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Acquiring a growing and profitable company… We value positively SMSM’s acquisition of 49% in its sister company Hydraxle Perkasa (HP) last month. HP, which mainly produces dump body and hoists, is the market leader with a 20%-30% share in this growing fragmented market, whose demand is driven by the domestic mining and plantation sectors, and.

We initiate coverage on Voksel Electric (VOKS) with a BUY and IDR2,400 TP – a 65% upside to the current price. VOKS is the undisputed leader in the manufacturing of high-medium voltage aluminum and fiber optic cables. As a major supplier to PLN and TLKM, it is the main beneficiary of Government megaprojects in power.

TOTL booked IDR584bn in revenue and IDR53.5bn in net profit for 1Q13, up 69.7%/47.8% y-o-y and 27%/22% of our FY13 estimates respectively. We continue to be wary over its management’s vague strategic plans, as it hoarded for cash despite minimal capex disbursements. We maintain our NEUTRAL call and TP of IDR1,060, as its valuation reached.

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’s FY12 results were in line, with its revenue growing by 27% y-o-y to IDR9.8trn, 3%/4% above our and consensus estimates; while its bottom-line climbed 29% y-o-y to IDR458bn, 5%/4% ahead of our and street forecasts. The group plans to increase its gearing this year to secure additional power plant (IPP & EPC) projects. Higher.

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.

Upon a limited audit review of their financial statements for purposes of bond issuance in FY13, PTPP finally released its 9M12 financial statements yesterday. The company posted 9M12 revenue of IDR3.9trn (up 34% y-o-y, 95% q-o-q), arriving at IDR106bn worth of net profits (up 73% y-o-y, 63% q-o-q). Top-line financial statement items are in-line with.

We are re-instating coverage on TOTL with a BUY and IDR1,060TP The company is currently trading at 17.7x and 13.4x 2012E & 2013E PER compared to the industry at 18.8x and 14.3x. We like TOTL’s operations for the following reasons: 1) robust order book growth on the back of loyal customer base, 2) direct contracting.

We initiate coverage on PTPP with a BUY and IDR950 TP, representing a 17% upside to the current share price. Our TP is based on a target of 11.3x PER over the company’s FY14 earnings, at par with its historical average rolling PER. We like PTPP for its strong 20.3% CAGR in earnings between FY10-FY12,.

We initiate coverage on PTPP with a BUY and IDR950 TP, representing a 17% upside to the current share price. Our TP is based on a target of 11.3x PER over the company’s FY14 earnings, at par with its historical average rolling PER. We like PTPP for its strong 20.3% CAGR in earnings between FY10-FY12,.