United Tractors (UNTR IJ)
BUY / TP: IDR:28,675 (+33.8%)
Analyst: Chandra Pasaribu

Positive recovery momentum
• Construction machinery (CM) revenue similar to last year
• Mining Contracting revenue still down -15% YoY
• Coal mining up +18% YoY, Gold also up +15% YoY
• Lower TP of IDR28,675, but re-iterate our BUY call