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Emerging new core business. Currently, the group’s earnings are predominantly contributed by its subsidiaries, Cipta Kridatama (~43% earnings contribution – contract mining) and Sumberdaya Sewatama (~16% – power solutions). However, in the long run, we expect ABMM’s subsidiary, Reswara (currently contributing only 9% to group earnings), to be the backbone of ABMM’s consolidated business. We.

United Tractors’ (UNTR) 2Q12 revenue grew 19.48% y-o-y or 3.70% q-o-q. Net profits rose 21.35% y-o-y or 1.99% q-o-q to IDR3.09trn, accounting for 49.60% of our FY12 forecast and largely in line with our expectation. The bottom-line growth was mainly contributed by Construction Machinery segment (70.57% gross profits growth y-o-y, despite a slow 0.09% q-o-q)..

ASII’s domestic 4W market share rose to 57.1% in Jan-May 2012, from 54.3% in the same period last year, while its 2W market share rose to 55.2% from 51.2%. Although vehicle sales were temporary affected by the implementation of a new downpayment policy, we expect ASII’s vehicle sales growth to outperform that of the industry..

We see a promising outlook for domestic vehicle sales in the long term, although there might be hiccups in the short-term due to the new higher downpayment policy. Although 4W vehicle sales growth is likely to soften in the second-half, our calculation shows that FY12 car sales might still be higher than that in FY11,.

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Unique business model We like MASA unique offtake business model that produces branded tyre for multinational distributors which give MASA opportunity to utilize these distributor’s strong networks while enjoying a substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third party brands while the smaller.

Leveraging on the Trakindo Group. ABMM’s major shareholder the Trakindo Group (Hamami Family) – which is also the sole distributor of Caterpillar heavy equipments since 1971 – has an established reputation and strong brand recognition in Indonesia. ABMM’s strong relationship with Trakindo would allow the former to gain access to financial resources, timely market intelligence,.

The large majority of ASII’s earnings are related to Indonesia’s domestic consumer sector, which is pretty much in line with the country’s macroeconomic picture. The company’s earnings growth is also driven by growing coal mining activities. Given its earnings structure, we believe ASII can benefit immensely from strong domestic economic growth, supported by rising income.

Positive industry outlook The company bagged IDR1.48trn worth of new contracts during the 9M11 period. This will boost its total outstanding jobs to IDR4.3trn, of which IDR2.8trn will be carried forward to 2012. Meanwhile, Bank Indonesia held the policy benchmark rate at a lowest historic level of 6%, following a cumulative 75-bpt cut since the.