UNTR– (BUY – TP Rp 7.202)
While UNTR will book robust FY2008 earnings, different circumstances in 2009 may lead UNTR to book less-than robust earnings this year.
We will monitor credit development during 1Q09 to see how bad global liquidity crisis may affect UNTR’s 2009 performance, while at present we maintain a slightly declining growth of earnings for this year.
Our present FY09 forecast assumes stable growth on Mining Contracting and Coal Production and assumes deteriorating Komatsu sales into 2,200 unit vs.4,345 unit booked in 2008.
We had adjustments for our DCF calculations, and now, with WACC of 18,3% our new target price for the stock is Rp7,202 per share (vs. Rp8,133 previously). We currently view UNTR as a company with good fundamental that has multiple source of income that will proven defensive in cyclical times.
We maintain our BUY recommendation. BUY
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