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UNTR

Contact our analyst Revita
46% Upside, BUY
9th June 2022
Current price Rp 32900
Target price Rp 48,000
Targetting 10% revenue growth
As of 1Q22, UNTR booked revenue of IDR 27.98 trillion, 56.3% growth YoY, while net profit increased even more significantly by 131.5% YoY from a lower increase in operating expenses of only 16% YoY. As of 1Q22, Construction machinery and Mining contracting is still the largest contributor to revenue at 45% and 35% respectively followed by coal mining 28.5%, gold mining 7.1%, and construction 1%. Komatsu’s 1Q22 heavy equipment sales volume increased 146.22% YoY to 1,694 units. Coal production decreased -12.13% YoY but theASP increased 9.05% YoY and helped mining contracting revenue to increase 22% in 1Q22. Komatsu’s sales target of 3,600 units comes from stronger demand from mining as coal demand has increased, together with higher construction activity. We estimate revenue in 2022-2023F will increase at a CAGR of 10% compared to 2021A.



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Coal mining is the prime profit contributor
As of 2021, the biggest contribution to pretax profit was from Mining contracting at 48% while in 1Q22, coal mining was the biggest contributor to pretax profit at 39% . We believe UNTR’s net profit growth this year will also be driven by gold mining as it remains the second largest contributor. UNTR’s coal mining business is run by PT Tuah Turangga Agung (TTA). Total coal sales volume in 1Q22 reached 2.9 million tons, down -21% YoY from 1Q21’s 3.7 million tons, due to a temporary export ban in January 2022. However, due to the increase in the average selling price (ASP) of coal, Coal Mining revenue increased by 92% compared to the same period in 2021 to IDR 7.6 trillion. We believe coal prices will keep coal mining as the biggest profit contributor this year

Valuation: 46% upside potential
Our target price for UNTR is IDR 48,000, which is a valuation of 12x PER with 46% upside potential. We have a BUY recommendation.

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Previously
​UNTR Dec2021
​UNTR Jun2021
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