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SMSM’s FY12 net profit of IDR233bn (+69% q-o-q, +16% y-o-y) was in line with our forecast of IDR232bn owing to a seasonally stronger 4Q12 and better-than-expected margins. We maintain our NEUTRAL call and TP at IDR2,475 (13.2x FY13 PE). The counter is currently trading at a 14.1x FY13 PE. The Hydraxle effect Selamat Sempurna (SMSM)’s.

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.

TOTL booked IDR584bn in revenue and IDR53.5bn in net profit for 1Q13, up 69.7%/47.8% y-o-y and 27%/22% of our FY13 estimates respectively. We continue to be wary over its management’s vague strategic plans, as it hoarded for cash despite minimal capex disbursements. We maintain our NEUTRAL call and TP of IDR1,060, as its valuation reached.

Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below and market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue.

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.

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.

Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue increase.

Driven by sanguine investor sentiments, the market cap of the Indonesian construction sector has expanded by 280% since 2012, outpacing its EPS growth potential of 18%-22% for 2013F. We propose a bellwether report to consider amid potentially weaker sentiments, while we continue to have a positive outlook on construction companies. At present, defensive stock picks.

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.

We are confident that TOTL will achieve its growth target this year, but a 350% appreciation in its share price since last year has pushed its valuation to 15.2x 2013 P/E – on par with our target P/E and reflecting its earnings expectation for FY13. Macro headwinds and the company’s apparent lack of an expansion.