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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.

Company & industry background Rukun Raharja (RAJA) is one of Indonesia’s leading mid-to-downstream energy company which has a similar business model with Perusahaan Gas Negara (PGAS) focusing on the gas distribution and transmission business, yet in a much smaller form. It claims to be the only company besides PGAS that has such mid-downstream business chain..

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.

We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

IMAS, which is aiming for FY12 4W vehicles sales to crank up by more than 50% y-o-y, is banking on its newly launched MPV Nissan Evalia carving out a 20%-25% share of the MPV market. Although a lucrative segment, competition in MPVs is tough as its competitors had earlier this year launched new models before.

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.

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.

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.

Synergy from the merger Chandra Asri Petrochemical (TPIA), which was recently formed early this year through a merger between Chandra Asri and Tri Polyta Indonesia, has become the largest integrated olefins and poly olefins producer in Indonesia, providing a distinctive edge by possessing the only naphtha cracker in Indonesia with an integrated set of downstream-chain.