Perusahaan Gas Negara, Solid choice for rotational play
PGAS’ long term outlook remains bright despite concerns over its short term gas supply. As Indonesia’s largest gas distributor with an 85% market share, it is well positioned to venture into other gas-related businesses as well as undertake upstream takeovers. We see PGAS as a defensive rotational play given its strong domestic exposure, which partly.
Read More...Nusa Raya Cipta Rising High on Infrastructure Entry
Company Profile Nusa Raya Cipta engages in commercial, residential, industrial and civil construction works. It was first listed on the Indonesian Stock Exchange in June 2013. NRCA is a subsidiary of industrial property developer PT Surya Semesta Internusa Tbk (SSIA, BUY, TP IDR1,470). Highlights NRCA at a glance NRCA is one of the leading private.
Read More...Voksel Electric Poised For a 2H Rebound
Despite an IDR30bn hedging loss in 2Q13 caused by falling commodity prices, VOKS guided for IDR1.2trn revenue over IDR49bn net profit in IH13. This is mainly because the company has locked in revenue at a high base after signing manufacturing contracts at high early-year commodity prices, which should boost VOKS’s gross margin upon the delivery.
Read More...Mitrabahtera Segara Sejati, Anti-shock against gloomy coal market
Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to off-shore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segment. Its barging.
Read More...Radiant Utama Interinsco, Cheap but Highly Leveraged
Bright prospects RUIS provides services to oil and gas (O&G) companies such as operation support, inspection, offshore services and others. The company has vast management experience with 38 years in the O&G upstream business services and is highly exposed to reputable O&G clients. We see opportunities for RUIS in strong cross-selling services and margin expansion.
Read More...Perusahaan Gas Negara, Healthy Long-Term Prospects
PGAS’ long term outlook remains bright despite its short term gas supply concerns. As the country’s largest gas distributor with 85% market share, it should be well positioned to venture into other gas-related businesses as well as embark on upstream takeovers. We recommend PGAS as a defensive rotational play given its strong domestic exposure, which.
Read More...Perusahaan Gas Negara a Cushion Play
Despite short-term supply concern for PGAS, long-term outlook remains bright as PGAS as the largest gas distributor (85% market share) should be well positioned for ventures to any diversified gas related forms and upstream takeovers. PGAS is recommended as a defensive rotational play given its strong domestic exposure and less impacted from inflation impact. We.
Read More...Pembangunan Perumahan Solid 1H13 Showing Ahead
PTPP has guided for IDR140bn net profit in 1H13 (up 115% y-o-y) over IDR3.2trn revenue (up 60% y-o-y). At 38% of its FY13 bottom-line target, PTPP is slated to achieve ~8% above the company’s IDR370bn official guidance for FY13. In light of the positive fundamental catalyst amid a weak share price, we call for a.
Read More...Pembangunan Perumahan On Track For a Solid FY13 Showing
PTPP has indicated 1HFY13 revenue and net profit of ~IDR3.2trn and ~IDR140bn respectively on strong new contract successes. This bottomline represents 38% of its FY13 target, indicating it can achieve ~8% above its IDR370bn FY13 guidance. In light of this positive catalyst amid a weak share price, we call for a BUY with a TP.
Read More...Selamat Sempurna Hydraxle Comes on Board
Acquiring a growing and profitable company… We value positively SMSM’s acquisition of 49% in its sister company Hydraxle Perkasa (HP) last month. HP, which mainly produces dump body and hoists, is the market leader with a 20%-30% share in this growing fragmented market, whose demand is driven by the domestic mining and plantation sectors, and.
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