1Q11 profit was Rp1.29tn, up 42% QoQ, 43% YoY. This came at 26% of our FY11 forecast and 27% of consensus.
1Q11 revenue was higher than expectation, at 30% of our FY11 forecast, however GP margin was lower than expected
On Operational performance: results as expected as can be seen in tables below. Note that strip ratio for Pama had improved.
Short-term risk: Impact of components shortage for the heavy equipment business. Our 5,737 units target for the year might be too low now, especially if things recover in 4Q.
Maintain OPF on UT. Rights issue will go ex on 10 May, at Rp15,050/sh rights price.
Kamis, 28 April 2011
United Tractors (UNTR IJ) good 1Q11 results by Sarina Lesmina - CLSA
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