FR CIMB (YU) : United Tractors | PDF
Still blue skies ahead
UNTR IJ / UNTR.JK | ADD - Maintained | Rp34,250.00 tp:Rp38,100.00▲
Mkt.Cap:US$9,443.00m | Avg.Daily Vol:US$5.79m | Free Float:40.00%
Industrial Machinery
Author(s):Erindra KRISNAWAN, CFA +62 (21) 30061732, Felica TRENSENO
■ Management shares our view on a better coal price outlook for 2018.
■ We see strong demand potential from mining continuing from replacement needs.
■ We expect coking coal to add to earnings contribution in FY18.
■ We also expect strong 3Q17 earnings; raise FY17-19 EPS forecasts by 6-9%.
■ Maintain Add. We raise our TP to Rp38,100.
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