[image: GS UT.png]

Like GS says in the attachment above that UNTR is with very limited upside,
we do not think it will be a worth waiting of investment for an increase of
1-5%, if any and possible, the coming weeks following the settlement of its
rights issue, though it will be more likely than not that as widely expected
further retracement after the dividend cum date will take place instead. The
total dividend yield 2010 itself at 1,9% is meaningless to us as it is below
IHSG dividend yield for such a profitable company.

Meanwhile other coal-related can offer much potential upside given their
relative price discount, and higher coal prices bet for the next 3 months,
at least.

By the way, coal producers: Power-station coal prices at Australia’s
Newcastle port, an Asian benchmark, rose 2.3 percent to $119.47 a metric ton
in the week ended May 27, according to the globalCOAL NEWC Index.

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<<GS UT.png>>

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