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>> Saham Agung Podomoro Dilepas Rp365 per Unit >>> INDY: After mkt close the major shareholders placed out a USD 200m block of stock, or about 10% of cap at 3675 (range 3600-3725) at a 5.7% discount. The placement was said to be 3X subscribed to.

My Family

Selasa, 28 September 2010

NISP United Tractors may post soft 3Q10 revenue (UNTR, Rp20,200, Hold)

· During 8M10, UT sold 3,653 units of heavy equipment, 81.4% YoY higher from 2,014 units a year earlier. Such increase was attributable to increase in all segments, including heavy equipment sales for mining that jumped to 2,188 units, or increased by 1,024 units compared to 1,164 units in 8M09.

· This was also followed by heavy equipment sales for agribusiness, construction and forestry. Similar achievement was also posted by UT’s other business, where mining contracting posted 20.1% YoY growth in 8M10, while coal mining performance was relatively stable as it only posted a slight 0.2% YoY decrease during the same period.

· Despite impressive YoY performance, UT posted a decrease in its August heavy equipment sales volume of 453 units compared to 468 units a month earlier. Also, coal mining division posted 20.5% MoM decrease on coal sales volume at 174k tons in August 2010 from 219k tons a month earlier. The only division that managed to record growth in August was mining contracting, Pama Persada, that produced higher coal of 7.6% MoM to 6.8mn tons from 6.3mn tons in the same period.

· This translates into a possibility of soft 3Q10 revenue compared to the previous quarter as long holiday season in September may affect the company’s operational data. Thus, we still maintain our Hold stance on UT, which currently trades at 2011F PER of 13.9x and EV/EBITDA of 7.3x.

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