WINS The Game
INVESTMENT MERITS 40 years of experience in the industry delivering high standards Upside risk supported by the proposed cabotage principle Vessel expansion into higher value segment Reputable international clients with long-term contracts Currently trading at 8.1x 2011 PE, 59% discount to the sector COMPANY PROFILE Established in 1970, Wintermar Offshore Marine (WINS) operates offshore support.
Read More...Wintermar Stellar Results
Wintermar Offshore Marine, Tbk (WINS IJ) booked an impressive 1Q11 net profit amounted to IDR44bn (+143.2% y-o-y; accounts 31% to our FY11 forecast) driven by fleet expansion and third party chartering. This translates to a net profit margin of 19.7% in 1Q11 from 17.6% in 1Q10. WINS’ vessel expansion remains on track along with its.
Read More...Plantation Sector, Signal from Price Resillience
Palm oil inventory recovered further as palm oil production picks up pace in April. Despite this, palm oil price has been relatively resilient. We maintain our view that palmoil will stage a countertrend rally up to July as Indonesia suffers production disruptiondue to tail-end effect of the 2009 drought. After the brief recovery, palm oil.
Read More...Tambang Batubara Bukit Asam, Focus on Future Projects
Reinstate coverage with Neutral call, TP: IDR21,150 , potential upside: -6.2%. We reinstate coverage on PTBA with a neutral call, with our TP implying a 17.1x-12.5x FY11-12f earnings. PTBA’s value hinges on its ability to execute its long-term projects that will rapidly increase the utilization of its vast coal reserves. But until more certainty emerges.
Read More...Indo Tambangraya Megah In Need of Some Excitement
Reinstate coverage with Neutral, TP: IDR43,100, potential upside: -11.6% We reinstate coverage on ITMG with a neutral call as we believe the counter lacks specific catalysts other than taking a ride the generally robust coal sector. We believe the share price already reflects most of the positive factors. Moreover, the company’s relatively minimal volume growth.
Read More...Adaro Energy Giving The Benefit of The Doubt
Maintain BUY with TP of IDR2,550 We remain optimistic of ADRO’s performance going forward as the company is positioned to ride on a strong wave of coal demand, as is being reflected in the red-hot coal price. Indeed, although missing its production target and surging costs in 2010 are of concern, we believe that the.
Read More...Resource Alam Indonesia, Hunt Down This Bargain
Reiterate our BUY call, TP: IDR5,150 , potential upside: 17.0%. We are maintaining our BUY call on the counter given the huge upside potential from its newly revised TP to reflect a higher coal price assumption. The investment theme for KKGI is its robust production growth profile as well as strong balance sheet. Currently, the.
Read More...Harum Energy A Glowing Future
Reiterating our Buy call, TP: IDR10,450, potential upside: 14.2% We are reiterating our Buy recommendation on HRUM while revising upwards our target price to incorporate a higher coal price assumption. We are raising our FY2011f-12f earnings forecasts by 9%-27% on adjusting our ASP assumptions. Our end-2011 DCF target price is IDR10,450, based on 17.4x-10.8x 2011f-12f.
Read More...Coal Feeding The Hunger For Power
Overweight on the sector We initiate coverage on the coal sector with a positive view reinforced by the strong earnings growth momentum, exciting demand-supply dynamics and Indonesia’s strategic position in the global seaborne coal market. The coal companies under our coverage are projected to deliver earnings growth of 67% – 46% in the 2011-2012 period,.
Read More...Difference between WINS and TRAM
Wintermar Offshore Marine, Tbk (WINS IJ) provides upstream services for the oil & gas sector. As of 2010, WINS have 59 vessels, such as fast utility vessels, tug boat, oil barge and anchor handling tugs. WINS charter its own vessels to customers with additional optional services such as providing crew, ship management and catering services..
Read More...
