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PGAS’ long term outlook remains bright despite concerns over its short term gas supply. As Indonesia’s largest gas distributor with an 85% market share, it is well positioned to venture into other gas-related businesses as well as undertake upstream takeovers. We see PGAS as a defensive rotational play given its strong domestic exposure, which partly.

PGAS’ long term outlook remains bright despite its short term gas supply concerns. As the country’s largest gas distributor with 85% market share, it should be well positioned to venture into other gas-related businesses as well as embark on upstream takeovers. We recommend PGAS as a defensive rotational play given its strong domestic exposure, which.

We raise our earnings estimates by 7.8% for FY13 in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL amid minimal prospects for an earnings surprise on top of our revised estimates and WIKA’s historic high valuation. It is trading.

We raise our FY13 earnings estimate for Wijaya Karya (WIKA) by 7.8% in light of robust contributions from its higher-margin Mechanical & Electrical (M&E) and Industrial Concrete segments. Even so, we downgrade our call to a NEUTRAL given limited room for an earnings surprise on top of our revised estimate and WIKA’s historic high valuation..

WIKA’s 1Q13 net profit surged 65% y-o-y to IDR157bn, representing 28% of the company’s and our FY13 estimates – a strong sign for a robust year ahead as the company has historically booked a mere 18%-22% net profit in 1Q. WIKA remains our top pick for the construction sector. Maintain strong BUY at IDR2,200 TP..

UNTR posted 1Q13 revenue of IDR12.5trn (+5% q-o-q, -17% y-o-y, 24% of our FY13E) and net income ofIDR1.1trn (-14% q-o-q, -26% y-o-y, 23% FY13E) in line with our expectations. Increased sales efforts at the construction machinery division and declining ASPs in the coal mining segment squeezed the group’s margin. Meanwhile, Pama’s market leadership and contracted.

WIKA indicated that it booked IDR157bn worth of net profit in 1Q13, up 65% y-o-y and 28% of the company’s/our FY13 estimate – a strong signal to a robust year as the company historically booked a mere 18%-22% on its 1Q. WIKA remains our top pick for the construction sector as we maintain a strong.

WINS’ laggard movement vs JCI’s rally does not reflect the attractiveness of its: i) double-digit earnings growth forecasted for 2013/14, and ii) 42% and 37% 2013 P/E discounts to regional O&G services and OSV peers respectively. We see imminent re-rating and upside potential on the back of its margin expansion and fleet rejuvenation as well.

Driven by sanguine investor sentiments, the market cap of the Indonesian construction sector has expanded by 280% since 2012, outpacing its EPS growth potential of 18%-22% for 2013F. We propose a bellwether report to consider amid potentially weaker sentiments, while we continue to have a positive outlook on construction companies. At present, defensive stock picks.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.