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We reinitiate coverage of PT Mitra Adiperkasa Tbk (MAPI) with a NEUTRAL rating and DCF-derived TP of IDR5,750 (implying a 33.8x FY15F P/E). Despite the recent very welcomed spin-off of its sports division, we believe it is not easy for MAPI to return to the good old days as specialty stores are the last fortress.

Bank Permata’s key strengths are its two main shareholders, Standard Chartered Bank (SCB) and Astra International, Tbk (ASII IJ). Both have a joint ownership of 89.12% in Bank Permata, Tbk (BNLI IJ). SCB is a British multinational bank operating in over 70 countries and has a credit rating of A+ by S&P. Whereas, Astra is.

Wintermar Offshore Marine, Tbk (WINS IJ) 1H11 net profit soars 68% y-o-y to IDR79bn, accounting 52% of our FY11 target. The earnings jump is mostly on the back of owned-vessel revenue growth (+36% y-o-y) and strong growth in the 3rd party chartered vessel (+138% y-o-y) division which provides smaller margins in nature. WINS is currently.