(UNTR IJ / UNTR.JK, OUTPERFORM - Maintained, Rp11,050 - Tgt. Rp13,300, Industrial Goods and Services)
We upgrade our coal-price assumptions by 9-15%, which is positive for UT's mining contracting and mining divisions. The former would benefit from higher margins and the latter, from higher coal ASPs. Additionally, a more positive macro environment can boost heavy-equipment sales for UNTR. We upgrade our EPS estimates by 8-13% for UNTR, factoring in positives for all three divisions. Maintain OUTPERFORM with a higher target price of Rp13,300 (from Rp10,850), now based on 13x CY10 P/E (previously 12x).
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