United Tractors (UNTR.IJ): Upside from Gold Valuation, Despite a Potentially Softer 3Q25
We expect UNTR to book softer 3Q25 earnings on lower Komatsu sales and coal price, though 9M25 should still fall broadly in-line.
598 Views
United Tractors (UNTR.IJ) - Earnings Risk from Pama Volumes and Weak Coal Price
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...
185 Views
Coal: Demand Outlook Remains Soft, Though Seasonal Price Strength Still in Play (NEUTRAL)
Weak demand is partly balanced by constrained Indonesia’s production; government’s plan to cap 2026 production should be viewed positively.
165 Views
Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
125 Views
Macro Strategy: 2026: The Dual Levers
Indonesia’s growth is driven by steady consumption and increasingly important investment, both forming dual engine for growth expansion.
144 Views