United Tractors (UNTR IJ): Impact from halted gold operation

United Tractors (UNTR IJ)
BUY / TP: IDR:33,650 (+16.4%)
Analyst: Chandra Pasaribu

Impact from halted gold operation
• Halted gold mining drove results below expectations
• Lower operating numbers
• Recovery from re-instated license and RKAB second revision
• Slight downgrade in TP to IDR33,650 – Upgrade to BUY