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We initiate coverage on Surya Citra with a BUY and DCF-derived IDR3,400 TP, implying 29.0x/25.0x FY15F/FY16F P/Es. We believe local consumer firms will face macroeconomic headwinds in the near term, resulting in an ad spend slowdown in FY15. Yet, we do not think advertisers can cut ad spend for too long given Indonesia’s attractive structural.

1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.

The earnings of Wintermar Offshore Marine, Tbk (WINS IJ), a leading Indonesian OSV player, have risen consistently since its Nov 2010 IPO. It has beaten the JCI by 40% since the market peaked on 20 May 2013, buoyed by its sturdy fundamentals. As its 9M13 earnings beat our estimate, we expect alluring double-digit earnings growth.

Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.

PT Surya Artha Nusantara Finance (the Company) was established with the name of PT Sangga Loka Subur on August 25, 1983. The Company obtained a license to operate as a financing company from the Minister of Finance of Republic of Indonesia based on its Decision Letter No.1660/KMK.013/1990 dated December 31, 1990, with license in leasing.

Positive move Wintermar Offshore Marine, Tbk (WINS IJ) plans to make a rights issue via the issuance of new convertible bonds and ordinary shares amounting to 340m shares, representing 9.56% of the company’s enlarged equity. The company plans to use the proceeds to expand the company’s fleet from 2012–2014. It is worth noting that in.

Wintermar Offshore Marine (WINS) plans to have a non pre-emptive rights issue via convertible bonds and ordinary shares amounting to 340m shares, which is 9.56% of its enlarged equity. The convertible bonds issuance amounts to IDR95bn (IDR500/share; 190m shares) while the new shares amounting to IDR69bn (at least IDR461/share; 150m shares), bringing total funds of.

Wintermar Offshore Marine, Tbk (WINS IJ) indicated that its 2011 earnings will be slightly below its initial target of ~IDR140bn, owing mainly to a hefty USD loan obtained at an unfavorable rate of USD/IDR8,500. At the current ~USD/IDR9,000 rate level, the resultant forex loss will adversely affect its 2011 earnings. That said, we still expect.

9M11 bottom line in line, yet top line above our 2011 forecast Wintermar Offshore Marine, Tbk (WINS IJ) 3Q11 net profit reached IDR28bn (-18% q-o-q & +8% y-o-y), bringing 9M11 net profit to IDR107bn (+46% y-o-y), accounting for 71% to our FY11 forecast and consensus respectively. 9M11 revenue which amounted to IDR760bn (+80% y-o-y) was.

Big purchases delayed until 2012, yet 2011 earnings intact Based on our conversation with Wintermar Offshore Marine (WINS IJ), we expect the company to postpone the purchase of two high-end vessels in 4Q11 to 1Q12. These are anchor-handling tug supply-type (AHTS) vessels which enable WINS to command tariffs that are 20x higher than those for.