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BAHANA FOCUS
EQUITY & FIXED INCOME RESEARCH
United Tractors
Rp7,800; target price Rp9,100 maintain BUY
Leveraging further on coal mining
By Yenwy Wongso
· More coal mine acquisitions on the line
· August monthly heavy equipment sales going strong
· Coal mining activities improved as weather recovered
· Additional surprises from non-recurring income
boosting FY07 earnings
· Maintaining BUY with a target price of Rp9,100
Long term prospects of the heavy equipment and coal industry remains positive
as we estimate demand will continue to pick up throughout the end of the year.
At the current price of Rp7,800 per share, the counter is traded at 15.0x PE08
and 3.4x PBV with 22.8% ROE and 18.8% growth. Hence we are maintaining our BUY
recommendation for UNTR with a 12-month target price of Rp9,100 per share based
on an assumed WACC of 15.5% and terminal growth rate of 5.0%.
DISCLAIMER
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The information contained in this email and/or report is not be taken as any
recommendation made by PT. Bahana Securities or any other person to enter into
any agreement and/or take position with regard to any investment mentioned in
this document. This email and/or report is prepared in general circulation. It
does not have any intention to the specific person who may receive this email
and/or report. In considering any investments you should make your own
independent assessment and seek your own professional financial and legal
advice.
---------------------------------
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