yg jadi pertanyaan knapa info ini dikeluarin pas market lagi lucu2nya
ya...hihihihihi
Dario Amran
--- Pada Jum, 22/1/10, Rei <highwaysta...@gmail.com> menulis:
Dari: Rei <highwaysta...@gmail.com>
Judul: [ob] Fwd: Fw: UNTR (TP Rp21,500) - Credit Suisse: December data came in
strong and broadly in line; Still one of our top picks in the market
Kepada: obrolan-bandar@yahoogroups.com
Tanggal: Jumat, 22 Januari, 2010, 2:43 PM
---------- Forwarded message ----------
From: Daniel Ari Wiloso <dani...@aaasecuriti es.com>
Date: 2010/1/22
Subject: Fw: UNTR (TP Rp21,500) - Credit Suisse: December data came in strong
and broadly in line; Still one of our top picks in the market
To:
Sent: Friday, January 22, 2010 9:59 AM
Subject: FW: UNTR (TP Rp21,500) - Credit Suisse: December data came in strong
and broadly in line; Still one of our top picks in the market
● United Tractor’s 2009 operating data came in very strong and
broadly in line with our forecasts. For 2009, the equipment sales
volume came in 2% below our expectations but mining contracting
beat our forecast by 3%.
● After dropping 42% YoY during 9M09, 4Q09 sales volume posted
robust 67% YoY growth, with monthly volume at 291 units/month,
which is 4% higher than 3Q09 and 39% more than 1Q09. We are
assuming a 20% YoY increase for 2010 or a monthly run rate of
9% higher than 4Q09, which we view as reasonable.
● Mining contracting has been a star since June 2009 and
December 2009 remained robust, posting a 33-49% YoY
increase, resulting in 2009 figures rising by 15-35% YoY.
● The coal mining division came in line but remained weak due to
the pricing agreement, which locked in at a much higher price.
The rising coal price should improve the outlook.
● We maintain our OUTPERFORM rating on the stock.
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