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WINS’ laggard movement vs JCI’s rally does not reflect the attractiveness of its: i) double-digit earnings growth forecasted for 2013/14, and ii) 42% and 37% 2013 P/E discounts to regional O&G services and OSV peers respectively. We see imminent re-rating and upside potential on the back of its margin expansion and fleet rejuvenation as well.

Mitra Bahtera Segara Sejati (MBSS) managed to book a 23% y-o-y growth in FY12 net profit (in line with our estimate) despite negative earnings growth for the coal sector in FY12. This reflects the company’s resilient fundamentals against external shocks, backed by its long-term contract relationships and minimum guaranteed coal volume. Although capex is at.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

We attended United Tractors’  (UNTR IJ, SELL, TP IDR19,700) annual analyst meeting yesterday and witnessed an unusually pessimistic note from the largest player within the Indonesian heavy equipment market. Yet, we are delighted to learn that our new call and target price on UNTR found a firmer foundation as the company confirmed of our FY.

WHAT’S BREWING? UNTR has been reported to submit two proposals to the state power company PLN for a 2x600MW and a 600MW power plant in South Sumatera (dubbed as PLTU Sumsel IX & X). The plants to be developed are the so-called “mine-mode”s, where the power generator itself is located at the coal mining site.

MBSS reported a 1H12 net profit of USD18m, good for a 34% y-o-y increase in spite of a 18% q-o-q drop. On a yearly basis, barging and floating crane volume saw robust growth while margins stayed stable. However, the company’s quarterly numbers suggest that revenue was stable but earnings were pulled down by higher costs..

KKGI’s earnings for 3Q12 tumbled by 42% q-o-q to IDR44bn and sunk 37% y-o-y for the 9M12 period to IDR218bn, falling below our estimates. The rising production cost compressed its earnings, while its ASP remained under pressure. Following our coal price assumption revision, we also cut down KKGI’s earnings forecast for FY12f and FY13f by.

PTBA’s 3Q12 results came in lower than our estimates as rising production costs and declining ASP dragged down earnings. The quarter’s net profit reached IDR653bn, down 3% q-o-q and 6% y-o-y, making up only 65% of our full-year estimates. In view of recent weak global coal prices, we are trimming our coal price assumptions for.

Earlier in our IIMS report, we already stated that we like the Agya and Ayla twins upon seeing it in the International Motor Show. We positively view Astra’s bold move to introduce the cars even though government hasn’t finalizing the LCGC incentive. The exterior is appealing and the interior is spacey with a very affordable.

Weak demand from China will negatively impacted KKGI’s sales volume As mentioned in the Coal Asia Magazine (Jul-Aug’12 edition), stockpile in one of China’s biggest coal port, Qinhuangdao, already hit the highest level since the 2008 crisis. By June, the stockpile has reached 9.4m tonnes, already close to the 10.1m tonnes capacity. Noted that coal.