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.

Cross Asset Strategy

<ul><li>Mayora Indah: Higher margins to boost FY23 earnings (MYOR.IJ IDR 2,650 BUY.TP IDR 3,300)</li><li>Amid this year’s Ramadhan period, MYOR has witnessed solid growth starting in 1Q23.</li><li>Combined with lower input costs and higher ASP from last year, the management is optimistic of robust performance in 1Q23. </li></ul><p><em>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.</em></p>

Mayora Indah: Higher margins to boost FY23 earnings (MYOR.IJ IDR 2,650 BUY.TP IDR 3,300)Amid this year’s Ramadhan period, MYOR has witnessed solid growth starting in 1Q23.Combined with lower input costs and higher ASP from last year, the management is optimistic of robust performance in 1Q23. 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.

Equity Bottom-Up

<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><p><em>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.</em></p>

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

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<p>Despite slow in January, February operationals should be higher</p><div class="content-highlight"><em>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.</em></div>

Despite slow in January, February operationals should be higherContent 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) - Despite slow in January, February operationals should be higher

<p>Strong coal-related business to continue in 2022</p><div class="content-highlight"><em>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.</em></div>

Strong coal-related business to continue in 2022Content 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) - Strong coal-related business to continue in 2022

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)

Equity Snapshot: April 13, 2023

Mayora Indah: Higher margins to boost FY23 earnings (MYOR.IJ IDR 2,650 BUY.TP IDR 3,300). Amid this year’s Ramadhan period, MYOR has witnessed...

BRI Danareksa Research

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

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...

BRI Danareksa Research