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Wintermar Stellar Results

By administrator | May 4, 2011 | Infrastructure Transportation.

Indonesia stock analysisWintermar 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 ability to coping upped with greater demand in oil & gas services.

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Revenue mostly contributed by 3rd party vessels
Owned-vessels and 3rd party chartered vessels revenue increased 72.8% y-o-y and 184.5% y-o-y respectively on the back of rising oil & gas upstream activities. 1Q11 owned-vessel contribution to total revenue is 44.6%, which is lesser compared to 56% in 1Q10. It is worth noting that a 1Q11 owned-vessels margin is 46% whereas 3rd party chartered vessel is 3%.

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Swelling direct expenses
1Q11 COGS rose significantly to IDR170bn (+132% y-o-y) from IDR73bn in 1Q10 mostly contributed to time charter and depreciation expense. Higher 3rd party chartered vessel revenue contribution means higher time charter expense (tighter margins). By this, gross profit margin was choked to 24.1%, which is worse compared to 29% in 1Q10.

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IDR20bn gain on other income
Other income reached IDR20bn in 1Q11 which is mainly contributed by forex gain of IDR20bn compared to IDR2bn in 1Q10. Assuming we takes out the 1Q11 forex gain, the bottom line will only reach IDR24bn (+32% y-o-y).

Vessel expansion remains on track
WINS remains on track to purchase 12 mid & high-end vessels, while 6 vessels will be bought in 2Q11. This is in line with WINS’ strategy to enhance profited by increasing the proportion of new mid & high end vessels as this commands higher rates up to USD18,000, which can be 5x to more than 20x higher than those of old vessels. Thus, we expect margins to improve in 2H11 as more owned-vessels will generate revenue. The cabotage regulation remains intact with exemptions for certain types of vessels.

Remains a BUY
WINS is trading at a discount of 54% to its industry based on current 2011 PE of 8.9x. We maintain our target price and recommendation.

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