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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.

Sector Outlook We maintain an OVERWEIGHT call for the Constructions sector upon the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.

The company’s long-term growth plan is further reinforced by recent JORC resource announcements and new mine concession acquisitions. We are also adjusting our earnings forecasts for 2012-2013, having increased our production volume forecasts in line with the company’s targets. As such, we raise our TP for KKGI to IDR8,950 while maintaining our BUY call. JORC.

ASRI remains one of our top pick, given: (i) its strong future growth and profitability, (ii) the successful launch of its second project, “Suvarna Padi” in Pasar Kemis, and (iii) its grand plan to acquire more land in Bali and Jakarta. Our TP of IDR600 was derived by applying a lower discount of 25% to.

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 visited OKAS this early week and met the president director, Mr. Dharma Djojonegoro. Below are some key takeaways: 1. Business. The manufacturing and trading segment are in ammonium nitrate (explosives raw material) business, while service segment is a combination of service in oil and gas drilling (~70%) and mine blasting (~30%). The company strategy.

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.

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.

Buy initiation, target price Rp9,900 Our Buy recommendation is premised on HRUM’s i) robust production growth, ii) huge untapped coal resources potential, iii) strong balance sheet, and iv) attractive coal market structure. Our end-2011 DCF target price is Rp9,900, which implies 13x 2012F earnings. Its share price catalysts may include: i) More reserves and resources.