BUY United Tractor, UNTR, TP:Rp25,900, Share Price: Rp22,150, Upside: 16.9%
Robust Komatsu Sales in April, 2011 with sales volume of 767 units, a 2.8% decline MoM, but still 76.5% increase YoY.
Japan disaster effect is still hanging in the air, though factories have resumed production. On the back of worries that supply might be disrupted, analyst Stefanus maintains sales volume target for 2011 at a conservative 6,000 units.
BUT, market share have improved to 53% in 4M11 vs 46% YoY in the domestic heavy equipment market.
Tuah Turangga Agung has operated fully, contributing to an increase in sales volume by 51.2% to 1.4mt. And are looking to acquire more coal mining companies around the area. With a bullish target of 10mt of coal sales by 2015 through current subsidiaries and new acquisitions coming up.
Maintain buy with post- rights TP Rp25,900, based on 17.2x 2012F PE, a 17% upside from current price.
Rabu, 25 Mei 2011
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