Premier Insight : UNTR, recorded Aug’18 operational performance

United Tractors (UNTR.IJ; Rp32,150; Buy) recorded Aug’18 operational performance as follow;
Heavy equipment sales reached 345 units, down 28% mom and 1.4% yoy in Aug’18. However, sales reached 3,221 unit in 8M18, up 34% yoy and represent 73% of our forecast for FY18F (above).

PAMA recorded the highest monthly OB removal volumes of 89.9mn bcm (+1.7% mom, +19% yoy) in Aug’18 which brings OB removal to 624mn bcm in 8M18, up 22% yoy. Coal mining reached 10.8mn tons (-6.1% mom, +3.8% yoy) in Aug’18, bringing 8M18 coal mining to 79mn tons (+9% yoy). PAMA ‘s coal mining volumes came inline with our forecast (67% of FY18F) while OB removal volumes came in slightly above our expectation (70% of FY18F).
Coal mining division posted coal sales volumes of 5.58mn tons, increased 20% yoy in 8M18. (Company).

Comment: We maintain our positive outlook for UNTR as 8M18 performance remained inline with our expectation. We reiterate our Buy rating with TP of Rp42,000.


Posted on September 26, 2018, in Analisa Saham and tagged . Bookmark the permalink. Leave a comment.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: