External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Despite Pama’s improving May25 production volumes, 5M25 achievement remains well below FY25 target (at 37% of FY25).</li><li>We trimmed our FY25-27F estimates by -8%/-10%/-13% to reflect lower Pama’s production and weaker-than-expected coal price.</li><li>We Maintain Buy rating with lower SOTP-based TP of Rp23,800, as UNTR’s strong FCF generation remains intact.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite Pama’s improving May25 production volumes, 5M25 achievement remains well below FY25 target (at 37% of FY25).We trimmed our FY25-27F estimates by -8%/-10%/-13% to reflect lower Pama’s production and weaker-than-expected coal price.We Maintain Buy rating with lower SOTP-based TP of Rp23,800, as UNTR’s strong FCF generation remains intact.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors (UNTR.IJ) - Earnings Risk from Pama Volumes and Weak Coal Price

<ul><li>UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. </li><li>We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. </li><li>We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNTR posted robust 3Q24 net profit (+47% yoy/ +22% qoq), driving 9M24 beat, on strong performances of Pama and heavy equipment. We raise our FY24-26F net profit est. by 9-15%, taking into consideration expectation of stronger performance from Pama and heavy equipment. We reiterate Buy rating on the prospect of bottoming earnings and steady FCF generation, with a higher TP of Rp31k.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - Raising FY24-26F Est. Post 3Q24 Earnings Beat

<ul><li>1H24 earnings beat demonstrated Pama and UT’s coal business superior operational performance</li><li>We raised our FY24-26F est. by 13-22% and SOTP-based TP to Rp29,200 on the better operational and coal price outlook</li><li>We upgrade our rating to Buy on prospect of earnings upside in 2H24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H24 earnings beat demonstrated Pama and UT’s coal business superior operational performanceWe raised our FY24-26F est. by 13-22% and SOTP-based TP to Rp29,200 on the better operational and coal price outlookWe upgrade our rating to Buy on prospect of earnings upside in 2H24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - Lifting Our FY24-26F Forecast and TP Post 1H24 Beat; Upgrade Rating to Buy

<ul><li>UNTR posted in-line FY23 net profit of Rp20.6tr (96%/ 104% of our/ cons. forecast) </li><li>4Q23 earnings improved to Rp5.3tr (+3% yoy/ +27% qoq) but was mainly driven by stronger coking coal and gold prices.</li><li>We maintain our FY24-25F est. and Hold rating with unchanged SOTPbased TP of Rp24,900 amid our view of further coal price correction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNTR posted in-line FY23 net profit of Rp20.6tr (96%/ 104% of our/ cons. forecast) 4Q23 earnings improved to Rp5.3tr (+3% yoy/ +27% qoq) but was mainly driven by stronger coking coal and gold prices.We maintain our FY24-25F est. and Hold rating with unchanged SOTPbased TP of Rp24,900 amid our view of further coal price correction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - In-Line FY23 Net Profit

<ul><li>Given the management’s latest FY24 guidance and our view of continued coal price normalization in FY24-25F, we forecast UNTR’s earnings to peak in FY23 with earnings then projected to decline across all segments.</li><li>We reinstate our coverage with a HOLD rating and DCF-based TP of Rp24,900.</li><li>During the management call with analysts, UNTR unveiled a soft set of numbers for its FY24 operational guidance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Given the management’s latest FY24 guidance and our view of continued coal price normalization in FY24-25F, we forecast UNTR’s earnings to peak in FY23 with earnings then projected to decline across all segments.We reinstate our coverage with a HOLD rating and DCF-based TP of Rp24,900.During the management call with analysts, UNTR unveiled a soft set of numbers for its FY24 operational guidance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Tractors - Expect Earnings Peak in FY23 on Softer FY24 Outlook

Indonesia

United Tractors is a leading Indonesian company that distributes heavy equipment and operates in mining contracting, coal mining, gold mining, construction industry, and energy sectors. It serves as an exclusive distributor for brands like Komatsu, UD Trucks, Scania, Bomag, and Tadano in Indonesia. The company is headquartered in Jakarta, Indonesia, and was founded on October 13, 1972.

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United Tractors (UNTR IJ)