Wintermar 3Q12 Brief Notes
Wintermar Offshore Marine, Tbk (WINS IJ) 9M12 net profit reached USD14m (+29.4% y-o-y) mainly derived from higher owned-vessel revenue proportion of 56% in 9M12 which is higher compared to 44% contribution in 9M11. We have not translated our financial model into USD currency yet, however we believe the 9M12 results is relatively in line with.
Read More...Mitrabahtera Segara Sejati, Satisfactory 1H12 Results
MBSS reported a 1H12 net profit of USD18m, good for a 34% y-o-y increase in spite of a 18% q-o-q drop. On a yearly basis, barging and floating crane volume saw robust growth while margins stayed stable. However, the company’s quarterly numbers suggest that revenue was stable but earnings were pulled down by higher costs..
Read More...Tempuran Emas Proxy to Infrastructure
We see several infrastructure developments that will bring a positive impact on the domestic container vessel industry such as Tempuran Emas (TMAS) (please refer to our recent Maritime/Shipping Industry report). The Indonesian Port Corporation (IPC) is proposing a presidential decree, expected to be issued in 1Q13, to speed up the construction of the upcoming Sorong.
Read More...TMAS Potential Upside Risk Though Hard to Measure
Pelayaran Tempuran Emas (TMAS) provide several upside risk that may boost further its earnings as: 1.) Demand in domestic cargo transportation is correlated to GDP growth, 2.) Potential improved port infrastructure which may enhance cost efficiencies, 3.) Rejuvenating fleets and scrapping old vessels which enhance vessel productivity and cost efficiencies. Since 2011, TMAS earnings have.
Read More...Resource Alam Indonesia, A Letdown Performance in 3Q
KKGI’s earnings for 3Q12 tumbled by 42% q-o-q to IDR44bn and sunk 37% y-o-y for the 9M12 period to IDR218bn, falling below our estimates. The rising production cost compressed its earnings, while its ASP remained under pressure. Following our coal price assumption revision, we also cut down KKGI’s earnings forecast for FY12f and FY13f by.
Read More...Wijaya Karya Indonesia’s EPC Mogul
We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.
Read More...Pembangunan Perumahan The Chief Port Builder
We initiate coverage on PTPP with a BUY and IDR950 TP, representing a 17% upside to the current share price. Our TP is based on a target of 11.3x PER over the company’s FY14 earnings, at par with its historical average rolling PER. We like PTPP for its strong 20.3% CAGR in earnings between FY10-FY12,.
Read More...Indonesia Construction, Surfing through Infrastructure Upcycle
We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.
Read More...PTPP the Chief Port Builder
We initiate coverage on PTPP with a BUY and IDR950 TP, representing a 17% upside to the current share price. Our TP is based on a target of 11.3x PER over the company’s FY14 earnings, at par with its historical average rolling PER. We like PTPP for its strong 20.3% CAGR in earnings between FY10-FY12,.
Read More...Bukit Asam, Profits Soften Amid Tough Conditions
PTBA’s 3Q12 results came in lower than our estimates as rising production costs and declining ASP dragged down earnings. The quarter’s net profit reached IDR653bn, down 3% q-o-q and 6% y-o-y, making up only 65% of our full-year estimates. In view of recent weak global coal prices, we are trimming our coal price assumptions for.
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