United Tractors

P.T. United Tractors is engaged sales and rental of heavy equipment (construction machineries) and related after sales services; coal mining and mining contracting; engineering, planning, assembling and manufacturing components of machinery, tools, parts and heavy equipment; vessel construction and vessel related repair services; and vessel charter and shipping services. Co.'s main business is divided into three segments which are construction machinery, which includes the sales and rental of heavy equipment and after sales services; mining contracting, which provides mining services to mining concession holders; and coal mining, which focuses on the mining and selling of coal.
  • TickerUNTR
  • ISINID1000058407
  • ExchangeIndonesian Stock Exchange
  • SectorIndustrial Engineering
  • CountryIndonesia
UNTR UNITED TRACTORS (Industrial Goods & Services)

UNITED TRACTORS sees an upgrade to Positive due to a better fundamenta...

The general evaluation of UNITED TRACTORS (ID), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 3, 2021, the closing price was IDR 21,375.00 and its potential was estimated at IDR 23,052.83.

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2H21 Net Income Could Be Stronger Than Tha...

UNTR is confident of its potentially strong 2021 net income and guided that 2H21 is likely to be stronger than 1H21. It has raised the guidance for Komatsu sales from 2,600 units to 3,000 units (equating to 91.8% yoy growth). Most of its US$125m discount reduction in the mining contracting division should be reaped in 2H21. UNTR could sell coal at more than US$100/tonne in 3Q21 as it is now shifting the sales of its thermal coal at spot. Maintain BUY on UNTR with a new target price of Rp25,600 (from Rp24,600)

Stevanus Juanda ... (+2)
  • Stevanus Juanda
  • Maskun Ramli
UNTR UNITED TRACTORS (Industrial Goods & Services)

Indonesia Daily - Friday, August 20, 2021

Update United Tractors (UNTR IJ/BUY/Rp19,300/Target: Rp25,600) 2H21 net income could be stronger than that in 1H21. TRADERS’ CORNER Erajaya Swasembada (ERAA IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2Q21: Strong Revenue But Net Income Growth...

2Q21 net income was Rp2,576b, rising 14.0% yoy and 32.9% qoq. 2Q21 revenue was up 30.5% yoy and 8.5% qoq, driven by higher Komatsu unit sales, Pama’s better-thanexpected performance and higher coal price. Our thesis is playing out but not entirely. Gold mining profit before tax grew only 12.2% yoy in 1H21. We expect net income growth of 33.1% in 2021 and 17.9% in 2022. UNTR is trading at -1SD PE and with 25.8% upside from the current level. Maintain BUY with a lower target price of Rp24,600.

Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda
UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources) ... (+14)

Strategy - Evidence Of Recovery

Over 50m doses of vaccine have been administered in Indonesia at a rate of 1.3m doses a day, with a target of 2m shots a day. Signs of recovery have been observed among retailers, whose net incomes have turned positive. After a 39% yoy decline in 2020, JCI earnings are expected to recover 54.0%/12.5% in 2021/22. We forecast the JCI to hit 6,350 by end-Dec 21. Our picks: BMRI, BBTN, MYOR, MAPI, ERAA, KLBF, WIKA, BSDE, CTRA, TLKM and UNTR. SELL: MDKA.

UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources)
ITMG Indo Tambangray... (Construction & Materials)
BEST Bekasi Fajar In... (Industrial Goods & Services)
TOWR Sarana Menara N... (Automobiles & Parts)
MYOR MAYORA INDAH (Food & Beverage)
BMRI Bank Mandiri (P... (Retail)
MAPI Mitra Adiperkas... (Telecommunications)
WIKA Wijaya Karya Pe... (Telecommunications)
BSDE Bumi Serpong Da... (Banks)
BBTN Bank Tabungan N... (Real Estate)
ERAA Erajaya Swasemb...
ASII Astra Internati...
PTI Telekomunikasi ...
UNTR UNITED TRACTORS (Industrial Goods & Services)

UNITED TRACTORS sees an upgrade to Positive due to a better fundamenta...

The general evaluation of UNITED TRACTORS (ID), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 3, 2021, the closing price was IDR 21,375.00 and its potential was estimated at IDR 23,052.83.

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2H21 Net Income Could Be Stronger Than Tha...

