Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Jumat, 29 Juli 2011

United Tractors - Strong 2Q11 results; improving mining contracting - Deutsche Bank

Reiterating Buy rating
We remain upbeat on United Tractors' outlook, supported by high coal prices.
These bode well for all three of its divisions, which would benefit from buoyant
heavy equipment, greater demand for mining contracting services, and stronger
earnings from its coal assets. In addition, we expect weather normalisation, which
has already started in May, to improve earnings and margin contributions from its
mining contracting (MC) division, which accounts for 40-50% of earnings.

Strong 2Q11 earnings performance
Even with a stronger Rupiah and equipment supply disruptions, UNTR recorded a
strong YoY performance in 2Q, given stronger earnings from the construction
machinery (CM) division following a faster-than-expected supply recovery. In
addition, we note strong earnings and margin improvement at the MC division, as
weather normalised in May-June. The 2Q11 results could have been better than
those of 1Q11 if not for supply constraints following Japan’s catastrophe and a
weaker margin at the coal mining division. Overall, 1H11 results are largely in line
with our 2011 forecasts, some 12% above market consensus.

Expecting stronger earnings performance in 3Q11
Notwithstanding a stronger Rupiah, we expect stronger earnings in 3Q11
supported by 1) stronger MC performances following weather normalisation and
2) higher CM heavy equipment sales due to Komatsu supply recovery.

Maintaining target price at Rp32,000
Our target price is based on a ten-year DCF valuation using a WACC of 14.6% and
terminal growth rate of 5%. Risks: upward integration at coal companies and a
sharp decline in coal prices (see pages 4-5 for more details on valuation and risks).

Tidak ada komentar:

Poskan Komentar