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Selasa, 03 Mei 2011

United Tractors: Buy; Rp23,350; TP Rp27,000; UNTR IJ To pay Rp430/share dividend - DBS Vickers

United Tractrors (UT) has received shareholders’ approval to pay Rp1.6tn or Rp270/share final dividend, yielding 1.1%, on 13 June. This translates into 40% payout ratio with total dividend of Rp430/share. Interim dividend of Rp160/share was paid in November 2010.

Meanwhile, UT indicates that it is completing its takeover deals on two Greenfield coal mining in Central Kalimantan with CV over 5,800kcal/kg. UT plans to use 45% of the Rp6.1tn rights issue proceeds to finance the acquisition. UT will also participate in two power plant projects such as 1) a consortium with Bukit Asam (PTBA IJ) to build 2x300MW mine-mouth power plant in Riau with total investment of US$1bn, and 2) JV with Wijaya Karya to build power plant in South Sumatera .

We reiterate our Buy call for UT, DCF-based TP of Rp27000/share (WACC 12%, terminal growth 3%).

The stock is currently trading at an attractive 15x FY11F PE supported by 20% annual earnings growth between FY10-12F.

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