Trimegah (LG)
UNTR 1H18 results: IN LINE with our estimate, ABOVE consensus
UNTR booked 1H18 net income of IDR5.479bn (+48% YoY) which accounts 46% and 56% to our estimate and consensus. We think it is inline with our estimate, while it is above consensus. Note that, historically, 1H net income is ~45% to full year numbers.
Quarterly wise, UNTR booked 2Q18 net income of IDR2,948bn (+16.5% QoQ, +96.4% YoY). The quarterly improvement is mainly supported by positive operational volume growth in QoQ basis (heavy equipments volume +5% QoQ; overburden volume +14% QoQ)
Valuation. UNTR trades at 10.8x PE 2018F. We have a BUY for UNTR with TP 41,000
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