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We are re-instating coverage on TOTL with a BUY and IDR1,060TP The company is currently trading at 17.7x and 13.4x 2012E & 2013E PER compared to the industry at 18.8x and 14.3x. We like TOTL’s operations for the following reasons: 1) robust order book growth on the back of loyal customer base, 2) direct contracting.

Satisfactory bottom-line, flat top-line Selamat Sempurna (SMSM)’s 1H12 net income of IDR112bn (+13% y-o-y, +33% q-o-q) was in line with expectations, and comprising 48% of our forecast. The top-line numbers, though, were a rather flat IDR893bn (+2% y-o-y and +10% q-o-q), making up only 44% of our forecast. On a q-o-q basis, revenue indicated a.

Wintermar Offshore Marine, Tbk (WINS IJ) recently released its 1H12 results, which it stated in USD. The company booked USD10m in 1H12 net profit (+52.7% y-o-y) which was in line with expectations, accounting for 47% and 51% of our and consensus’ full-year forecasts respectively. The strong growth was mainly due to an expansion in gross.

Commercial vehicle sales on track Commercial vehicle sales jumped 22% y-o-y in the first five months of the year compared to the same period the last year. Over the longer term, commercial vehicle sales have been growing at a 9% CAGR since 2005. Assuming that the average age of commercial vehicles is five years, the.

Company background Petrosea (PTRO) is one of Indonesia’s leading coal mining contractors, with a 40-year track record. Ranked sixth in terms of overburden removal, PTRO lays claim to being the only local company providing complete pit-to-port mining solutions. The company is 69.8%-owned by Indonesia-listed energy company, Indika Energy (INDY). Its mining contract business accounted for.

Company background Petrosea (PTRO) is a long established company with over 40 years of vast experience and along the way has built strong recognition as one of the Indonesia’s leading coal mining contractor ranked at 6th place in terms of overburden removal. PTRO claims to be the only local company which provides a complete pit-to.

KEY HIGHLIGHTS High dividend yield SMSM’s high dividend payout ratio of 91% for 2010 earnings (its policy is to pay a minimum 45% DPR if its net income exceeds IDR30bn) makes the stock one of the best dividend payers. We expect its dividend yield to reach 7.0% for 2012 versus the average of 2.4% among.

SMSM’s FY11 results were in line with our forecast, with net income and revenue coming in at IDR201bn (+34% y-o-y, +10% q-o-q) and IDR1,808bn (+16% y-o-y, +17% q-o-q), comprising 106% and 100% of our FY11 forecasts. Its full year gross margin and operating margin slightly beat our estimate, although these were partially offset by a.

THE BUZZ In the last Friday, SMSM disclosed that it will create a joint venture with Tokyo Radiator Manufacturing which will be located in Tangerang. The JV activity will be in manufacturing and trading of heat exchanger (radiator). SMSM will have 33% contribution from total invested capital of IDR17.2bn. From Tokyo Radiator Manufacturing release, it.

Wintermar Offshore Marine, Tbk (WINS IJ) indicated that its 2011 earnings will be slightly below its initial target of ~IDR140bn, owing mainly to a hefty USD loan obtained at an unfavorable rate of USD/IDR8,500. At the current ~USD/IDR9,000 rate level, the resultant forex loss will adversely affect its 2011 earnings. That said, we still expect.