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Jumat, 29 Juli 2011

United Tractors - 1H11A supported by robust heavy equipment volumes - Credit Suisse

● United Tractors (UT)’s 1H11 net profit grew 35% YoY to Rp2.54 tn, coming in at 50% of our full-year estimates and 51% of consensus’. 2Q11 profit grew by 30% YoY (+1% QoQ).
● 1H11 revenue grew 42% YoY and was at 52% of our FY11E. 2Q11 revenue also increased 39% YoY and 3% QoQ on stronger heavy equipment sales volume. We increase our 2011E heavy equipment sales volume assumption to 8050 units (from 7645 units), resulting in a 2-5% increase in our 2011-13E earnings.
● In our view, UT warrants its current valuation, as we believe UT wil l be able to leverage on both higher investment and coal demand from India.
● We increase our sum-of-the-parts based target price to Rp37,500 (from Rp30,000), but maintain our OUTPERFORM rating. We roll over our target price method to 2012E EV/EBITDA. Our target price for UT implies 10.6x 2012E EV/EBITDA.
Posted by Saham Pilihan at 08.33

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