Alam Sutera Realty, Laying The Foundation For Growth
ASRI remains one of our top pick, given: (i) its strong future growth and profitability, (ii) the successful launch of its second project, “Suvarna Padi” in Pasar Kemis, and (iii) its grand plan to acquire more land in Bali and Jakarta. Our TP of IDR600 was derived by applying a lower discount of 25% to.
Read More...Hexindo Adiperkasa, Propelled by Strong Orders
Stronger performance seen for coming semester The company sold 756 units of Hitachi equipment in 2Q12 (July-Sept 2011), or an increase of 48% from 511 units in 1QFY12 (April-June 2011), on the back of continued strong demand. This propelled HEXA’s revenue to USD175m, a q-o-q surge of 43%. This, combined with a 200bpts expansion in.
Read More...Bank Mandiri, Banking on Its Core Strengths
A good combination of variables to move forward BMRI is our top pick for the banking sector as it is well-positioned going into 2012. Its key strengths include: (i) a liquid balance sheet gives the bank ample room to disburse loans, (ii) an impressive deposit franchise growth enables it to manage its cost of funds,.
Read More...Wintermar Solid Fundamentals
Company background. WINS is owned by the Layanto family and has been providing upstream services for the oil & gas sector for more than 40 years. The company was legally established under the name of Swakarya Mulia Shipping in 1995, and then the company changed its legal name to Wintermar Offshore Marine. In the same.
Read More...Wijaya Karya Company Update
We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.
Read More...Chandra Asri Contagion Effect From Global Downturn
Another disappointing quarter for Chandra Asri Petrochemical (TPIA) as the company book a loss IDR13bn in 3Q11 stemmed from higher COGS (+6% q-o-q) which offsets the company’s flat top line growth (+2% q-o-q), translating to a 66% q-o-q slump on gross profit. Our previous expected bottom line earning for 2011 was way above the company’s.
Read More...Tunas Ridean Walking along with the Kings
We believe TURI is a direct beneficiary of Indonesian automotive sector growth because of its main double business engines: 1) Its position as the second biggest Astra brands dealer with significant market share and close relationship with Astra International and 2) Having 49% ownership in Tunas Mandiri Finance which is backed by strong presence of.
Read More...Indopoly Swakarsa Industry Steep Learning Curve and Narrowing Margins
IPOL’s 9M11 net income came in significantly below our FY11 estimates at IDR63bn (-95% q-o-q or -59% y-o-y), comprising only 34% of our FY11 estimate. Its 9M11 gross margin was low at 18.5% (FY11f: 24.7%), driven by Biaxially Oriented Polyethylene Terphthalate’s (BOPET) low initial performance and unfavourable timing in raw material purchasing. We revised down.
Read More...Wintermar Smooth Sailing Ahead
9MFY11 profit in line; top-line above our 2011 forecast Wintermar Offshore Marine’s (WINS IJ) 3QFY11 net profit reached IDR28bn (-18% q-o-q and +8% y-o-y), bringing its 9MFY11 net profit to IDR107bn (+46% y-o-y), accounting for 71% of our and consensus FY11 forecasts respectively. The 9MFY11 revenue of IDR760bn (+80% y-o-y) was above our expectation, making.
Read More...Higher Than Expected Contribution From 3rd Party Chartered Vessels
9M11 bottom line in line, yet top line above our 2011 forecast Wintermar Offshore Marine, Tbk (WINS IJ) 3Q11 net profit reached IDR28bn (-18% q-o-q & +8% y-o-y), bringing 9M11 net profit to IDR107bn (+46% y-o-y), accounting for 71% to our FY11 forecast and consensus respectively. 9M11 revenue which amounted to IDR760bn (+80% y-o-y) was.
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