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We re-instate coverage on Wijaya Karya (WIKA) with a strong BUY and IDR1,600 TP, reflecting a potential 16% upside from its current price. As we roll over our valuation to FY13, we base this TP on a 14.6x target PER over its FY14 EPS. The company’s long-standing relationship with state oil & gas company Pertamina.

We are re-initiating coverage on the construction sector with an OVERWEIGHT for the following reasons: i) valuations are reasonable compared to regional players, ii) the government’s infrastructure projects are expected to accelerate earnings growth, iii) there are lower risks in executing projects, as laws will be enforced, iv) the property market’s outlook is solid for.

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.

Emerging new core business. Currently, the group’s earnings are predominantly contributed by its subsidiaries, Cipta Kridatama (~43% earnings contribution – contract mining) and Sumberdaya Sewatama (~16% – power solutions). However, in the long run, we expect ABMM’s subsidiary, Reswara (currently contributing only 9% to group earnings), to be the backbone of ABMM’s consolidated business. We.

VOKS booked 1HFY13 earnings of IDR50.6bn (-7.7% y-o-y) on IDR1.2trn in revenue (+5.8% y-o-y), due mainly to unrealised commodity contract losses that were booked as part of cost of revenue. However, we expect the losses to be offset in 2H, as it purchases the physical raw materials at lower prices, thus expanding 2HFY13 gross margins..

Weak demand from China will negatively impacted KKGI’s sales volume As mentioned in the Coal Asia Magazine (Jul-Aug’12 edition), stockpile in one of China’s biggest coal port, Qinhuangdao, already hit the highest level since the 2008 crisis. By June, the stockpile has reached 9.4m tonnes, already close to the 10.1m tonnes capacity. Noted that coal.

United Tractors’ (UNTR) 2Q12 revenue grew 19.48% y-o-y or 3.70% q-o-q. Net profits rose 21.35% y-o-y or 1.99% q-o-q to IDR3.09trn, accounting for 49.60% of our FY12 forecast and largely in line with our expectation. The bottom-line growth was mainly contributed by Construction Machinery segment (70.57% gross profits growth y-o-y, despite a slow 0.09% q-o-q)..

PTBA exposure in the domestic market provides a stable cushion during difficult export market condition, therefore able to generate more stable profitability compared to its more export oriented peers. Recently announced 1H12 performance reveals that ASP remains stable despite weaker global price benchmark. We pick PTBA as one of our top picks in the sector.

ASII’s domestic 4W market share rose to 57.1% in Jan-May 2012, from 54.3% in the same period last year, while its 2W market share rose to 55.2% from 51.2%. Although vehicle sales were temporary affected by the implementation of a new downpayment policy, we expect ASII’s vehicle sales growth to outperform that of the industry..

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.