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Jumat, 01 April 2011

United Tractors - Rp 6.1 trn Rights issue announced: short term overhang - ALERT - JP Morgan

• Rights issue announced at Rp 15,050, raising Rp 6.1 trn: UNTR has this morning announced plans to raise Rp 6.1 trn issuing about 12% of its current shares via a rights offering. UNTR had a 27% Net gearing ratio, and total debt of Rp 5.7trn at the end of 2010 and hence the announcement is a surprise to us and we think to the market too. The company seeks EGM approval on 2nd May, and the rights issue to be completed by the end of May. This is UNTR’s second rights issue in less than 3 years.

• Use of Proceeds – a chunky acquisition ahead? UNTR has reported that <10% of the funds will be used to augment working capital and over 90% will be targeted to specific uses. The allocation of Rp 2.5-3.3 trn ($280-$360m) for acquisitions when the company has a relatively low gearing, and a track record of smaller size coal concession acquisitions is interesting. We wonder if the issue and timing suggests that UNTR is lining up a larger coal acquisition– requiring cash funding?

• Short term overhang: The unexpected timing in a background of low gearing could mean that investors are negatively surprised by the cash call. We have long been wary of UNTR’s intent to expand into investing into power plants, believing that would be better placed within parent Astra international. The large allocation for acquisitions could be the source of some uncertainty and overhang – up and until UNTR is able to provide clarity on acquisition targets/ valuations. Till that certainty on funding use is available, the risk is that markets may view the rights issue as opportunistic –limiting fresh buying interest in the near term.

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