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Company background Petrosea (PTRO) is a long established company with over 40 years of vast experience and along the way has built strong recognition as one of the Indonesia’s leading coal mining contractor ranked at 6th place in terms of overburden removal. PTRO claims to be the only local company which provides a complete pit-to.

KEY HIGHLIGHTS High dividend yield SMSM’s high dividend payout ratio of 91% for 2010 earnings (its policy is to pay a minimum 45% DPR if its net income exceeds IDR30bn) makes the stock one of the best dividend payers. We expect its dividend yield to reach 7.0% for 2012 versus the average of 2.4% among.

SMSM’s FY11 results were in line with our forecast, with net income and revenue coming in at IDR201bn (+34% y-o-y, +10% q-o-q) and IDR1,808bn (+16% y-o-y, +17% q-o-q), comprising 106% and 100% of our FY11 forecasts. Its full year gross margin and operating margin slightly beat our estimate, although these were partially offset by a.

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.

THE BUZZ In the last Friday, SMSM disclosed that it will create a joint venture with Tokyo Radiator Manufacturing which will be located in Tangerang. The JV activity will be in manufacturing and trading of heat exchanger (radiator). SMSM will have 33% contribution from total invested capital of IDR17.2bn. From Tokyo Radiator Manufacturing release, it.

Wintermar Offshore Marine, Tbk (WINS IJ) indicated that its 2011 earnings will be slightly below its initial target of ~IDR140bn, owing mainly to a hefty USD loan obtained at an unfavorable rate of USD/IDR8,500. At the current ~USD/IDR9,000 rate level, the resultant forex loss will adversely affect its 2011 earnings. That said, we still expect.

Company background Wintermar Offshore Marine (WINS) is owned by the Layanto family and has been providing upstream services for the oil & gas sector for more than 40 years. It was established under the name of Swakarya Mulia Shipping in 1995 and subsequently, changed its name to WINS. In that year, WINS won its first.

Massive growth seen As Indonesia still lags in terms of per capita consumption of protein, provides huge opportunities in the poultry industry given that chicken meat is one of the cheapest sources of animal protein, as well as its low per capita consumption. In tandem with increasing standards of living, broiler consumption per capita also.

High dividend yield SMSM’s high dividend payout ratio (DPR) of 91% for 2010 earnings – it has a policy of maintaining a minimum DPR of 45% if net income exceeds IDR30bn – makes the stock one of the best dividend plays, in view of its 7.4% dividend yield at the current price on 2010 earnings..

One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.