• During July 2010, UT’s sales volume stood at 468 units or 7.7% MoM lower from 507 units a month earlier. However, as the figure is still above the average monthly sales volume during January – June 2010 of 455 units, we view this condition is relatively normal.
• With this July figure, during 7M10 UT has sold 3,200 units of heavy equipment, which is on track with the company’s target of 5,000 units this year. This target translates into 1,800 units still needed to be sold in August – December, or equal to an average monthly sales volume of 360 units.
• The company has not given further details on its July operational data, where we need to see its production volume on mining contracting and coal mining business during heavy rainfall condition as this may affect profitability in 3Q10.
• Currently, UNTR is trading at 2011F PER of 12.9x and EV/EBITDA of 6.8x, Hold.
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