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Investment Merits WIKA’s strong ties with the national power and oil & gas (O&G) companies make it the frontrunner to secure high-margin engineering, procurement and construction (EPC) projects. Strategic ownership of precast manufacturer WIKA Beton ensures consistent supply despite increasingly tight raw materials market. Widest net margins among other national construction companies (5.0% in FY13F),.

Bright prospects RUIS provides services to oil and gas (O&G) companies such as operation support, inspection, offshore services and others. The company has vast management experience with 38 years in the O&G upstream business services and is highly exposed to reputable O&G clients. We see opportunities for RUIS in strong cross-selling services and margin expansion.

Wintermar Offshore Marine (WINS) remains attractive although we have seen the recent negative sentiment from the BP Migas which will be taken over by the Ministry of Energy & Mineral Resources (ESDM). WINS is currently trading at 7x and 6x 2012 -13 PER. Our take regarding the BP Migas takeover WINS contracts are signed with.

Wintermar Offshore Marine (WINS) remains attractive although we have seen the recent negative sentiment from the BP Migas which will be taken over by the Ministry of Energy & Mineral Resources (ESDM). WINS is currently trading at 8x and 7x 2012 -13 PER. Our take regarding the BP Migas takeover WINS contracts are signed with.

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Unique business model We continue to like MASA’s unique off-take business of producing branded tyres for multinational distributors, which allows the company to leverage on these distributors’ strong networks and substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third-party brands while the smaller ones.

Unique business model We like MASA unique offtake business model that produces branded tyre for multinational distributors which give MASA opportunity to utilize these distributor’s strong networks while enjoying a substantial demand. The competition in this segment is relatively benign as the big players are not eager to serve third party brands while the smaller.

KEY HIGHLIGHTS High dividend yield SMSM’s high dividend payout ratio of 91% for 2010 earnings (its policy is to pay a minimum 45% DPR if its net income exceeds IDR30bn) makes the stock one of the best dividend payers. We expect its dividend yield to reach 7.0% for 2012 versus the average of 2.4% among.

COMPANY PROFILE Owned by the Layanto family, Wintermar Offshore Marine, Tbk (WINS IJ) has been providing upstream services for the oil and gas sector for more than 40 years. It was established under the name of Swakarya Mulia Shipping in 1995 and subsequently changed its name to WINS. In that year, WINS won its first.

SMSM’s FY11 results were in line with our forecast, with net income and revenue coming in at IDR201bn (+34% y-o-y, +10% q-o-q) and IDR1,808bn (+16% y-o-y, +17% q-o-q), comprising 106% and 100% of our FY11 forecasts. Its full year gross margin and operating margin slightly beat our estimate, although these were partially offset by a.