Multistrada Arah Sarana A tough quarter
Unique business model We like MASA unique offtake business model that produces branded tyre for multinational distributors which give MASA opportunity to utilize these distributor’s strong networks while enjoying a substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third party brands while the smaller.
Read More...Wintermar A Positive Signal
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.
Read More...ABM Investama Powering Ahead
Leveraging on the Trakindo Group. ABMM’s major shareholder the Trakindo Group (Hamami Family) – which is also the sole distributor of Caterpillar heavy equipments since 1971 – has an established reputation and strong brand recognition in Indonesia. ABMM’s strong relationship with Trakindo would allow the former to gain access to financial resources, timely market intelligence,.
Read More...Supra Boga Lestari IPO Public Expose
A long awaited IPO which at last come to realization, adding another option to modern retailer option in JCI consumer universe. Supra Boga Lestari (SPL) runs Ranch Market, a premium supermarket that serves high end customers, and Farmers Market, a mid to high segment supermarket which targets broader consumer base. Strategically speaking, SPL chooses to.
Read More...Wintermar Well In Line; Strong Earnings Upgrade
1Q12 net profit reached IDR39bn (+51.4% q-o-q; -12.7% y-o-y), accounting for 24% and 21% of our and consensus estimates respectively. Wintermar Offshore Marine, Tbk (WINS IJ) revenue, operating and pre-tax level are all in line to our and consensus estimates. We upgrade our earnings by 28% and 36% for 2012 and 2013 respectively to factor.
Read More...Resource Alam Indonesia, Facing Strong Headwinds
Bad weather disrupts production In 1Q12, coal production volume only reached 0.9m tonnes (-11% q-o-q), which leaves KKGI with a lot of catching up to do to achieve our previous full-year estimate of 6m tonnese. Hence, we are lowering our volume assumption by 8% and 13% for FY12 and FY13 each respectively to 5.5m tonnes.
Read More...Bukit Asam Off to a Good Start
PTBA 1Q12 earnings were up by 15% q-o-q and 14% y-o-y, in line with both our estimates and consensus. For the quarter, sales volume registered a 7% q-o-q jump to 3.9m tonnes and coal production volume stood at 3.4m tonnes. Blended ASP was relatively flat on a q-o-q basis but was 4% higher on a.
Read More...Petrosea Locking in Steady Income Streams
Company background Petrosea (PTRO) is one of Indonesia’s leading coal mining contractors, with a 40-year track record. Ranked sixth in terms of overburden removal, PTRO lays claim to being the only local company providing complete pit-to-port mining solutions. The company is 69.8%-owned by Indonesia-listed energy company, Indika Energy (INDY). Its mining contract business accounted for.
Read More...Petrosea Double Earning Pockets
Company background Petrosea (PTRO) is a long established company with over 40 years of vast experience and along the way has built strong recognition as one of the Indonesia’s leading coal mining contractor ranked at 6th place in terms of overburden removal. PTRO claims to be the only local company which provides a complete pit-to.
Read More...Selamat Sempurna A Steady Dividend Payer
KEY HIGHLIGHTS High dividend yield SMSM’s high dividend payout ratio of 91% for 2010 earnings (its policy is to pay a minimum 45% DPR if its net income exceeds IDR30bn) makes the stock one of the best dividend payers. We expect its dividend yield to reach 7.0% for 2012 versus the average of 2.4% among.
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