United Tractors (UNTR IJ): Significant one-offs

United Tractors (UNTR IJ)
BUY / TP: IDR:29,700 (+22.5%)
Analyst: Chandra Pasaribu

Significant one-offs
• Below expectation from higher COGS and one-offs
• Operating result showed different dynamics
• Earnings downgrade reflects higher cost
• Lower TP to IDR29,700, but re-iterate BUY