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UNTR – Construction Machinery Continues to Weaken

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Meilki Darmawan
Meilki Darmawan
Analyst - Mining, Basic Ind., Agri.
Meilki Darmawan
Latest posts by Meilki Darmawan (see all)
  • UNTR – The Prospect of Coal Still Sluggish - October 1, 2020
  • INCO – Solid Earnings in The First Semester - September 23, 2020
  • PGAS – Lower Results than Expected - September 15, 2020

1Q20 result is below our expectation with a decrease in net profit by 40% YoY, which is the result of a 19% YoY decrease in revenue and an increase in forex loss by 418% YoY. We cut our assumptions as follow:

1) Komatsu sales to 2,467 units for 2020F;

2) coal production to 123 million tonnes for 2020F. Revised down our 2020F revenue estimate by 8.7% but we still maintain BUY rating with TP of IDR19,000.

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