United Tractors (UNTR) posted FY08 earnings above consensus expectation (+12.1%) and ours (+7.0%). Revenue was recorded at Rp27.9tn (+53.6% yoy), ahead our estimates of Rp25.6tn due to higher mining contractors and coal mining revenues. Mining contractors generated more revenue from higher stripping ratio and hauling distance while coal mining average selling price was US$82/ton, above our estimates of US$75/ton. FY08 earnings were booked at 2.7tn (+78.2% yoy) and it is higher than our forecast of Rp2.5tn.
Against 3Q08, revenue dropped 20.1% qoq and earnings fell 34.8% qoq amidst declining demand for heavy equipment. Net gearing improved from 49.7% to 13.8% in FY08 after doing Rp3.4tn right issue. Based on our forecast, UNTR is trading at PER09F of 6.7x. x
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