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UNTR

Contact our analyst Revita
65% Upside, BUY
May 12th,  2023
Current price Rp 24950
Target price Rp  41100
125% 1Q23 revenue growth
In 1Q23, UNTR booked revenue of IDR 34.89 trillion or an increase of 125% YoY. In line with revenue, bottom line profit continued to increase significantly, up 123% YoY to IDR 5.32 trillion. Komatsu sales volume increased by 5.73% YoY from 1,694 units to 1,791 units. Overall, construction machinery revenue increased by 10.20% YoY with 27 mn tons of coal production and 246 mn BCM of overburden removal. Coal mining revenue increased by 38.79% YoY to IDR 10.53 trillion supported by an increase in the average selling price. Gold mining revenue decreased by -4.49% YoY to IDR 1.7 trillion with gold sales volume down -20.27% YoY to 59k ounces. Mining contracting and construction machinery were still the major contributors to total revenue at 33% and 31% respectively. Based on 1Q23 results, we maintain our revenue target in 2023-2024F at a CAGR of 7%  with komatsu volume targeted to stay at 4,000 units and an expected less favourable coal market this year compared to 2022A.





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Transition strategy to renewable energy
Since 2021 UNTR has put renewable energy and other energy business under PT Energia Prima Nusantara (EPN). EPN’s projects include rooftop solar PV and mini hydro power plants. As of 1Q23, EPN has installed a total of 6.2 MWp rooftop solar PV across UT and the whole Astra group. After operation of one mini hydro power plant with capacity of 0.5 MW namely PLTM Kalipelus in Central java. UNTR is expected to operate PLTM Besai Kemu with capacity of 7 MW by the end of this year. In addition, UNTR through EPN is targeting several mini hydro projects in Sumatera with a potential capacity of more than 20 MW. Going forward, United Tractors actively conducts studies and reviews of other types of renewable energy, such as solar PV, geothermal, wind power, and waste-to-energy projects. These projects are consistent with UT's strategy to increase its competence in renewable energy in order to achieve a sustainable business portfolio.

Valuation: 65% upside potential
Based on 1Q23 result, We maintain our target price for UNTR at IDR 41,100, which is a valuation of 6.04x PER. With  65% upside potential, we maintain our BUY recommendation..

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Previously
​UNTR Feb2023
​UNTR Nov2022
​UNTR Aug2022
​UNTR Jun2022
​UNTR Dec2021
​UNTR Jun2021
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