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Selasa, 22 Februari 2011

United Tractors - January data started with robust note; still one of our top picks - Credit Suisse

● United Tractors’ January 2011 operating data started with a strong note across the divisions, suggesting positive impact from rising commodity prices.

● Heavy equipment sales were extremely strong at 116% YoY (+134% MoM) with 731 units. We saw robust performance across all sectors, with the forestry division posting the highest January growth of 205% YoY (+237% MoM). The mining division also
posted very strong growth with a historical high of 514 units due to strong demand arising from a favourable coal price environment.

● Mining contracting and coal mining businesses post positive growth, while softening on MoM basis. Note that the TTA mine has started production and recorded 0.07 mn t in January. Hence, total coal sales came in line with our expectations.

● We continue to remain positive on the company’s fundamentals. United Tractors remains one of our top picks in the market and in the coal sector. We maintain our OUTPERFORM rating.
Posted by Saham Pilihan at 22.54

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