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Initiation

United Tractors (UNTR IJ): Huge scale nurtures its sustainability

United Tractors (UNTR IJ)
BUY / TP: IDR:23,925 (+30.0%)
Analyst: Muhammad Abdul Aziz

Huge scale nurtures its sustainability
• Robust mining contracting business
• Mining to keep it floating to await construction machinery reboot
• Expect better performance from construction business
• Re-initiate coverage with a BUY call and a TP of IDR23,925
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