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Indomobil Finance (IMFI) has conducted book building for Shelf Registered Bond II Tranche II with the coupon rate for 1y bond at 10.25%, higher 115 bps than its previously issued bonds on last April. Meanwhile, 3y and 4y bonds were priced at 10.75% and 11% respectively. They were both higher 75 bps than the last.

Indonesia transportation sector has been impacted by the slowdown in the Indonesia economy and also fierce competition especially from Uber. However, given the under penetrated of Indonesia taxi industry, lack of investment in public transportation, lowest taxi tariffs compare to other countries, and expanding middle class; we believe an improvement in the long run. Furthermore,.

Express Transindo (TAXI IJ) is Indonesia’s second largest taxi operator that offers: i) a high predictability of future cash flow due to daily fixed payments, ii) robust volume-driven growth, and iii) minimum exposure to operating expenses such as fuel and maintenance. We initiate coverage with a BUY and DCF-based TP of IDR2,100, providing a potential.

We reinitiate coverage on Media Nusantara Citra with a NEUTRAL call and DCF-derived TP of IDR2,100 (8% upside, 18.6x/16.0x FY15F/FY16F P/Es). Ad revenue is particularly challenging in FY15 amid economic headwinds, but we estimate that the newly-acquired I-News TV could grow at a 60% CAGR over FY15-18. We expect the group’s revenue to grow 3%/11.1%.

We reinitiate coverage of PT Mitra Adiperkasa Tbk (MAPI) with a NEUTRAL rating and DCF-derived TP of IDR5,750 (implying a 33.8x FY15F P/E). Despite the recent very welcomed spin-off of its sports division, we believe it is not easy for MAPI to return to the good old days as specialty stores are the last fortress.

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

We reinitiate coverage of PT Erajaya Swasembada Tbk (ERAA) with a NEUTRAL and a DCF-derived TP of IDR900 (implying 9.7x FY15F P/E). 2015 may be rough for ERAA due to: i) heavy inventory of Samsung products, ii) proposed regulation requiring 4G smartphones to have 40% local components, and iii) product pricing amidst a weak IDR..

We reinitiate coverage of PT Matahari Department Store Tbk (MDS) with a BUY rating and a DCF-derived TP of IDR22,000 (implying a 32.6x FY15F P/E). We like MDS due to its: i) solid strategy positioning; ii) widening market share lead; iii) excellent supply chain network; and iv) strong free cash flow generation and healthy balance.

It’s not been good. 3Q14 was quite low especially on higher-tier, would be the worst announce week. Big vessels off. 4Q14 might be a bit better than 3Q14 but not as good as 1H14, because of short-term contracts started. Rates outlook? Below 1x – more competition. Chevron IDD some news they are postponing their work. Chevron.

Wintermar Offshore Marine (Wintermar)’s 1H14 earnings of USD13m (+11.4% YoY) made up 38%/40% of our/street targets for FY14. The underperformance was mainly due to higher-than-expected interest expenses and lower-than-expected third-party vessel charters. Still, we see fundamentals of the OSV industry remaining solid and projects being abundant going forward. Maintain BUY, with our TP at IDR1,610.