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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.

Pelayaran Tempuran Emas (TMAS) provide several upside risk that may boost further its earnings as: 1.) Demand in domestic cargo transportation is correlated to GDP growth, 2.) Potential improved port infrastructure which may enhance cost efficiencies, 3.) Rejuvenating fleets and scrapping old vessels which enhance vessel productivity and cost efficiencies. Since 2011, TMAS earnings have.

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.

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.

Massive growth seen As Indonesia still lags in terms of per capita consumption of protein, provides huge opportunities in the poultry industry given that chicken meat is one of the cheapest sources of animal protein, as well as its low per capita consumption. In tandem with increasing standards of living, broiler consumption per capita also.

High dividend yield SMSM’s high dividend payout ratio (DPR) of 91% for 2010 earnings – it has a policy of maintaining a minimum DPR of 45% if net income exceeds IDR30bn – makes the stock one of the best dividend plays, in view of its 7.4% dividend yield at the current price on 2010 earnings..

New cement plants to commence operation SMGR’s two cement plants – located in Tuban, East Java and Tonasa, South Sulawesi – are expected to commence operations in early-2012. These new cement plants’ combined capacity stands at 5.0m tonnes, which is equivalent to 24.3% of SMGR’s existing capacity. It plans to increase its production capacity to.

One of Indonesia’s leading TV stations SCMA has an extensive broadcasting network and is well-known for its prime time mini-series. The Indonesian TV broadcast industry looks promising in view of the increasing income per capita of its population. Advertising rates may grow by 15-20% next year and with over 17k islands and a geographical width.

The large majority of ASII’s earnings are related to Indonesia’s domestic consumer sector, which is pretty much in line with the country’s macroeconomic picture. The company’s earnings growth is also driven by growing coal mining activities. Given its earnings structure, we believe ASII can benefit immensely from strong domestic economic growth, supported by rising income.