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We reinitiate coverage of PT Ramayana Lestari Tbk (RALS) with a NEUTRAL rating and DCF-derived TP of IDR780 (implying a 15.8x FY15F P/E). RALS is the largest department store chain targeting the low- to mid-low income earners in Indonesia. Some of the key issues are: i) ubiquitous competition, ii) expansion outside Java is on hold,.

Medco Energi Internasional (unrated) has expanded its oil and gas operation to Tunisia through the acquisition of Storm Ventures International (Barbados) Ltd from Chinook Energy Inc (listed on Toronto stock exchange). The transaction is now complete while Medco has gotten approval from the Tunisian government and several oil and gas exploration association of the country.

We initiate coverage on Spindo with a DCF-derived TP of IDR370 which represents a 100% potential return upside and recommend a BUY. Our TP implies a 7.0x FY15F earnings. Main triggers: i) its dominance in the domestic steel pipe market with a 30% share; ii) the company being a beneficiary of the nation’s growing gas.

LEAD’s FY13 results were in line with our estimates We see its strong earnings growth (+39% y-o-y) persisting in 2014 on its ongoing vessel expansion plans. Indonesia’s OSV sector remains at an early cycle and 2013’s strong industry earnings growth from cabotage is crystallising market visibility. We upgrade our IDR3,850 TP (from IDR3,450), implying 9.4x.

Logindo (LEAD) is to book an 83% net profit CAGR for the three years to 2014, spurred by its strong fleet expansion to higher-tier vessels. Its relatively young fleet age, lucrative margins and strong industry track record are precursors of greater things. We initiate coverage with a BUY and IDR3,450 TP, implying an 8.5x 2014.

LEAD to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher-tier vessels. LEAD has relatively young fleet age & lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things to come. We have a BUY call with TP IDR3,450,.

LEAD to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher-tier vessels. LEAD has relatively young fleet age & lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things to come. We have a BUY call with TP IDR3,450,.

Controversies of PGAS-Pertagas merger plan has been heating up in medias PGAS and Pertamina have expressed their respective views regarding the merger schemes to the government and has led to a concern to investors whether any decisions to be made is for political rather than national interest. We provide scenarios should any synergies be made.

The controversy over the PGAS-Pertagas merger plan is heating up. PGAS and Pertamina have conveyed their respective views on the proposal to the Government, but this has led to concerns whether any decision would be motivated by politics rather than in the national interest. We draw up scenarios of any potential synergies arising from merging.

Executive Summary “Logindo Sukses Makmur (Logindo) is expected to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher tier vessels. The group has a relatively young fleet age and lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things.