Wintermar Growing From Strength-to-Strength
Company background Wintermar Offshore Marine (WINS) is owned by the Layanto family and has been providing upstream services for the oil & 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...Bank Bukopin, Seeking New Opportunities
Our top pick in the small cap space We continue to highlight BBKP as our top pick in the small cap banking space. Its current valuations – FY12f PER of 6.3x and P/BV of 1.0x – are undemanding, given the vast opportunities that the bank can exploit to improve its earnings profile. It has a.
Read More...Malindo Feedmill Protein-Induced Growth
Massive growth seen As Indonesia still lags in terms of per capita consumption of protein, provides huge opportunities in the poultry industry given that chicken meat is one of the cheapest sources of animal protein, as well as its low per capita consumption. In tandem with increasing standards of living, broiler consumption per capita also.
Read More...Selamat Sempurna, a Steady Dividend Stock
High dividend yield SMSM’s high dividend payout ratio (DPR) of 91% for 2010 earnings – it has a policy of maintaining a minimum DPR of 45% if net income exceeds IDR30bn – makes the stock one of the best dividend plays, in view of its 7.4% dividend yield at the current price on 2010 earnings..
Read More...Semen Gresik, Massive Capacity on The Horizon
New cement plants to commence operation SMGR’s two cement plants – located in Tuban, East Java and Tonasa, South Sulawesi – are expected to commence operations in early-2012. These new cement plants’ combined capacity stands at 5.0m tonnes, which is equivalent to 24.3% of SMGR’s existing capacity. It plans to increase its production capacity to.
Read More...Surya Citra, a Boost From Within
One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.
Read More...Semen Gresik Plant Visit Notes (2011)
Poised to Benefit From Rapid Industry Growth Last week, we visited the Tuban Plant and here are the key takeaways: Remarks from Mr Dwi Sutjipto. Mr Sutjipto’s opening remarks summarize Semen Gresik’s (SMGR) medium-term strategy. He started off by highlighting that the progress of integration between the three companies within the group is now currently.
Read More...Total Bangun Persada, Extraordinary Margins
Positive industry outlook The company bagged IDR1.48trn worth of new contracts during the 9M11 period. This will boost its total outstanding jobs to IDR4.3trn, of which IDR2.8trn will be carried forward to 2012. Meanwhile, Bank Indonesia held the policy benchmark rate at a lowest historic level of 6%, following a cumulative 75-bpt cut since the.
Read More...Astra International, Well-Diversified Earnings Base
The large majority of ASII’s earnings are related to Indonesia’s domestic consumer sector, which is pretty much in line with the country’s macroeconomic picture. The company’s earnings growth is also driven by growing coal mining activities. Given its earnings structure, we believe ASII can benefit immensely from strong domestic economic growth, supported by rising income.
Read More...Resource Alam Indonesia, Taking a Big Leap Forward
Growth momentum play After delivering another record number in terms of production volume in 2011, Resource Alam (KKGI) continues to offers the highest growth prospect in our universe of coal stocks. With 9M11 production already reaching 3.2m tonnes, it is on track to meet our 2011 full-year target of 4.3m tonnes (+91% y-o-y) and we.
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