Mandiri securities
Which will fare better?
We chose United Tractors (UNTR) over Hexindo Adiperkasa (HEXA)
for its better fundamentals. Compared with HEXA, UNTR’s current
ratio in the US dollar are twice as much. UNTR’s customers are more
resilient to spiking leasing interest rates as they are bigger than
HEXA’s clients. Bigger customer base would give better access for
financing facility. Overall, we give Neutral recommendation for the
sector.
United Tractors is our pick… We chose United Tractors (UNTR, Rp4,525,
Buy, TP: Rp6,600) over Hexindo Adiperkasa (HEXA, Rp1,030, Sell,
TP: Rp300)
for its better position to face the dollar liquidity crunch, and its more
diversified
businesses.
Being in a better position to survive US dollar liquidity crunch… As of
9M08, our calculation put UNTR at 1.8x for US dollar-current ratio while only
0.9x for HEXA. In the short-term, we believe UNTR is in a better position to
survive should dollar liquidity crunch worsen.
Tapi UNTR mainnya gila kalau naik AR atas, turun AR bawah.
( Ngak sempat pikir mau beli atau mau jual )
