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Rabu, 27 Juli 2011

United Tractors (UNTR, O, PT Rp30,000): Robust June Operating Data, Above Our Expectation - Credit Suisse

We see potential 2011 consensus earnings upgrade for UNTR, post its 1H11 earnings announcement this week. UNTR remains as one of our favourite stock in Indonesia, amid its infrastructure and commodity exposures in addition to its strong balance sheet and management execution.

· UNTR’s June machinery sales came-in at 742 units (+20% MoM, +46% YoY), bringing 6M11 total to 4,333 units (+59% YoY) – 57% of our 2011 target.
· UNTR’s June coal extraction and overburden removal stood at 7.5 mn tons (+7% MoM, +19% YoY) and 71 mn tons (+5% MoM, +31% YoY) respectively, bringing 6M11 total to 40 mn tons (+5% YoY) and 366 mn bcm (+16% YoY) – 44% and 49% of our 2011 targets.
· UNTR’s June coal sales volume stood at 400k tons (+12% MoM, +69% YoY), bringing 6M11 total to 2.2 mn tons (+72% YoY) – 51% of our 2011 target.

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