UNTR: Massive Growth in Construction Machinery

Thermal Coal Prices Likely Peaked; Expect 6-9% Correction in Prices from Here. Take Profits

Ex - Analyst at PE and Indonesia Brokerage Firm

Surabhi Chopra

Equity Bottom-Up

Market cap: US$8bnOur view:<a href="https://www.smartkarma.com/entities/698" target="_blank" data-smartkarma-citation="entities:698:1">United Tractors Tbk Pt (UNTR IJ)</a> a proxy to coal production recovery. We mentioned in our earlier note <a href="https://www.smartkarma.com/insights/thermal-coal-prices-likely-peaked-expect-6-9-correction-in-prices-from-here-take-profits" target="_blank" data-smartkarma-citation="insights:9614">Thermal Coal Prices Likely Peaked; Expect 6-9% Correction in Prices from Here. Take Profits</a> that coal prices will remain above US$70/ton and we expect it to be in the range of US$73-75/ton. Most mines remain profitable at this level and even so in Indonesia as its cash costs are lower. Taking this view, we think UNTR which is a proxy to the coal industry, will benefit…

Market cap: US$8bnOur view:United Tractors Tbk Pt (UNTR IJ) a proxy to coal production recovery. We mentioned in our earlier note Thermal Coal Prices Likely Peaked; Expect 6-9% Correction in Prices from Here. Take Profits that coal prices will remain above US$70/ton and we expect it to be in the range of US$73-75/ton. Most mines remain profitable at this level and even so in Indonesia as its cash costs are lower. Taking this view, we think UNTR which is a proxy to the coal industry, will benefit…

United Tractor (UNTR): Fundamentals Priced In - Take Profits