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UNTR – The Prospect of Coal Still Sluggish

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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

In 1H20, UNTR’s net profit was down 28.3% YoY with lower revenue from construction machinery and mining contraction. Low coal prices and economic slowdown became the main factor of weak 1H20 performance. Pamapersada targets 16% YoY lower coal production for 2020 and we see the coal outlook is still sluggish until the first quarter of 2021. Hence, we downgrade the rating to SELL for UNTR.

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