UNTR is confident of its potentially strong 2021 net income and guided that 2H21 is likely to be stronger than 1H21. It has raised the guidance for Komatsu sales from 2,600 units to 3,000 units (equating to 91.8% yoy growth). Most of its US$125m discount reduction in the mining contracting division should be reaped in 2H21. UNTR could sell coal at more than US$100/tonne in 3Q21 as it is now shifting the sales of its thermal coal at spot. Maintain BUY on UNTR with a new target price of Rp25,600 (from Rp24,600)

Stevanus Juanda ... (+2)
  • Stevanus Juanda
  • Maskun Ramli
UNTR UNITED TRACTORS (Industrial Goods & Services)

Indonesia Daily - Friday, August 20, 2021

Update United Tractors (UNTR IJ/BUY/Rp19,300/Target: Rp25,600) 2H21 net income could be stronger than that in 1H21. TRADERS’ CORNER Erajaya Swasembada (ERAA IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2Q21: Strong Revenue But Net Income Growth...

2Q21 net income was Rp2,576b, rising 14.0% yoy and 32.9% qoq. 2Q21 revenue was up 30.5% yoy and 8.5% qoq, driven by higher Komatsu unit sales, Pama’s better-thanexpected performance and higher coal price. Our thesis is playing out but not entirely. Gold mining profit before tax grew only 12.2% yoy in 1H21. We expect net income growth of 33.1% in 2021 and 17.9% in 2022. UNTR is trading at -1SD PE and with 25.8% upside from the current level. Maintain BUY with a lower target price of Rp24,600.

Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda
UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources) ... (+14)

Strategy - Evidence Of Recovery

Over 50m doses of vaccine have been administered in Indonesia at a rate of 1.3m doses a day, with a target of 2m shots a day. Signs of recovery have been observed among retailers, whose net incomes have turned positive. After a 39% yoy decline in 2020, JCI earnings are expected to recover 54.0%/12.5% in 2021/22. We forecast the JCI to hit 6,350 by end-Dec 21. Our picks: BMRI, BBTN, MYOR, MAPI, ERAA, KLBF, WIKA, BSDE, CTRA, TLKM and UNTR. SELL: MDKA.

UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources)
ITMG Indo Tambangray... (Construction & Materials)
BEST Bekasi Fajar In... (Industrial Goods & Services)
TOWR Sarana Menara N... (Automobiles & Parts)
MYOR MAYORA INDAH (Food & Beverage)
BMRI Bank Mandiri (P... (Retail)
MAPI Mitra Adiperkas... (Telecommunications)
WIKA Wijaya Karya Pe... (Telecommunications)
BSDE Bumi Serpong Da... (Banks)
BBTN Bank Tabungan N... (Real Estate)
ERAA Erajaya Swasemb...
ASII Astra Internati...
PTI Telekomunikasi ...
UNTR UNITED TRACTORS (Industrial Goods & Services)

UNITED TRACTORS sees an upgrade to Positive due to a better fundamenta...

The general evaluation of UNITED TRACTORS (ID), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 3, 2021, the closing price was IDR 21,375.00 and its potential was estimated at IDR 23,052.83.

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2H21 Net Income Could Be Stronger Than Tha...

UNTR is confident of its potentially strong 2021 net income and guided that 2H21 is likely to be stronger than 1H21. It has raised the guidance for Komatsu sales from 2,600 units to 3,000 units (equating to 91.8% yoy growth). Most of its US$125m discount reduction in the mining contracting division should be reaped in 2H21. UNTR could sell coal at more than US$100/tonne in 3Q21 as it is now shifting the sales of its thermal coal at spot. Maintain BUY on UNTR with a new target price of Rp25,600 (from Rp24,600)

Stevanus Juanda ... (+2)
  • Stevanus Juanda
  • Maskun Ramli
UNTR UNITED TRACTORS (Industrial Goods & Services)

Indonesia Daily - Friday, August 20, 2021

Update United Tractors (UNTR IJ/BUY/Rp19,300/Target: Rp25,600) 2H21 net income could be stronger than that in 1H21. TRADERS’ CORNER Erajaya Swasembada (ERAA IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2Q21: Strong Revenue But Net Income Growth...

2Q21 net income was Rp2,576b, rising 14.0% yoy and 32.9% qoq. 2Q21 revenue was up 30.5% yoy and 8.5% qoq, driven by higher Komatsu unit sales, Pama’s better-thanexpected performance and higher coal price. Our thesis is playing out but not entirely. Gold mining profit before tax grew only 12.2% yoy in 1H21. We expect net income growth of 33.1% in 2021 and 17.9% in 2022. UNTR is trading at -1SD PE and with 25.8% upside from the current level. Maintain BUY with a lower target price of Rp24,600.

Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda
UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources) ... (+14)

Strategy - Evidence Of Recovery

Over 50m doses of vaccine have been administered in Indonesia at a rate of 1.3m doses a day, with a target of 2m shots a day. Signs of recovery have been observed among retailers, whose net incomes have turned positive. After a 39% yoy decline in 2020, JCI earnings are expected to recover 54.0%/12.5% in 2021/22. We forecast the JCI to hit 6,350 by end-Dec 21. Our picks: BMRI, BBTN, MYOR, MAPI, ERAA, KLBF, WIKA, BSDE, CTRA, TLKM and UNTR. SELL: MDKA.

UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources)
ITMG Indo Tambangray... (Construction & Materials)
BEST Bekasi Fajar In... (Industrial Goods & Services)
TOWR Sarana Menara N... (Automobiles & Parts)
MYOR MAYORA INDAH (Food & Beverage)
BMRI Bank Mandiri (P... (Retail)
MAPI Mitra Adiperkas... (Telecommunications)
WIKA Wijaya Karya Pe... (Telecommunications)
BSDE Bumi Serpong Da... (Banks)
BBTN Bank Tabungan N... (Real Estate)
ERAA Erajaya Swasemb...
ASII Astra Internati...
PTI Telekomunikasi ...
UNTR UNITED TRACTORS (Industrial Goods & Services)

UNITED TRACTORS sees an upgrade to Positive due to a better fundamenta...

The general evaluation of UNITED TRACTORS (ID), a company active in the Commercial Vehicles & Trucks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date September 3, 2021, the closing price was IDR 21,375.00 and its potential was estimated at IDR 23,052.83.

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2H21 Net Income Could Be Stronger Than Tha...

UNTR is confident of its potentially strong 2021 net income and guided that 2H21 is likely to be stronger than 1H21. It has raised the guidance for Komatsu sales from 2,600 units to 3,000 units (equating to 91.8% yoy growth). Most of its US$125m discount reduction in the mining contracting division should be reaped in 2H21. UNTR could sell coal at more than US$100/tonne in 3Q21 as it is now shifting the sales of its thermal coal at spot. Maintain BUY on UNTR with a new target price of Rp25,600 (from Rp24,600)

Stevanus Juanda ... (+2)
  • Stevanus Juanda
  • Maskun Ramli
UNTR UNITED TRACTORS (Industrial Goods & Services)

Indonesia Daily - Friday, August 20, 2021

Update United Tractors (UNTR IJ/BUY/Rp19,300/Target: Rp25,600) 2H21 net income could be stronger than that in 1H21. TRADERS’ CORNER Erajaya Swasembada (ERAA IJ): Technical BUY Jasa Marga (JSMR IJ): Technical BUY

Stevanus Juanda
  • Stevanus Juanda
UNTR UNITED TRACTORS (Industrial Goods & Services)

United Tractors (UNTR IJ) - 2Q21: Strong Revenue But Net Income Growth...

2Q21 net income was Rp2,576b, rising 14.0% yoy and 32.9% qoq. 2Q21 revenue was up 30.5% yoy and 8.5% qoq, driven by higher Komatsu unit sales, Pama’s better-thanexpected performance and higher coal price. Our thesis is playing out but not entirely. Gold mining profit before tax grew only 12.2% yoy in 1H21. We expect net income growth of 33.1% in 2021 and 17.9% in 2022. UNTR is trading at -1SD PE and with 25.8% upside from the current level. Maintain BUY with a lower target price of Rp24,600.

Johnny Yum ... (+2)
  • Johnny Yum
  • Stevanus Juanda
UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources) ... (+14)

Strategy - Evidence Of Recovery

Over 50m doses of vaccine have been administered in Indonesia at a rate of 1.3m doses a day, with a target of 2m shots a day. Signs of recovery have been observed among retailers, whose net incomes have turned positive. After a 39% yoy decline in 2020, JCI earnings are expected to recover 54.0%/12.5% in 2021/22. We forecast the JCI to hit 6,350 by end-Dec 21. Our picks: BMRI, BBTN, MYOR, MAPI, ERAA, KLBF, WIKA, BSDE, CTRA, TLKM and UNTR. SELL: MDKA.

UNTR UNITED TRACTORS (Oil & Gas)
MEDC Medco Energi In... (Basic Resources)
ITMG Indo Tambangray... (Construction & Materials)
BEST Bekasi Fajar In... (Industrial Goods & Services)
TOWR Sarana Menara N... (Automobiles & Parts)
MYOR MAYORA INDAH (Food & Beverage)
BMRI Bank Mandiri (P... (Retail)
MAPI Mitra Adiperkas... (Telecommunications)
WIKA Wijaya Karya Pe... (Telecommunications)
BSDE Bumi Serpong Da... (Banks)
BBTN Bank Tabungan N... (Real Estate)
ERAA Erajaya Swasemb...
ASII Astra Internati...
PTI Telekomunikasi ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch