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WIKA booked a 55.7% net profit growth y-o-y in 1HFY13 to arrive at 50.5%/46.4% of the Company’s/our FY13 estimate respectively – in line. It is on track to unlock the value of subsidiary PT Wijaya Karya Beton (WIKA Beton) through an IPO that is slated to conclude in 2HFY13. We call for a BUY on.

Company Profile Founded in 1976, Selamat Sempurna (SMSM) is a part of ADR Group and currently one of the largest filter and radiator manufacturers in the region. The Company manufactures filters, radiators, oil coolers, condensers, brake pipes, fuel pipes, fuel tanks, exhaust systems, and press parts for passenger vehicles and heavy equipment. Highlights A dividend.

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),.

Company Profile Nusa Raya Cipta engages in commercial, residential, industrial and civil construction works. It was first listed on the Indonesian Stock Exchange in June 2013. NRCA is a subsidiary of industrial property developer PT Surya Semesta Internusa Tbk (SSIA, BUY, TP IDR1,470). Highlights NRCA at a glance NRCA is one of the leading private.

We initiate coverage on Voksel Electric (VOKS) with a BUY and IDR2,400 TP – a 65% upside to the current price. VOKS is the undisputed leader in the manufacturing of high-medium voltage aluminum and fiber optic cables. As a major supplier to PLN and TLKM, it is the main beneficiary of Government megaprojects in power.

We raise our earnings estimates by 7.8% for FY13 in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL amid minimal prospects for an earnings surprise on top of our revised estimates and WIKA’s historic high valuation. It is trading.

We raise our FY13 earnings estimate for Wijaya Karya (WIKA) by 7.8% in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL given limited room for an earnings surprise on top of our revised estimate and WIKA’s historic high valuation..

WINS’ laggard movement vs JCI’s rally does not reflect the attractiveness of its: i) double-digit earnings growth forecasted for 2013/14, and ii) 42% and 37% 2013 P/E discounts to regional O&G services and OSV peers respectively. We see imminent re-rating and upside potential on the back of its margin expansion and fleet rejuvenation as well.

We reiterate our strong BUY on WIKA at a TP of IDR2,200 It is trading at a premium to the industry at 21.2x P/E for 2013, but deservedly so. It has the most sustainable growth prospect due to its strategic ownership of WIKA Beton and its solid investments in human capital. Earnings upgrade on a.

WIKA’s FY12 results were in line, with its revenue growing by 27% y-o-y to IDR9.8trn, 3%/4% above our and consensus estimates; while its bottom-line climbed 29% y-o-y to IDR458bn, 5%/4% ahead of our and street forecasts. The group plans to increase its gearing this year to secure additional power plant (IPP & EPC) projects. Higher.