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The recent political development inside PDIP which led to the speculation that the party will endorse Jokowi as a presidential candidate is premature, in our view. But we believe Jokowi nomination will lower political uncertainties and positive for the financial markets. November 13 trade data also showed that fundamental economy of Indonesia is improving. Large.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

Following a sector-wide CPO price upgrade, we raise our earnings projections for AALI by 12.3% for FY14 and introduce our FY15 forecast at IDR3,337bn. Our FV is similarly raised to IDR28,350, based on 18x CY14 earnings (our target P/E for large cap plantations). AALI is our preferred Jakarta plantation stock, being a prudently managed company,.

Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.

UNTR’s 1H13 revenue and earnings fell 18.7% and 25.2% y-o-y respectively While revenue made up 55% and 57% of consensus and our FY13F estimates respectively, its earnings only comprised 45% and 47% of the respective forecasts, no thanks to margin pressure. We cut our FY14F numbers by 19.5% on its deteriorating earnings. Maintain NEUTRAL call.

Company Profile Wismilak Inti Makmur (WIIM), established in 1994, produces a variety of machine-made clove cigarette (SKM) and hand-rolled clove cigarette (SKT) under various brands. Its anchor brand is Wismilak Diplomat (WD), which has been in existence for more than 20 years and from which it derives lucrative margins. WIIM uses WD as a cash.

Company Profile Nusa Raya Cipta engages in commercial, residential, industrial and civil construction works. It was first listed on the Indonesian Stock Exchange in June 2013. NRCA is a subsidiary of industrial property developer PT Surya Semesta Internusa Tbk (SSIA, BUY, TP IDR1,600). Highlights NRCA at a glance NRCA is one Indonesia’s leading high-rise construction.

Company Profile Established in June 2008, PT Tiphone Mobile Indonesia Tbk (Tele)’s main business is in the trading of telecommunications products. It focuses on selling and distributing starter packs and vouchers from network operators such as Telkomsel, Telkom Flexi and XL. Recently, the Company has also focused on selling handsets such as iPhone, Samsung and.

Company Profile PTPP provides civil engineering and building construction services. It has recently expanded into EPC developments and industrial concrete manufacturing, as well as property developments. Highlights The port projects specialist PTPP’s orderbook, which is expected to reach ~IDR35trn by end-FY13, is bolstered by its expertise in port development, as well as its strong working.

Investment Merits WIKA’s strong ties with the national power and oil & gas (O&G) companies make it the frontrunner to secure high-margin engineering, procurement and construction (EPC) projects. Strategic ownership of precast manufacturer WIKA Beton ensures consistent supply despite increasingly tight raw materials market. Widest net margins among other national construction companies (5.0% in FY13F),.