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The controversy over the PGAS-Pertagas merger plan is heating up. PGAS and Pertamina have conveyed their respective views on the proposal to the Government, but this has led to concerns whether any decision would be motivated by politics rather than in the national interest. We draw up scenarios of any potential synergies arising from merging.

The recent political development inside PDIP which led to the speculation that the party will endorse Jokowi as a presidential candidate is premature, in our view. But we believe Jokowi nomination will lower political uncertainties and positive for the financial markets. November 13 trade data also showed that fundamental economy of Indonesia is improving. Large.

Company Profile Mitra Pinasthika Mustika (MPMX) was established in 1987 with initial operations in the motorcycle distribution business. It subsequently expanded into related areas such as motorcycle retail sales and consumer parts. In 2011, it expanded its business by acquiring a car rental and financing business. The company is 29%-owned by Saratoga Investama Sedaya (majority.

Company Profile Surya Semesta Intermusa (SSIA) was established in 1971 as an investment company and went public in 1997. Through its units, the Company is involved in property development (industrial estates, commercial offices and shopping malls), construction and hospitality (hotels and resorts). It has a strong relationship with the Astra Group (NEUTRAL, ASII: IJ, TP:.

Investment Merits WIKA’s strong ties with the national power and oil & gas (O&G) companies make it the frontrunner to secure high-margin engineering, procurement and construction (EPC) projects. Strategic ownership of precast manufacturer WIKA Beton ensures consistent supply despite increasingly tight raw materials market. Widest net margins among other national construction companies (5.0% in FY13F),.

Investment Merits a. Limited impact from the tender banning on its subsidiary b. Positive outlook remains intact c. Potential upside to our earnings growth forecasts Company Profile Wintermar Offshore Marine (WINS) has been involved in marine transportation since 1970. It also provides fleet support to the upstream activities of offshore companies. Its clients include oil.

PTPP has guided for IDR140bn net profit in 1H13 (up 115% y-o-y) over IDR3.2trn revenue (up 60% y-o-y). At 38% of its FY13 bottom-line target, PTPP is slated to achieve ~8% above the company’s IDR370bn official guidance for FY13. In light of the positive fundamental catalyst amid a weak share price, we call for a.

PTPP has indicated 1HFY13 revenue and net profit of ~IDR3.2trn and ~IDR140bn respectively on strong new contract successes. This bottomline represents 38% of its FY13 target, indicating it can achieve ~8% above its IDR370bn FY13 guidance. In light of this positive catalyst amid a weak share price, we call for a BUY with a TP.

We maintain our NEUTRAL call on PTPP at a new IDR1,600 TP, as we roll over our valuation to FY14, implying a 17.0x target 2014 P/E. We foresee that the company will reach its FY13E net profit target on the back of a robust construction pipeline, although its 90% share price rally and inflated valuation.

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..