Search result for: "United Tractors"

EMR Capital, a private equity company, confirm purchase of Martabe mine by United Tractor, Tbk (UNTR IJ) subsidiary, i.e. Pamapersada Nusantara worth USD1.21Bn. According to Dealstreet.

The plan of United Tractors Tbk (UNTR IJ) soon had its own mines, post acquisition of 95% share through takeover agreement of Agincourt Resources Pte Ltd in Agincourt Resources of worth around USD917.9Mn. The subsidiary of Asta International, Tbk (ASII IJ), United Tractors will take over.

United Tractores, Tbk (UNTR IJ) has a new business after acquiring a gold mine at Martabe, North Sumatra. This new business, will add to the prospect of United Tractors in the stock price. The company acquired the Martabe gold mine through its subsidiary, namely Danusa Tambang.

United Tractors, Tbk (UNTR:IJ) has allocated capital expenditure (capex) amounting to USD800Mn (+39.13% YoY) in FY18. The source of capex will be coming from internal cash and bank loans. Of the total FY18 capex, United Tractors has allocated the biggest portion to its heavy equipment mining contractor subsidiary, Pamapersada.

UNTR’s 1H13 revenue and earnings fell 18.7% and 25.2% y-o-y respectively While revenue made up 55% and 57% of consensus and our FY13F estimates respectively, its earnings only comprised 45% and 47% of the respective forecasts, no thanks to margin pressure. We cut our FY14F numbers by 19.5% on its deteriorating earnings. Maintain NEUTRAL call.

UNTR posted 1Q13 revenue of IDR12.5trn (+5% q-o-q, -17% y-o-y, 24% of our FY13E) and net income ofIDR1.1trn (-14% q-o-q, -26% y-o-y, 23% FY13E) in line with our expectations. Increased sales efforts at the construction machinery division and declining ASPs in the coal mining segment squeezed the group’s margin. Meanwhile, Pama’s market leadership and contracted.

Trinity announced its FY12 results yesterday Earnings increased 5.3% y-o-y to HKD540m, below market consensus by 6.3% and 2.0% respectively. If we exclude the one-off gain from the disposal of the Ferragamo JV, its net profit would have dipped by about 0.5% y-o-y to HKD511m. The miss was mainly due to a lower-than-expected revenue increase.

UNTR’s FY12 net profit came in at IDR5.78trn (-2% y-o-y), which was 4.5% above estimate and in line with our forecast. Its FY12 consolidated sales totaled IDR55.95trn (+2% y-o-y, +27% q-o-q), 2.1% above our estimate, which we deem in line. We are upgrading UNTR to NEUTRAL based on the following reasons: i) we see upside.

We attended United Tractors’  (UNTR IJ, SELL, TP IDR19,700) annual analyst meeting yesterday and witnessed an unusually pessimistic note from the largest player within the Indonesian heavy equipment market. Yet, we are delighted to learn that our new call and target price on UNTR found a firmer foundation as the company confirmed of our FY.

WHAT’S BREWING? UNTR has been reported to submit two proposals to the state power company PLN for a 2x600MW and a 600MW power plant in South Sumatera (dubbed as PLTU Sumsel IX & X). The plants to be developed are the so-called “mine-mode”s, where the power generator itself is located at the coal mining site.