Moya Asia

Moya Asia: Sias Research note that grp maintained its healthy performance for 1H12 with revenue and PAT coming in at $19.7m and $1.6m respectively. Early last month, co. announced the disposal of stakes in some China assets and will free up about RMB15m cash (subject to approval at EGM). The proceeds, together with the invested capital from the nearing completed Cambodia project, will probably be channeled into their secured BOT projects in Indonesia. Bekasi phase one is expected to be completed in 4Q FY12 and house expect passive income to start flowing to Moya Asia thereafter. That said, Bekasi phase two and Tangerang phase one will probably commence work soon and generate construction revenue for the company. Overall, maintain Increase Exposure with an adjusted intrinsic value of $0.170.