UNTR posted 1H10 net income of Rp1.9tn (+0.8%yoy, +8.0%qoq), which is below ours and consensus estimate.
Revenue growth mainly came from construction machinery sales (+56%yoy). However, gross margin contracted yoy at machinery division (27% to be 21%), and mining contracting division (22% to be 16%). The decline was due to operational drawback in Pama as a result of heavy rainfall, particulary in Adaro and Jembayan. Second reason was due to rupiah strengthening.
We have Buy recommendation on UNTR which currently trades at PER10-11F of 15.3-14.5x
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