IJ, NR) is targeting IDR3.6trn of total FY14F orderbook where management estimates IDR2trn from new contract and IDR1.6trn from carryover projects. Until April, WTON has only secured IDR800mn of contracts. The low achievement was said to have been caused by delays on several projects in Java and management believe situation will.

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.