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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.

A challenging quarter 1H12 core income come below our estimate at IDR89bn (-2% y-o-y or -2% q-o-q); reached 37% of our FY12 forecast, while top line come barely in line with our forecast at IDR1.6trn (+17% y-o-y or +3% q-o-q), reached 45% of our FY12 forecast. Basically 1H12 top line performance was in tandem with.

Satisfactory bottom-line, flat top-line Selamat Sempurna (SMSM)’s 1H12 net income of IDR112bn (+13% y-o-y, +33% q-o-q) was in line with expectations, and comprising 48% of our forecast. The top-line numbers, though, were a rather flat IDR893bn (+2% y-o-y and +10% q-o-q), making up only 44% of our forecast. On a q-o-q basis, revenue indicated a.

Solid footing in domestic replacement market In the domestic replacement market, GJTL commands 21%, 50% and 52% of the radial, bias and motorcycle tyre sub-segments respectively. We expect the radial and motorcycle tyre replacement market to keep growing, propelled by the increasing number of cars and motorcycles. Meanwhile, the sunset bias tyre market is expected.

IMAS, which is aiming for FY12 4W vehicles sales to crank up by more than 50% y-o-y, is banking on its newly launched MPV Nissan Evalia carving out a 20%-25% share of the MPV market. Although a lucrative segment, competition in MPVs is tough as its competitors had earlier this year launched new models before.

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.

Positive move Wintermar Offshore Marine, Tbk (WINS IJ) plans to make a rights issue via the issuance of new convertible bonds and ordinary shares amounting to 340m shares, representing 9.56% of the company’s enlarged equity. The company plans to use the proceeds to expand the company’s fleet from 2012–2014. It is worth noting that in.

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.

1Q12 net profit reached IDR39bn (+51.4% q-o-q; -12.7% y-o-y), accounting for 24% and 21% of our and consensus estimates respectively. Wintermar Offshore Marine, Tbk (WINS IJ) revenue, operating and pre-tax level are all in line to our and consensus estimates. We upgrade our earnings by 28% and 36% for 2012 and 2013 respectively to factor.