(UNTR IJ / UNTR.JK, OUTPERFORM - Upgraded, Rp7,650 - Tgt. Rp9,600, Industrial Goods and Services)
We have raised our FY10 heavy equipment sales forecast by 8% due to a more buoyant outlook for CPO prices as well as an anticipated construction-sector pick-up. We have maintained our FY09 forecast of a 50% yoy decline, with a view to upgrade, should the recent currency stability be sustainable. Consequently, our EPS estimates have been raised by 3% for FY10-11. We upgrade the stock to OUTPERFORM from Neutral with a higher target price of Rp9,600 from Rp6,300, now pegged at a 20% premium to our P/E target for the market or 12x CY10 earnings from DCF valuation previously. Our new target is in line with its past trading patterns under a more normalised environment.
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