United Tractors (UNTR IJ): Further normalized operations

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+16.0%)
Analyst: Chandra Pasaribu

Further normalized operations
• Slightly below expectation
• Positive momentum in operations expected in 4Q26
• Buyback program’s fifth tranche
• Re-iterate BUY with TP of IDR29,700