Wintermar Offshore Marine (WINS) – Maintain BUY
Price: Rp690 – Target Price: Rp800
Riding the Cabotage Wave
- WINS’s 9M13 revenue jumped by 54% YoY to US$130.8 million while net profit increased by 27% to US$18.3 million YoY.
- On a QoQ basis, revenue increased by 14% with surge in own vessel income of 16% with net profit increasing by 29% with expansion in gross and EBIT margins with higher margin own vessels comprising a larger share of income.
- WINS has been one of the best performers in market this year with +46% YTD return, benefitting strongly by strictly enforced cabotage law. [Read more...]