Resource Alam Indonesia, Closing 2010 on a Convincing Note
KKGI reported FY2010 earnings of IDR166bn, surging by a whopping 418% y-o-y, which was in line with our estimate. Strong topline growth KKGI’s revenue climbed 138% y-o-y to IDR969bn, driven by higher sales volume as well as average sales prices (ASP). 2010 coal sales volume totaled 2.2m tonnes, up 133% from 0.9m tonnes in 2009..
Read More...Wintermar Shedding Light on Cabotage Ruling
Clarifying the cabotage issue Last week the media reported that cabotage regulations would be eased to allow foreign companies to operate certain types of foreign-flagged vessels. At a glance, this seems contrary to earlier perceptions that the opportunity would be limited to Indonesian-owned vessels using the domestic flag. We would like to highlight several points.
Read More...Indopoly Swakarsa In Your Everyday Shopping Basket
COMPANY PROFILE Indopoly is a producer of plastic packaging film, Biaxially-Oriented Polypropylene (BOPP). Starting 2011, Indopoly also produces Biaxially-Oriented Polyester (BOPET). The products are mainly used for consumer product packaging such as food and cigarettes. Indopoly start commencing its first operational activities in 1996. In 2009, Indopoly acquire Yunnan Kunlene and Suzhou Kunlene, both also.
Read More...Multistrada Arah Sarana, Takeoff on the Offtake
COMPANY PROFILE Multistrada was established in 1988 under the name PT Oroban Perkasa The company was transferred to BPPN in 1998 as a result of the Asian Crisis and took over by new management in 2005 under PVP XVIII. Since 2007, the company started to produce higher portion of high performance tires which is resulted.
Read More...Multistrada Arah Sarana, Higher Margin, Lower Volume in 4Q
MASA’s FY10 bottom line came in at IDR176bn (up 139% q-o-q or +1% y-o-y), which perfectly matched our forecast of IDR177bn. The company chalked up better numbers although volume was lower, thanks to its margins beating our 4Q estimates. We are maintaining our buy recommendation and target price at IDR440 while closely watching the progress.
Read More...WINS the Game (1)
Wintermar Offshore Marine (WINS) is set to deliver an earnings CAGR of 32.8% from 2010-2012 powered by higher rates from its owned vessels, which will bolster its 2011 topline to IDR864bn (+34% y-o-y) before escalating to IDR1,052bn (+21.7% y-o-y) in 2012. The company’s owned vessels will contribute 71.9% of total revenue in 2011 against 56%.
Read More...Wintermar a One-Stop Shop
Opportunity to gain market share From May this year, Indonesia’s shipping law will no longer allow foreign-flagged vessels to operate in Indonesian coastal waters unless they are in joint ventures in which there is no more than 49% foreign ownership. Management believes this would give WINS the opportunity to get a slice of foreign competitors’.
Read More...Selamat Sempurna Plant Visit Notes (2011)
Summary: We visited SMSM’s Bitung – Tangerang plant which produces filters and found the plant to be neat and well organized. We reiterate our positive view on SMSM considering its 1) high profitability; 2) high dividend yield; and 3) stable growth in export and local market. We maintain our forecast and BUY recommendation with TP.
Read More...Resource Alam Indonesia, Excitement Aplenty
Supported by ample coal reserves and in-place coal processing and handling infrastructure, Resource Alam Indonesia (KKGI) is set to continuously ramp up coal production in the coming years. The company has internal estimated coal reserves of 73m tonnes, which translate into a life-of-mine of 20 years. Production for 2011 is slated to reach 3.5m tonnes.
Read More...Resource Alam Indonesia, Plenty of excitement
Supported by adequate coal reserves and in-place coal processing and handling infrastructure, Resource Alam Indonesia (KKGI) is set to continuously ramping up its coal production volume in coming years. The company has an internal estimate coal reserves of 73m tonnes that translates to life-of-mine of 20 years. Production for 2011 is slated to reach 3.6m.
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