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As per conversation with the company, Wintermar Offshore Marine, Tbk (WINS IJ) 2011 bottom line will be slightly below the company’s initial target of around IDR140bn mainly caused by hefty USD loan obtained at an unfavourable exchange rate of USD/IDR8,500, whereas current exchange rate is at the USD/IDR9,183 level causing an expense numb of forex.

Our top pick in the small cap space We continue to highlight BBKP as our top pick in the small cap banking space. Its current valuations – FY12f PER of 6.3x and P/BV of 1.0x – are undemanding, given the vast opportunities that the bank can exploit to improve its earnings profile. It has a.

High dividend yield SMSM’s high dividend payout ratio (DPR) of 91% for 2010 earnings – it has a policy of maintaining a minimum DPR of 45% if net income exceeds IDR30bn – makes the stock one of the best dividend plays, in view of its 7.4% dividend yield at the current price on 2010 earnings..

One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.

9MFY11 profit in line; top-line above our 2011 forecast Wintermar Offshore Marine’s (WINS IJ) 3QFY11 net profit reached IDR28bn (-18% q-o-q and +8% y-o-y), bringing its 9MFY11 net profit to IDR107bn (+46% y-o-y), accounting for 71% of our and consensus FY11 forecasts respectively. The 9MFY11 revenue of IDR760bn (+80% y-o-y) was above our expectation, making.

Big purchases delayed until 2012, yet 2011 earnings intact Based on our conversation with Wintermar Offshore Marine (WINS IJ), we expect the company to postpone the purchase of two high-end vessels in 4Q11 to 1Q12. These are anchor-handling tug supply-type (AHTS) vessels which enable WINS to command tariffs that are 20x higher than those for.

We initiate coverage on Selamat Sempurna (SMSM) with a BUY recommendation, based on: i) its high dividend yield; ii) high profitability; and iii) stable revenue growth prospects. We expect ROE to improve to 36.3% in 2013 from 29.6% in 2010, fuelled by higher utilization, and the stock’s dividend yield to jump to 10.7% from 7.1%..

Palm oil inventory recovered further as palm oil production picks up pace in April. Despite this, palm oil price has been relatively resilient. We maintain our view that palmoil will stage a countertrend rally up to July as Indonesia suffers production disruptiondue to tail-end effect of the 2009 drought. After the brief recovery, palm oil.

Reinstate coverage with Neutral, TP: IDR43,100, potential upside: -11.6% We reinstate coverage on ITMG with a neutral call as we believe the counter lacks specific catalysts other than taking a ride the generally robust coal sector. We believe the share price already reflects most of the positive factors. Moreover, the company’s relatively minimal volume growth.

Reiterate our BUY call, TP: IDR5,150 , potential upside: 17.0%. We are maintaining our BUY call on the counter given the huge upside potential from its newly revised TP to reflect a higher coal price assumption. The investment theme for KKGI is its robust production growth profile as well as strong balance sheet. Currently, the.