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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.

RALS’ 4Q13 sales are set to improve as October SSSG rose ~14% m-o-m The company’s plans to add 5-6 stores annually should get a boost from the potential income increment among low-end consumers during next year’s election. The biggest risk to RALS’ 2014 sales is the close timing of the Lebaran and back-to-school sales season..

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,.

Company Profile Wismilak Inti Makmur (WIIM), established in 1994, produces a variety of machine-made clove cigarette (SKM) and hand-rolled clove cigarette (SKT) under various brands. Its anchor brand is Wismilak Diplomat (WD), which has been in existence for more than 20 years and from which it derives lucrative margins. WIIM uses WD as a cash.

Company Profile Malindo Feedmill (MAIN) is a poultry company that mainly produces chicken feed, day-old chicks and chicken meat. The company was established in 1997. The Lau Family, who controls Malaysia’s largest poultry player Leong Hup Group, became MAIN’s major shareholder in 2000. The Leong Hup Group includes Leong Hup Holdings and Emivest (EMIV MK;.

Wintermar Offshore Marine, Tbk (WINS IJ) 9M12 net profit reached USD14m (+29.4% y-o-y) mainly derived from higher owned-vessel revenue proportion of 56% in 9M12 which is higher compared to 44% contribution in 9M11. We have not translated our financial model into USD currency yet, however we believe the 9M12 results is relatively in line with.

Solid footing in domestic replacement market In the domestic replacement market, GJTL commands 21%, 50% and 52% of the radial, bias and motorcycle tyre sub-segments respectively. We expect the radial and motorcycle tyre replacement market to keep growing, propelled by the increasing number of cars and motorcycles. Meanwhile, the sunset bias tyre market is expected.

Wintermar Offshore Marine, Tbk (WINS IJ) booked an impressive 1Q11 net profit amounted to IDR44bn (+143.2% y-o-y; accounts 31% to our FY11 forecast) driven by fleet expansion and third party chartering. This translates to a net profit margin of 19.7% in 1Q11 from 17.6% in 1Q10. WINS’ vessel expansion remains on track along with its.

Kino Indonesia Profits Decreased. Issuer consumer Kino Indonesia Tbk (KINO IJ) record a less than brilliant performance in the first half of this year. Base on the publication of financial reports as of June 30, 2020. On the information disclosure page of the Indonesia Stock Exchange (IDX), KINO post sales of IDR 2.19.

Pinehill Company Business. Indofood CBP Sukses Makmur Tbk (ICBP IJ) has sign an agreement with Pinehill Corpora Limited and Steele Lake Limited. As well as, the contents of the agreement are the transfer of shares issued by Pinehill Company Limited. A limited company established under the laws of the British Virgin.