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The earnings of Wintermar Offshore Marine, Tbk (WINS IJ), a leading Indonesian OSV player, have risen consistently since its Nov 2010 IPO. It has beaten the JCI by 40% since the market peaked on 20 May 2013, buoyed by its sturdy fundamentals. As its 9M13 earnings beat our estimate, we expect alluring double-digit earnings growth.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

MBSS’ 1H13 net profit was spot-on, representing 46% of our FY13 earnings estimate. We expect 4Q13 to be its peak quarter, spurred by China’s strong coal demand during the winter season. All in, the company’s outlook remains intact, with possible vessel expansion should the company secure new contracts in 2H13, though this is not yet.

UNTR’s 1H13 revenue and earnings fell 18.7% and 25.2% y-o-y respectively While revenue made up 55% and 57% of consensus and our FY13F estimates respectively, its earnings only comprised 45% and 47% of the respective forecasts, no thanks to margin pressure. We cut our FY14F numbers by 19.5% on its deteriorating earnings. Maintain NEUTRAL call.

Company Profile Nusa Raya Cipta engages in commercial, residential, industrial and civil construction works. It was first listed on the Indonesian Stock Exchange in June 2013. NRCA is a subsidiary of industrial property developer PT Surya Semesta Internusa Tbk (SSIA, BUY, TP IDR1,600). Highlights NRCA at a glance NRCA is one Indonesia’s leading high-rise construction.

Investment Merits WIKA’s strong ties with the national power and oil & gas (O&G) companies make it the frontrunner to secure high-margin engineering, procurement and construction (EPC) projects. Strategic ownership of precast manufacturer WIKA Beton ensures consistent supply despite increasingly tight raw materials market. Widest net margins among other national construction companies (5.0% in FY13F),.

Company Profile Nusa Raya Cipta engages in commercial, residential, industrial and civil construction works. It was first listed on the Indonesian Stock Exchange in June 2013. NRCA is a subsidiary of industrial property developer PT Surya Semesta Internusa Tbk (SSIA, BUY, TP IDR1,470). Highlights NRCA at a glance NRCA is one of the leading private.

MBSS’ 1Q13 bottom-line grew 1.6% q-o-q and 4% y-o-y to USD10m, driven by a robust 56.9% y-o-y surge in floating crane sales (21% revenue contribution). 1Q13 net profit accounted for 25% of our FY13 net profit. The company’s cash position stood at USD21m on better receivables and working capital management, providing flexibility for larger capex.

UNTR posted 1Q13 revenue of IDR12.5trn (+5% q-o-q, -17% y-o-y, 24% of our FY13E) and net income ofIDR1.1trn (-14% q-o-q, -26% y-o-y, 23% FY13E) in line with our expectations. Increased sales efforts at the construction machinery division and declining ASPs in the coal mining segment squeezed the group’s margin. Meanwhile, Pama’s market leadership and contracted.

MBSS has proven to be a solid player in supporting the coal industry, as it has withstood the shocks of a bearish coal market. For this year, we expect its earnings to continue growing by 15% y-o-y. We maintain our BUY call with a five-year DCF-based TP of IDR1,500, implying a 6x 2013 P/E and.