Daily Brief Indonesia: Wintermar Offshore Marine, Impack Pratama Industri Tbk, Indoritel Makmur Internasional and more

• Wintermar is strategically positioned to capitalize on the offshore support vessel (OSV) industry upcycle, driven by rising charter rates and increased offshore exploration activity, particularly in Southeast Asia.
• The company is actively modernizing its fleet, focusing on higher-tier vessels like Platform Supply Vessels (PSVs) and Heavy Load Barges (HLBs) to improve margins and meet growing demand for deepwater projects and offshore wind farm construction.
• Strong financial performance is evident, with significant growth in revenue and net income, a strengthened balance sheet with a net cash position, and the reinstatement of dividends, signaling confidence in sustained profitability.

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• Dominant Market Leader with Strong Growth: Impack Pratama is a clear leader in the Indonesian plastic building materials sector, holding an estimated 90% market share in polycarbonate roofing and 70% in uPVC roofing. This dominance is translating into exceptional financial performance, with 3-year CAGRs for revenue and net income at 20.30% and 36.94%, respectively.
• Favorable Industry Tailwinds: The Indonesian construction market is poised for steady growth, driven by government infrastructure spending, urbanization, and a rising middle class. Projections indicate a market expansion of 5.48% to 7.50% annually, creating a robust demand environment for IMPC’s products.
• Premium Valuation Reflects Quality, But Poses Risk: The company’s strong performance and market position command a high valuation, with a P/E ratio of 37.2x. While justified by its growth trajectory, this premium makes the stock susceptible to shifts in market sentiment and earnings disappointments. The low dividend yield and inconsistent payout history may also deter income-focused investors.

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• Indoritel Makmur Internasional (DNET) is a strategic investment holding company providing unique exposure to Indonesia’s burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.
• The company’s core holdings include PT Indomarco Prismatama (Indomaret), the nation’s largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.
• While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.

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