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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.

United Tractors’ (UNTR) 2Q12 revenue grew 19.48% y-o-y or 3.70% q-o-q. Net profits rose 21.35% y-o-y or 1.99% q-o-q to IDR3.09trn, accounting for 49.60% of our FY12 forecast and largely in line with our expectation. The bottom-line growth was mainly contributed by Construction Machinery segment (70.57% gross profits growth y-o-y, despite a slow 0.09% q-o-q)..