Wintermar Milking Cash From Offshore Blocks
COMPANY PROFILE Owned by the Layanto family, Wintermar Offshore Marine, Tbk (WINS IJ) has been providing upstream services for the oil and gas sector for more than 40 years. It was established under the name of Swakarya Mulia Shipping in 1995 and subsequently changed its name to WINS. In that year, WINS won its first.
Read More...Wintermar in Line; A Lift From A Benchmark Upgrade
FY11 bottom line to IDR132bn (up 25% y-o-y), accounting for 99% and 92% to our and consensus. Outlook remains solid. The counter is trading at 10x and 8x 2012-13 PER, a 41% and 39% discount to the sector respectively. Hence we increase our target price to IDR540 based on an implied target PER of 12x.
Read More...Selamat Sempurna Well in Line
SMSM’s FY11 results were in line with our forecast, with net income and revenue coming in at IDR201bn (+34% y-o-y, +10% q-o-q) and IDR1,808bn (+16% y-o-y, +17% q-o-q), comprising 106% and 100% of our FY11 forecasts. Its full year gross margin and operating margin slightly beat our estimate, although these were partially offset by a.
Read More...Resource Alam Indonesia, In Search of New Catalysts
KKGI reported a net profit of IDR450bn for FY11, representing a 19% q-o-q decline but a 171% y-o-y increase. This figure undershot our and consensus expectations, largely due to a slight drop in sales volume and accrual expenses incurred in 4Q. Overall, the top line performance is satisfactory but in view of the lack of.
Read More...Bukit Asam Volume fall short of expectation
PTBA reported its FY11 profit of IDR3trn, a 54% y-o-y increase but fell short of our estimates and consensus. Lower than expected sales volume and significant jump in production cost were the key reason. We lowered our production forecast for 2012 and 2013 by 10% and 9% each respectively thus revising down our target price.
Read More...Optimizing Synergy with Bank Mandiri, Boosting Tunas Ridean earnings
Since Bank Mandiri (BMRI) took 51% ownership of Mandiri Tunas Finance (MTF) from Tunas Ridean (TURI) in 2009, MTF’s outstanding consumer receivables have almost tripled to IDR8.2trn at end-2011 from UDR2.9trn as at end-2009. However, the loans growth did not translate into higher net income due to rising provisions and contraction in margin. The good.
Read More...Resource Alam Indonesia, Growth-Driven Business Strategy
The company’s long-term growth plan is further reinforced by recent JORC resource announcements and new mine concession acquisitions. We are also adjusting our earnings forecasts for 2012-2013, having increased our production volume forecasts in line with the company’s targets. As such, we raise our TP for KKGI to IDR8,950 while maintaining our BUY call. JORC.
Read More...Selamat Sempurna Joint Venture with Tokyo Radiator Manufacturing
THE BUZZ In the last Friday, SMSM disclosed that it will create a joint venture with Tokyo Radiator Manufacturing which will be located in Tangerang. The JV activity will be in manufacturing and trading of heat exchanger (radiator). SMSM will have 33% contribution from total invested capital of IDR17.2bn. From Tokyo Radiator Manufacturing release, it.
Read More...Wintermar Slightly Off The Mark For 2011
Wintermar Offshore Marine, Tbk (WINS IJ) indicated that its 2011 earnings will be slightly below its initial target of ~IDR140bn, owing mainly to a hefty USD loan obtained at an unfavorable rate of USD/IDR8,500. At the current ~USD/IDR9,000 rate level, the resultant forex loss will adversely affect its 2011 earnings. That said, we still expect.
Read More...Wintermar Not As Expected
As per conversation with the company, Wintermar Offshore Marine, Tbk (WINS IJ) 2011 bottom line will be slightly below the company’s initial target of around IDR140bn mainly caused by hefty USD loan obtained at an unfavourable exchange rate of USD/IDR8,500, whereas current exchange rate is at the USD/IDR9,183 level causing an expense numb of forex.
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