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Controversies of PGAS-Pertagas merger plan has been heating up in medias PGAS and Pertamina have expressed their respective views regarding the merger schemes to the government and has led to a concern to investors whether any decisions to be made is for political rather than national interest. We provide scenarios should any synergies be made.

The controversy over the PGAS-Pertagas merger plan is heating up. PGAS and Pertamina have conveyed their respective views on the proposal to the Government, but this has led to concerns whether any decision would be motivated by politics rather than in the national interest. We draw up scenarios of any potential synergies arising from merging.

Executive Summary “Logindo Sukses Makmur (Logindo) is expected to book net profit CAGR of 83% for the three years to 2014, spurred by strong fleet expansion to higher tier vessels. The group has a relatively young fleet age and lucrative margins. Its strong track record with well-known O&G companies is a precursor for greater things.

TELE’s acquisition of Samsung and Apple iPhone distributors will make its full impact as well as catalyse growth in 2014. Handset sales will soar 73% y-o-y while voucher sales will see a modest 11% y-o-y growth. TELE’s margin is set to improve as handset contribution to total revenue increases. We keep our 2014 earnings forecast.

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.

PGAS’s 9M13 forex and derivative gains offset its slightly lower-than-expected distribution volume, bringing 9M13 earnings to USD642m (+3.3% y-o-y) or 76% of our and consensus estimates each. Its share price has declined, due to recent investor sentiment over the open-access policy that could threaten its dominance in the distribution business. Maintain BUY, with a lower.

We like SMSM as a committed dividend player with a solid dividend payout ratio track record. We also view positively SMSM attempt to grow inorganically through acquisitions and joint ventures. However we keep our NEUTRAL recommendation due to current rich valuation of 14.3x FY14 PE. Our DCF based fair value is at IDR2,750 (12.6x FY14.

PGAS’ 1H13 net profit was in line, at 52% and 53% of our and street estimates respectively. Gross margin fell to 47% in 1H13 from 61% in 1H12 on gas cost hikes in Sept 2012 and 1 Apr 2013. PGAS is now trading at an 18% discount to its 5-year historical forward P/E and is.

Company Profile Founded in 1976, Selamat Sempurna (SMSM) is a part of ADR Group and currently one of the largest filter and radiator manufacturers in the region. The Company manufactures filters, radiators, oil coolers, condensers, brake pipes, fuel pipes, fuel tanks, exhaust systems, and press parts for passenger vehicles and heavy equipment. Highlights A dividend.

Company Profile MBSS is a one-stop provider of sea-based coal transport with comprehensive services involving shore-based storage, barge loading, river and sea-based transport to offshore loading of ocean-going vessels. Its source of income is derived from barging (69% of revenue as of 1Q13) and floating crane (31% of revenue as of 1Q13) segments. Its barging.