Search result for: "SOE"

We see Indonesia bond market prices have recovered in last week trading with  the yield on medium term bonds (5-7y) and long tenured bond (10y) tighten 7-11bps while short term bond only widen 3 bps. Recovery in corp bonds market was also seen in government bonds given foreign net sell minimized to Rp 1.2 trillion.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

We reinitiate coverage of Ace Hardware Indonesia, Tbk (ACES IJ) with a NEUTRAL and a DCF-derived TP of IDR640, implying 20x/18x FY15/16F P/E. This year proves challenging due to a weak IDR vs USD which might erode ACES’ lifestyle product gross margin, increasing inventory days, while its aggressive store expansion plan might further lower its.

Adhi Karya, Tbk (ADHI IJ, Neutral, TP: IDR2,720) has booked IDR6.3Trn of new contracts in 11M14 that consist of building projects (59.4%), roads & bridges (21.1%), and other infrastructure projects. Most of its projects were still dominated by private projects (43.1%), while the Government portion was at 42.2%, and SOE portion was 14.5%. ADHI’s management.

Company background RAJA is a gas distribution & transmission company with a market share of around 5% (based on my calculation) on the gas distribution business and is the largest non-SOE player in the gas distribution industry. It has a relatively similar business model compared to Perusahaan Gas Negara (PGAS IJ, BUY, TP: IDR6,600) only.

Management of Adhi Karya (ADHI IJ, BUY, TP: IDR3,745) announced that FY14F target new contract is revised down from IDR21trn to IDR15.2trn. This was due to several project delays as a result of the uncertainty from election, thus several project owners are waiting for the new cabinet to be formed. At the same time, management.

We just visited one of WIKA’s project site, Soekarno-Hatta Terminal 3 Ultimate (T3U). Here are our key takeaway points: Soekarno-Hatta Terminal 3 Ultimate is the extension of the existing Terminal 3 and meant to be the capacity extension to the currently over-capacity Soekarno-Hatta airport. The project is worth IDR4.7trn and the construction is being done.

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.

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.

Controversies of PGAS-Pertagas merger plan has been heating up in medias PGAS and Pertamina have expressed their respective views regarding the merger schemes to the government and has led to a concern to investors whether any decisions to be made is for political rather than national interest. We provide scenarios should any synergies be made.