Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

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

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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

<ul><li>More attractive to analysts, low debt levels, and high earnings qual relative to its sector </li><li>As the 5th largest coal producing nation, Indonesian mining sector demand for construction machinery should remain strong, revenue for segment up by 64% 1H17 YoY and Komatsu sales volume almost tripled </li><li>UNTR is the largest third-party coal mining contractor in Indonesia, continuing to expand its revenue market share, growing from only 25% 2015 to about 50% at the end of June 2017 </li><li>Attractive at a 17CE* PEG ratio of 0.5 versus ASEAN Energy at 0.7 a UNTR is net cash </li><li>Risks: Decline in coal prices and economic downturn in Indonesia</li></ul>* Consensus Estimates

More attractive to analysts, low debt levels, and high earnings qual relative to its sector As the 5th largest coal producing nation, Indonesian mining sector demand for construction machinery should remain strong, revenue for segment up by 64% 1H17 YoY and Komatsu sales volume almost tripled UNTR is the largest third-party coal mining contractor in Indonesia, continuing to expand its revenue market share, growing from only 25% 2015 to about 50% at the end of June 2017 Attractive at a 17CE* PEG ratio of 0.5 versus ASEAN Energy at 0.7 a UNTR is net cash Risks: Decline in coal prices and economic downturn in Indonesia* Consensus Estimates

UNTR: Massive Growth in Construction Machinery

United Tractors

UNTR: Massive Growth in Construction Machinery