Kuncinya harus sabar pak (ini saham langganan sy), tapi kalau masih belum naik sampai akhir may ini, jual dulu (pesan dr pak oen khan awal juni bd dan dana asing akan tp dulu), krn kalau bd lagi tp, mereka tdk peduli saham bagus atau tidak heheh Powered by Telkomsel BlackBerry®
-----Original Message----- From: "Ferry Wachjudi" <ferry.wachj...@gmail.com> Date: Tue, 12 May 2009 10:48:42 To: <obrolan-bandar@yahoogroups.com> Subject: Re: [ob] FW: CS : UNTR TP raised to Rp 11400/sh Mbah/Prof JT, boleh dishare analisanya kenapa UNTR, LSIP, AALI ditekan terus sama sec asing? Padahal target mereka untuk UNTR diatas 11000an..... Thanks & Rgds, Ferry W. http://budidaya-jamur-tiram.blogspot.com/ ----- Original Message ----- From: Sanjaya To: obrolan-bandar@yahoogroups.com Sent: Thursday, May 07, 2009 11:40 AM Subject: [ob] FW: CS : UNTR TP raised to Rp 11400/sh ● We have just published a report on United Tractors (UT). UT’ robust 1Q09 results, stemming from higher ASPs, a weaker IDR and therefore margins ?due to inventory gains and a bigger proportion of higher margins in the parts and services division ?have beaten our as well as the street’ expectations. ● The strong results reaffirm our view that UT’ business is not only resilient, but also offers positive leverage on a weaker IDR. We have therefore upgraded our forecasts by 17-42% over FY09-11E (putting our forecasts 13-23% above the street’), while maintaining our volume assumptions. ● Despite the positive share price performance, we believe that the recovery in equipment volumes and strong earnings are likely to be the main catalysts for the company. Low gearing should give UT flexibility for future expansion. ● We have increased our sum-of-the-parts-based (SOTP) target price by 24% to Rp11,400 (from Rp9,200), implying 27% upside, a P/E multiple of 11.5x FY10E and 5.8x FY10E EV/EBITDA. We therefore maintain our OUTPERFORM rating on the stock.
