Strong growth momentum for Komatsu continues
United Tractors (UT) reported another strong monthly operational data in June. Heavy equipment sale (Komatsu) was lower compare to record high in May but the number was still above five months average sales. Mining contracting business (Pama) coal production and overburden fell slightly compared to last month due to above-average rainfall but was better than our expectations. We expect seasonally higher coal production and overburden in 2H due to better weather condition. Meanwhile, monthly
coal production at its DEJ mines was also improving. Overall, we think that UT's underlying business could grow faster than our expectations.
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