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WINS’ laggard movement vs JCI’s rally does not reflect the attractiveness of its: i) double-digit earnings growth forecasted for 2013/14, and ii) 42% and 37% 2013 P/E discounts to regional O&G services and OSV peers respectively. We see imminent re-rating and upside potential on the back of its margin expansion and fleet rejuvenation as well.

Company & industry background Rukun Raharja (RAJA) is one of Indonesia’s leading mid-to-downstream energy company which has a similar business model with Perusahaan Gas Negara (PGAS) focusing on the gas distribution and transmission business, yet in a much smaller form. It claims to be the only company besides PGAS that has such mid-downstream business chain..

We initiate coverage on Selamat Sempurna (SMSM) with a BUY recommendation, based on: i) its high dividend yield; ii) high profitability; and iii) stable revenue growth prospects. We expect ROE to improve to 36.3% in 2013 from 29.6% in 2010, fuelled by higher utilization, and the stock’s dividend yield to jump to 10.7% from 7.1%..

Chandra Asri Petrochemical (TPIA) is an integrated petrochemical company as a result from a vertical merger of two affiliated petrochemical companies, PT. Chandra Asri and Tri Polyta, which are subsidiaries of Barito Pacific. The merger was effective on 1 January 2011. Embodied with its strong position of possessing the only naptha cracker in Indonesia, TPIA.