United Tractor’s 1Q10 results were in-line with our expectations and consensus. 1Q10 Revenue mix as follows 44% from heavy equipment sales, 46% from contract mining, while the remainder coming from coal sales (10%). With heavy equipment units’ sales up by 94%yoy to 1,218 units, revenues from construction machinery rose by 38%yoy to Rp3.8tn.
Meanwhile, increased production and better weather condition saw its mining contracting revenues grow by 27%yoy to Rp4tn. However, despite coal sales volume increase of 8%yoy, mining revenues dropped by 9%yoy to Rp840bn primarily as a result of weaker US dollar. Upside risk to our forecast mainly centers on sustained growth in machinery sales. We currently have a buy on the stock, which trades at PER10F of 16.3x.
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