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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.

Despite short-term supply concern for PGAS, long-term outlook remains bright as PGAS as the largest gas distributor (85% market share) should be well positioned for ventures to any diversified gas related forms and upstream takeovers. PGAS is recommended as a defensive rotational play given its strong domestic exposure and less impacted from inflation impact. We.

Earlier in our IIMS report, we already stated that we like the Agya and Ayla twins upon seeing it in the International Motor Show. We positively view Astra’s bold move to introduce the cars even though government hasn’t finalizing the LCGC incentive. The exterior is appealing and the interior is spacey with a very affordable.

MEDC possesses expansive O&G upstream assets portfolio in both domestic and international markets Its assets span beyond Indonesian blocks to sites in USA, Libya, Yemen, and Oman. MEDC also engages in downstream businesses, renewable energy, power generation and recently coal mining. We view MEDC’s recent cost leadership, production initiatives, and diversified portfolio in energy-related businesses.

Since Bank Mandiri (BMRI) took 51% ownership of Mandiri Tunas Finance (MTF) from Tunas Ridean (TURI) in 2009, MTF’s outstanding consumer receivables have almost tripled to IDR8.2trn at end-2011 from UDR2.9trn as at end-2009. However, the loans growth did not translate into higher net income due to rising provisions and contraction in margin. The good.

We believe TURI is a direct beneficiary of Indonesian automotive sector growth because of its main double business engines: 1) Its position as the second biggest Astra brands dealer with significant market share and close relationship with Astra International and 2) Having 49% ownership in Tunas Mandiri Finance which is backed by strong presence of.

Reinstate coverage with Neutral call, TP: IDR21,150 , potential upside: -6.2%. We reinstate coverage on PTBA with a neutral call, with our TP implying a 17.1x-12.5x FY11-12f earnings. PTBA’s value hinges on its ability to execute its long-term projects that will rapidly increase the utilization of its vast coal reserves. But until more certainty emerges.

Being the largest bread manufacturer in Indonesia – supplying in our estimate some 90% of the mass market – PT Nippon Indosari Corpindo Tbk (Indosari) we believe is in the right position to fulfill huge demand in the segment. Backed up by strong shareholders, it is set to break out of its traditional markets in.