UNTR IJ / UNTR.JK | ADD - Maintained | Rp22,000.00 /TP: Rp23,900.00
Mkt.Cap: US$7,054.00m | Avg.Daily Vol: US$5.61m | Free Float: 40.00%
Industrial Machinery | Author(s): Erindra KRISNAWAN, CFA +62 2130061732, Laura TASLIM
UNTR's April equipment sales suggest that the recovery momentum is intact, with the construction sector reaching new highs, and resilient sales from the mining sector. The slowing coal production in mining contracting highlights the risks of a weak coal price, but the ahead-of-target performance YTD provide a buffer. We maintain our estimates, target price of Rp23,900 (based on 16x P/E, +1 s.d. above historical average), and Add rating
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