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We upgrades by 6% our earnings target for 2011 to IDR153bn (+44% y-o-y) on the back of a share of net income from its associate Fast Offshore Supply (Singapore) amounting to IDR24bn (based on the company’s guidance). We like WINS’ efficient spending of its 2011 capex on vessel expansion this year (12 added vessels) as.

Wintermar Offshore Marine, Tbk (WINS IJ) booked an impressive 1Q11 net profit amounted to IDR44bn (+143.2% y-o-y; accounts 31% to our FY11 forecast) driven by fleet expansion and third party chartering. This translates to a net profit margin of 19.7% in 1Q11 from 17.6% in 1Q10. WINS’ vessel expansion remains on track along with its.