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PT Holcim Indonesia (SMCB IJ, Not Rated) will distribute interim dividend of IDR260.5bn or IDR34/share (1.2% yield). The dividend will be paid in October 2014 with cum date set on 19 September. Currently, the company is adding 1.7m tonnes of production capacity to the current Tuban mill #2. The additional capacity is targeted to start.

1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.

Wintermar Offshore Marine, Tbk (WINS IJ, BUY, TP: IDR1,200) will distribute USD2.705mn as dividend or 10% from FY13 net profit. The amount will translate into approximately IDR7.92/share and 0.67% yield by using yesterday’s closing price. The plan is subject to shareholders’ approval in the upcoming AGM on 5 June 2014. The scheduled cum date is.

Surya Citra Media (SCMA IJ, NR) will distribute IDR51 per share of final dividend. Combined with interim dividend of IDR15 per share, SCMA total dividend is equivalent to 75.4% from FY13 net income or IDR66/share (~2% yield using yesterday’s closing.

Mitrabahtera Segara’s 1Q14 earnings hit USD9m (-7.9% q-o-q; -11.5% y-o-y), or 24% of our FY14 net profit estimate. We see it facing a challenging year as we see no signs of a structural recovery in the coal sector. We applaud management’s efforts to maintain survivability in the coal support industry. We maintain our NEUTRAL call.

As of FY13, MBSS’ cash position stood at USD44m, arising from cash collected from its customers coupled with a very low capex allocation as MBSS was hitting the expansion break as it was caught in the downturn cycle of the coal industry. Given its strong cash position in FY13, we expect MBSS to distribute a.

MBSS’s 4Q13 net profit dipped 2.4% y-o-y but grew 14.6% q-o-q to USD10m, given a peak quarter which coincided with China’s winter. This brought FY13 net profit to USD38m, in line with our expectations at 95% of our FY13 estimate. We cut 2014-15 earnings by 7-5% on lower fee charges assumption amid further renegotiations. While.

MBSS 4Q13 net profit increased 14.6% q-o-q to USD10m given peak seasonality in 4Q13 from China’s winter season, yet down 2.4% y-o-y, bringing FY13 net profit amounting to USD38m, inline to our FY13 estimate (95%). We cut earnings by 7% and 5% for 2014-15 earnings as we lower our fee charges to its customers from.

SMGR reported robust FY13 sales while its market share rose to 43.9% in Dec 2013 vs Dec 2012’s 40.9%. However, FY14F earnings growth may be slower than originally estimated due to higher electricity costs. As we foresee a time lag between the increasing input cost and a hike in its selling prices, we cut our.

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.