External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. </li><li>We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. </li><li>We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - Raising FY24-26F Est. Post 3Q24 Earnings Beat

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-July, <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> announced a buyback of up to 5 trillion rupiah, buying back "up to 20% of shares out."  </li>
<li>In <a href="https://www.smartkarma.com/insights/united-tractors-untr-ij-buyback-sure-to-be-impactful" target="_blank" data-smartkarma-citation="insights:72838" rel="noopener">United Tractors (UNTR IJ) Buyback - Sure to Be Impactful</a> I said the buyback would be smaller than the headlines, but still likely quite impactful. </li>
<li>On Day 1, shares rose 5% to IDR 28,275. Since then the stock is up an additional 22%. Now we have a month left. There may be more juice still. </li>
</ul>


In mid-July, United Tractors (UNTR IJ) announced a buyback of up to 5 trillion rupiah, buying back "up to 20% of shares out."  
In United Tractors (UNTR IJ) Buyback - Sure to Be Impactful I said the buyback would be smaller than the headlines, but still likely quite impactful. 
On Day 1, shares rose 5% to IDR 28,275. Since then the stock is up an additional 22%. Now we have a month left. There may be more juice still. 


United Tractors (UNTR IJ) Buyback - One Month To Go

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> announced a large share buyback. It's a big buyback but perhaps not as big as the headlines (which say "up to 20%"). </li>
<li>The buyback is for 5 trillion rupiah which is about 5% of market cap, and will be conducted on-market over the next three months.</li>
<li>Looking at the early market reaction, my opinion is that the market does not seem to understand the consequences.</li>
</ul>


Yesterday, United Tractors (UNTR IJ) announced a large share buyback. It's a big buyback but perhaps not as big as the headlines (which say "up to 20%"). 
The buyback is for 5 trillion rupiah which is about 5% of market cap, and will be conducted on-market over the next three months.
Looking at the early market reaction, my opinion is that the market does not seem to understand the consequences.


United Tractors (UNTR IJ) Buyback - Sure to Be Impactful

<ul><li>1H24 earnings beat demonstrated Pama and UT’s coal business superior operational performance</li><li>We raised our FY24-26F est. by 13-22% and SOTP-based TP to Rp29,200 on the better operational and coal price outlook</li><li>We upgrade our rating to Buy on prospect of earnings upside in 2H24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H24 earnings beat demonstrated Pama and UT’s coal business superior operational performanceWe raised our FY24-26F est. by 13-22% and SOTP-based TP to Rp29,200 on the better operational and coal price outlookWe upgrade our rating to Buy on prospect of earnings upside in 2H24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - Lifting Our FY24-26F Forecast and TP Post 1H24 Beat; Upgrade Rating to Buy

<ul><li>UNTR posted in-line FY23 net profit of Rp20.6tr (96%/ 104% of our/ cons. forecast) </li><li>4Q23 earnings improved to Rp5.3tr (+3% yoy/ +27% qoq) but was mainly driven by stronger coking coal and gold prices.</li><li>We maintain our FY24-25F est. and Hold rating with unchanged SOTPbased TP of Rp24,900 amid our view of further coal price correction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNTR posted in-line FY23 net profit of Rp20.6tr (96%/ 104% of our/ cons. forecast) 4Q23 earnings improved to Rp5.3tr (+3% yoy/ +27% qoq) but was mainly driven by stronger coking coal and gold prices.We maintain our FY24-25F est. and Hold rating with unchanged SOTPbased TP of Rp24,900 amid our view of further coal price correction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - In-Line FY23 Net Profit

Indonesia

PT United Tractors Tbk distributes and leases construction machinery including Komatsu, Nissan Diesel, Scania, Bomag, Valmet, and Tadano brands.  The Company also provides contract mining services, and trades and assembles heavy equipment.

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United Tractors (UNTR IJ)

United Tractors - Raising FY24-26F Est. Post 3Q24 Earnings Beat

UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment.

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