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Kamis, 28 April 2011

UNITED TRACTORS (UNTR): 1Q volume strong & above heavy equipments - Credit Suisse

UNTR Rights Issue is 4 new shares for 33 old shares at Rp15,050/share. Ex-date will be on May 10th, Rights trading period will be on May 16th-30th. Standby Underwriter is the majority 59.50% ASII IJ. 1Q volume for Heavy Equipment distribution is above expectation 2,207 units (+81%YoY and 36% of 2011F), for Mining Contracting is in-line 19.2m tonnes coal production (+3% YoY and 22% of 2011F) & in-line 167.5m bcm overburden (+9% YoY and 23% of 2011F), and Coal Mining is in-line 0.8m tonnes (c+10% YoY and c20% of 2011F). I am recommending accumulate UNTR on weakness with timing during the Rights Trading period on May 16th-30th!

· UNTR’s Equipment sales volume in March jumped 63% YoY (+15% MoM) to a historical high of 789 units, bringing the first quarter figure to 2,207 units (+81% YoY), or accounted for 36% of our FY11E estimates. The mining contracting business also posted positive growth both on MoM and YoY basis. While the coal mining business grew 6% MoM (despite of being down 3% YoY) for the DEJ mine only. Note that the TTA mine has started its production and recorded 0.1mn t in March. Hence, total coal sales volume came in line with our expectations.

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