External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>United Tractors, founded in 1972 and listed in 1991, is Indonesia's largest heavy equipment distributor with exclusive rights for brands like Komatsu and Scania.</li><li>The company provides sales, parts, assembly, and repair services, and has diversified into mining and renewable energy sectors.</li><li>Its subsidiary PAMA leads in mining services, while United Tractors manages coal and gold mining assets and invests in renewable energy projects.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)United Tractors, founded in 1972 and listed in 1991, is Indonesia's largest heavy equipment distributor with exclusive rights for brands like Komatsu and Scania.The company provides sales, parts, assembly, and repair services, and has diversified into mining and renewable energy sectors.Its subsidiary PAMA leads in mining services, while United Tractors manages coal and gold mining assets and invests in renewable energy projects.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

United Tractors (PUTKY) - Saturday, Jul 26, 2025

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.

<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

Thematic (Sector/Industry)

<ul><li>Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.</li><li>Thus, we see a tactical opportunity in 4Q23 with preferred picks on ADRO (Buy, TP Rp4,500) and ITMG (Buy, TP Rp45,000) or HRUM (Buy, TP Rp2,700) for more high-beta plays.</li><li>We also see UNTR (Buy, TP Rp40,000) earnings to potentially outperform in 3Q23.</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.

Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.Thus, we see a tactical opportunity in 4Q23 with preferred picks on ADRO (Buy, TP Rp4,500) and ITMG (Buy, TP Rp45,000) or HRUM (Buy, TP Rp2,700) for more high-beta plays.We also see UNTR (Buy, TP Rp40,000) earnings to potentially outperform in 3Q23.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.

Coal Mining - A Tactical Opportunity in 4Q23 on Possible Seasonal Demand Recovery

Macroeconomics

<ul><li>The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.</li><li>While the US headline Aug CPI is expected to increase, core inflation is expected to maintain its trend of subdued readings.</li><li>This more stable narrative regarding monetary policy has the potential to alleviate the recent market volatility which led to a weaker IDR on a stronger DXY, rising government bond yields, and the continuation of outflows from the equity market.</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.

The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.While the US headline Aug CPI is expected to increase, core inflation is expected to maintain its trend of subdued readings.This more stable narrative regarding monetary policy has the potential to alleviate the recent market volatility which led to a weaker IDR on a stronger DXY, rising government bond yields, and the continuation of outflows from the equity market.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.

Macro Strategy & Flows Trackers: More Signals

<ul><li>Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.</li><li>We revise up our Q3 &amp; FY GDP growth forecasts.</li><li>The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.</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.

Indonesia's GDP in 2Q23 exceeded expectations with strong growth of 5.17% y-y, with Household Consumption ticking strongly upward by 5.23% mainly underpinned by a combination of the festive season, long holidays and the disbursement of religious holiday allowances (THR), which contributed to increased purchasing power.We revise up our Q3 &amp; FY GDP growth forecasts.The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.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.

Indonesia

PT United Tractors Tbk distributes and leases construction machinery including Komatsu, Nissan Diesel, Scania, Bomag, Valmet, and Tadano brands.  The Company also provides contract mining services, and trades and assembles heavy equipment.

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United Tractors (UNTR IJ)

United Tractors (PUTKY) - Saturday, Jul 26, 2025

United Tractors, Indonesia's largest heavy equipment distributor since 1972, diversifies into mining and renewable energy while maintaining a...

Value Investors Club (VIC)

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

Coal Mining - A Tactical Opportunity in 4Q23 on Possible Seasonal Demand Recovery

Coal market’s Aug23 trade and inventory data in China and India indicated possible seasonal demand recovery may be under way.

BRI Danareksa Research

Macro Strategy & Flows Trackers: More Signals

The main takeaways from the most recent Fed Beige Book suggest moderating economic growth in recent months, implying a Fed pause.

BRI Danareksa Research

Strategy - Sustaining Growth

The anticipated fiscal expansion and infusion of election funds are poised to bolster consumption within the broader economy.

BRI Danareksa Research

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