Tunas Ridean a Solid Way to Capitalize Astra’s LCGC
Earlier in our IIMS report, we already stated that we like the Agya and Ayla twins upon seeing it in the International Motor Show. We positively view Astra’s bold move to introduce the cars even though government hasn’t finalizing the LCGC incentive. The exterior is appealing and the interior is spacey with a very affordable.
Read More...Indonesian International Motor Show 2012
City Car Saga At last! The long awaited IIMS 2012 is finally there! We were being welcomed by the long queue of car fans behind the locket (after lunch, it became more crowded ), showing high enthusiasm of domestic auto demand in general and low cost green car (LCGC) in particular. Yes! This year show.
Read More...Medco Energi Beyond Oil & Gas
MEDC possesses expansive O&G upstream assets portfolio in both domestic and international markets Its assets span beyond Indonesian blocks to sites in USA, Libya, Yemen, and Oman. MEDC also engages in downstream businesses, renewable energy, power generation and recently coal mining. We view MEDC’s recent cost leadership, production initiatives, and diversified portfolio in energy-related businesses.
Read More...Multistrada Arah Sarana A Challenging Quarter
A challenging quarter 1H12 core income come below our estimate at IDR89bn (-2% y-o-y or -2% q-o-q); reached 37% of our FY12 forecast, while top line come barely in line with our forecast at IDR1.6trn (+17% y-o-y or +3% q-o-q), reached 45% of our FY12 forecast. Basically 1H12 top line performance was in tandem with.
Read More...Selamat Sempurna Margins Looking Better
Satisfactory bottom-line, flat top-line Selamat Sempurna (SMSM)’s 1H12 net income of IDR112bn (+13% y-o-y, +33% q-o-q) was in line with expectations, and comprising 48% of our forecast. The top-line numbers, though, were a rather flat IDR893bn (+2% y-o-y and +10% q-o-q), making up only 44% of our forecast. On a q-o-q basis, revenue indicated a.
Read More...ABM Investama Cushion Play
Emerging new core business. Currently, the group’s earnings are predominantly contributed by its subsidiaries, Cipta Kridatama (~43% earnings contribution – contract mining) and Sumberdaya Sewatama (~16% – power solutions). However, in the long run, we expect ABMM’s subsidiary, Reswara (currently contributing only 9% to group earnings), to be the backbone of ABMM’s consolidated business. We.
Read More...Voksel Electric Remaining Intact
VOKS booked 1HFY13 earnings of IDR50.6bn (-7.7% y-o-y) on IDR1.2trn in revenue (+5.8% y-o-y), due mainly to unrealised commodity contract losses that were booked as part of cost of revenue. However, we expect the losses to be offset in 2H, as it purchases the physical raw materials at lower prices, thus expanding 2HFY13 gross margins..
Read More...Wintermar Wider Gross Margin Lifts Profits
Wintermar Offshore Marine, Tbk (WINS IJ) recently released its 1H12 results, which it stated in USD. The company booked USD10m in 1H12 net profit (+52.7% y-o-y) which was in line with expectations, accounting for 47% and 51% of our and consensus’ full-year forecasts respectively. The strong growth was mainly due to an expansion in gross.
Read More...Resource Alam Indonesia, Losing steam
Weak demand from China will negatively impacted KKGI’s sales volume As mentioned in the Coal Asia Magazine (Jul-Aug’12 edition), stockpile in one of China’s biggest coal port, Qinhuangdao, already hit the highest level since the 2008 crisis. By June, the stockpile has reached 9.4m tonnes, already close to the 10.1m tonnes capacity. Noted that coal.
Read More...United Tractors 1H12 Earnings
United Tractors’ (UNTR) 2Q12 revenue grew 19.48% y-o-y or 3.70% q-o-q. Net profits rose 21.35% y-o-y or 1.99% q-o-q to IDR3.09trn, accounting for 49.60% of our FY12 forecast and largely in line with our expectation. The bottom-line growth was mainly contributed by Construction Machinery segment (70.57% gross profits growth y-o-y, despite a slow 0.09% q-o-q)..
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