Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption. If the new government of President Widodo can resolve some of these, even larger capital inflows can be expected.

FDI into Indonesia on a Roll, but Reforms Needed

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Wintermar Offshore Marine / Equity Bottom-Up

<ul><li>WINS recorded a US$2.8mn NP in 4Q24, -56% qoq. However, its FY24 NP still grew strongly to US$22.5mn, +237% yoy (90% of our FY24F est.).</li><li>We trimmed our FY25-26F revenue and earnings estimates by -4.1%/- 5.6% and -27.7%/-29.6%.</li><li>We maintain a Buy rating on WINS with a lowered TP of 480. Key risks include lower charter and utilization rates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WINS recorded a US$2.8mn NP in 4Q24, -56% qoq. However, its FY24 NP still grew strongly to US$22.5mn, +237% yoy (90% of our FY24F est.).We trimmed our FY25-26F revenue and earnings estimates by -4.1%/- 5.6% and -27.7%/-29.6%.We maintain a Buy rating on WINS with a lowered TP of 480. Key risks include lower charter and utilization rates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wintermar Offshore Marine (WINS.IJ) FY24 Earnings Missed; Downgrading Our FY25-26 Forecast

<ul><li>We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.</li><li>We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. </li><li>We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited WINS’s recently acquired WM Mentawai PSV, which is currently running tests on vessel capability.We expect stronger earnings for WINS in 2H24 and FY25 derived from higher charter rates and new vessels acquired. We maintain a Buy rating on WINS with a TP of Rp760. Key risks include lower charter and utilization rate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WINS IJ - Recently Acquired WM Mentawai PSV to Bolster Earnings Growth in 2H24 Onwards

<ul><li>We expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. </li><li>We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.</li><li>We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect DCR to be supported by growing demand paired with supply tightness in the Gulf of Mexico, W. Africa, and S. America. We forecast WINS to deliver 117%/90% core EPS growth in FY24-25E through higher utilization, daily rates, and higher vessel count.We initiate with a Buy rating on WINS as it is attractively positioned in the cycle; our TP is Rp760 (blended of PB and PE)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wintermar Offshore Marine - Riding the Charter Rates Upcycle; Initiate with Buy

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

We hosted a Webinar with <a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine (WINS IJ)</a> last week on Smartkarma, which revealed a potentially more promising outlook for the offshore Oil &amp; Gas servicing industry, partly due to the recovering oil price but also due to the magnitude of scrapping that has taken place over the last few years for Offshore Service Vessels (OSVs). Scrapping slowed in 3Q2020 potentially signaling that the market is now reaching and equilibrium. 
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine (WINS IJ)</a> is well-positioned to benefit from an upturn in the industry has reduced its total fleet but mainly through the reduction of the remaining lower-tier vessels in its fleet. It only has two remaining lower-tier vessels versus a total fleet of 47 vessels. The company has also reduced daily costs by around -20% over the last two years. It has also reduced gearing significantly and extended the tenure on its debt, making it potentially well-positioned to take advantage of the consolidation in the Industry. 
<a href="https://www.smartkarma.com/entities/wintermar-offshore-marine" target="_blank" data-smartkarma-citation="entities:4064:1" rel="noopener">Wintermar Offshore Marine (WINS IJ)</a> currently trades on 0.23x FY21E PBV and an FY21E EV/EBITDA of 8.4x, making it look attractive in the face of an impending recovery in the offshore oil services industry. Indonesia is especially promising given the government has announced its intention through SKK Migas (Indonesia's Oil &amp; Gas Regulator) to step up oil production from offshore oil &amp; gas assets.

We hosted a Webinar with Wintermar Offshore Marine (WINS IJ) last week on Smartkarma, which revealed a potentially more promising outlook for the offshore Oil &amp; Gas servicing industry, partly due to the recovering oil price but also due to the magnitude of scrapping that has taken place over the last few years for Offshore Service Vessels (OSVs). Scrapping slowed in 3Q2020 potentially signaling that the market is now reaching and equilibrium. 
Wintermar Offshore Marine (WINS IJ) is well-positioned to benefit from an upturn in the industry has reduced its total fleet but mainly through the reduction of the remaining lower-tier vessels in its fleet. It only has two remaining lower-tier vessels versus a total fleet of 47 vessels. The company has also reduced daily costs by around -20% over the last two years. It has also reduced gearing significantly and extended the tenure on its debt, making it potentially well-positioned to take advantage of the consolidation in the Industry. 
Wintermar Offshore Marine (WINS IJ) currently trades on 0.23x FY21E PBV and an FY21E EV/EBITDA of 8.4x, making it look attractive in the face of an impending recovery in the offshore oil services industry. Indonesia is especially promising given the government has announced its intention through SKK Migas (Indonesia's Oil &amp; Gas Regulator) to step up oil production from offshore oil &amp; gas assets.
  

Wintermar Offshore Marine (WINS IJ) - Indonesia's Oil Recovery Play

Indonesia

PT Wintermar Offshore Marine Tbk specializes in providing offshore support vessels and marine services for the oil and gas industry. The company offers a wide range of vessels including platform supply vessels, anchor handling tug supply vessels, and fast utility vessels, along with services such as rig moving, anchor handling, and offshore windfarm installation support. It was founded in 1970 and is headquartered in Jakarta, Indonesia.

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Wintermar Offshore Marine (WINS IJ)

FDI into Indonesia on a Roll, but Reforms Needed

Foreign direct investment into Indonesia continues to arrive, but there are issues in relation to radical Islam, labor constraints and corruption....

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