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We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR300 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.

We initiate coverage on Express Transindo with a NEUTRAL call and DCF derived IDR350 TP. The recent cancellation of the M&A from Saratoga’s group due to uncondusive market condition has resulted into 74% YTD dropped in share price. The company’s now focus to improve their financial performance by reorganise their business, lowering gearing level, and.

Indonesia transportation sector has been impacted by the slowdown in the Indonesia economy and also fierce competition especially from Uber. However, given the under penetrated of Indonesia taxi industry, lack of investment in public transportation, lowest taxi tariffs compare to other countries, and expanding middle class; we believe an improvement in the long run. Furthermore,.

We initiate coverage on Link Net, a leading cable broadband and pay TV services provider with networks in affluent areas, with a BUY and DCF-based IDR6,250 TP (20% upside), implying 30x/23.2x FY15F/FY16F P/Es. It is in a significantly advantageous position to benefit from the internet boom in Indonesia as it could bank on rising wealth,.

We reinitiate coverage of PT Ramayana Lestari Tbk (RALS) with a NEUTRAL rating and DCF-derived TP of IDR780 (implying a 15.8x FY15F P/E). RALS is the largest department store chain targeting the low- to mid-low income earners in Indonesia. Some of the key issues are: i) ubiquitous competition, ii) expansion outside Java is on hold,.

We initiate ISSP with a BUY premised on 1) Its dominant position in domestic steel pipe market (~30% share); 2) A strong proxy to the oil & gas (O&G) pipes demand, construction/infrastructure developments and higher local content requirements in the automotive sector; and 3) Highly appealing 3.3x FY15F P/E, 15% ROAE and PEG of only.

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,.

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.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

We are re-instating coverage on TOTL with a BUY and IDR1,060TP The company is currently trading at 17.7x and 13.4x 2012E & 2013E PER compared to the industry at 18.8x and 14.3x. We like TOTL’s operations for the following reasons: 1) robust order book growth on the back of loyal customer base, 2) direct contracting.