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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.

Express Transindo (TAXI IJ) is Indonesia’s second largest taxi operator that offers: i) a high predictability of future cash flow due to daily fixed payments, ii) robust volume-driven growth, and iii) minimum exposure to operating expenses such as fuel and maintenance. We initiate coverage with a BUY and DCF-based TP of IDR2,100, providing a potential.

Indonesia credit market transaction in last week trading touched IDR3,6 trillion, mostly short tenured (1-3 year) with a volume reaching IDR3,1 trillion or 86% of total market transaction last week. Looking at trading frequency, short tenured bonds (1-3 year) received higher trading frequency of 244x as compared to 35x and 15x in medium (5-7 year).

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 Ace Hardware Indonesia, Tbk (ACES IJ) with a NEUTRAL and a DCF-derived TP of IDR640, implying 20x/18x FY15/16F P/E. This year proves challenging due to a weak IDR vs USD which might erode ACES’ lifestyle product gross margin, increasing inventory days, while its aggressive store expansion plan might further lower its.

1H14 earnings hit USD13m (+11.4% y-o-y), accounting 38%/40% to ours and the street’s FY14 target. The lower than expected earnings is mainly driven by higher than expected interest expense and lower than expected 3rd party chartered vessels. However, we see fundamentals in the OSV industry remains on solid footing and abundant OSV projects is imminent.

Wintermar Offshore Marine, Tbk (WINS IJ, BUY, TP: IDR1,200) will distribute USD2.705mn as dividend or 10% from FY13 net profit. The amount will translate into approximately IDR7.92/share and 0.67% yield by using yesterday’s closing price. The plan is subject to shareholders’ approval in the upcoming AGM on 5 June 2014. The scheduled cum date is.

Wintermar Offshore Marine, Tbk (WINS IJ) recently released its 1H12 results, which it stated in USD. The company booked USD10m in 1H12 net profit (+52.7% y-o-y) which was in line with expectations, accounting for 47% and 51% of our and consensus’ full-year forecasts respectively. The strong growth was mainly due to an expansion in gross.

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.

As per conversation with the company, Wintermar Offshore Marine, Tbk (WINS IJ) 2011 bottom line will be slightly below the company’s initial target of around IDR140bn mainly caused by hefty USD loan obtained at an unfavourable exchange rate of USD/IDR8,500, whereas current exchange rate is at the USD/IDR9,183 level causing an expense numb of forex.