Wintermar Top line Above Expectation, net profit in line
WINS’ 1Q13 top line was slightly above our expectation given stronger contribution from the re-chartering division, while its bottom-line was within our and consensus expectations, making up 25% of our and consensus FY13 bottom-line estimates. We see the 11.4% share price hike since 19 April and its trading volume gain as positive reactions to the.
Read More...Wijaya Karya No Earning Surprise
We raise our earnings estimates by 7.8% for FY13 in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL amid minimal prospects for an earnings surprise on top of our revised estimates and WIKA’s historic high valuation. It is trading.
Read More...Wijaya Karya No Earnings Surprise In Sight
We raise our FY13 earnings estimate for Wijaya Karya (WIKA) by 7.8% in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL given limited room for an earnings surprise on top of our revised estimate and WIKA’s historic high valuation..
Read More...Wijaya Karya New Look, New Capabilities, Enlarged Group Positioned for Growth
Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below and market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue.
Read More...Wijaya Karya Strong Sign Of Robust Prospects
WIKA’s 1Q13 net profit surged 65% y-o-y to IDR157bn, representing 28% of the company’s and our FY13 estimates – a strong sign for a robust year ahead as the company has historically booked a mere 18%-22% net profit in 1Q. WIKA remains our top pick for the construction sector. Maintain strong BUY at IDR2,200 TP..
Read More...United Tractors No Surprises
UNTR posted 1Q13 revenue of IDR12.5trn (+5% q-o-q, -17% y-o-y, 24% of our FY13E) and net income ofIDR1.1trn (-14% q-o-q, -26% y-o-y, 23% FY13E) in line with our expectations. Increased sales efforts at the construction machinery division and declining ASPs in the coal mining segment squeezed the group’s margin. Meanwhile, Pama’s market leadership and contracted.
Read More...Mitrabahtera Segara Sejati, Proven To Endure a Bearish Market
MBSS has proven to be a solid player in supporting the coal industry, as it has withstood the shocks of a bearish coal market. For this year, we expect its earnings to continue growing by 15% y-o-y. We maintain our BUY call with a five-year DCF-based TP of IDR1,500, implying a 6x 2013 P/E and.
Read More...Voksel Electric King of Cables
VOKS is the undisputed leader in manufacturing aluminum and fiber optic cables in Indonesia. The company is a major supplier to PLN and TLKM, making it the main beneficiary of the Government’s megaprojects in power and telco, which are worth at least USD4.5bn in opportunities to the company for the next 10 years. VOKS is.
Read More...Wijaya Karya Ebullient Signal to A Robust Year Ahead
WIKA indicated that it booked IDR157bn worth of net profit in 1Q13, up 65% y-o-y and 28% of the company’s/our FY13 estimate – a strong signal to a robust year as the company historically booked a mere 18%-22% on its 1Q. WIKA remains our top pick for the construction sector as we maintain a strong.
Read More...Wintermar Deserves a Premium
WINS’ laggard movement vs JCI’s rally does not reflect the attractiveness of its: i) double-digit earnings growth forecasted for 2013/14, and ii) 42% and 37% 2013 P/E discounts to regional O&G services and OSV peers respectively. We see imminent re-rating and upside potential on the back of its margin expansion and fleet rejuvenation as well.
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