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We recently visited Samudera Indonesia (SMDR IJ, Not Rated) here are the key takeaways: The company is an integrated logistic & cargo company that serves international & domestic market, Samudera has 18 subsidiaries that is divided into 3 categories; Shipping, Logistics, and Agency & Terminal, the largest contributor of revenue for the company comes from.

While we are still cautious on Indonesia’s short-term equity market outlook owing to economic and political uncertainties, we are of the view that its long-term fundamentals are intact. We foresee 2014 GDP growth dipping to 5.4% while Bank Indonesia (BI) may have to raise the BI rate to 7.75-8.25%. As short-term macroeconomic fundamentals are weak,.

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.

BUY, TP Rp3,900 Our Buy recommendation is based on SCMA’s i) strong position in Indonesia’s television network, ii) promising earnings growth, iii) improving profitability, iv) high dividend yield, and v) strong cash position. Our target price of Rp3,900 is premised on 14.9-13.0x FY11-12f PE. The share’s price catalysts include: i) a special dividend, and ii).