United Tractors (UNTR IJ) Coal mines do not stop expansion..
Hexindo (HEXA IJ) has received US$130m purchasing order from Kaltim Prima Coal for excavator and dump truck to be delivered in 2009. This is compared to Hexindo revenues of US$220m in 9m08.
It clearly shows that demand for heavy equipments are not completely dead as feared by many. Large and good coal mines are still keen to expand. This also reflected in recent contract renewal for United Tractors's contract mining unit (Pama) which called for volume ramp up from 8m tons per annum in 2008 to 12m tons per annum over the next few fears.
Our conservative forecast assumed UT's heavy equipment sales to fall from 4,348 units in 2008 to 2,500 units in 2009.
BUY United Tractors (US$1.6bn mkt cap, decent liquidity) and Hexindo (US$50m mkt cap, relatively illiquid).
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