United Tractors (UNTR IJ): Gold price as buffer

United Tractors (UNTR IJ)
HOLD-OPF / TP: IDR:29,425 (+8.2%)
Analyst: Chandra Pasaribu

Gold price as buffer
• Within expectations
• Operating numbers remain robust
• Upgrade in earnings from higher price assumption
• Recommendation HOLD-OPF with new TP of IDR29,425