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Pengumuman Unusual Market Activity (UMA) atas Saham ARKA
September 24, 2021 09:47 WIB

Pada hari ini tanggal 24 September 2021, PT Bursa Efek Indonesia melalui Divisi Pengawasan Transaksi menyampaikan Pengumuman Unusual Market Activity (UMA) atas Saham PT Arkha Jayanti Persada Tbk. (ARKA) berdasarkan Pengumuman Bursa nomor Peng-UMA-00179/BEI.WAS/09-2021.  

Pengumuman dapat dilihat di website Bursa Efek Indonesia pada bagian Pengumuman UMA.


Pengumuman Unsuspensi Saham YPAS
September 24, 2021 09:46 WIB

Pada hari ini tanggal 24 September 2021, PT Bursa Efek Indonesia melalui Divisi Pengawasan Transaksi mengumumkan bahwa Penghentian sementara perdagangan (Suspensi) atas Saham PT Yanaprima Hastaperada Tbk. (YPAS)di Pasar Reguler dan Pasar Tunai akan dibuka kembali (Unsuspensi) mulai perdagangan sesi I tanggal 24 September 2021, berdasarkan Pengumuman Bursa Nomor Peng-UPT-00134/BEI.WAS/09-2021.

Pengumuman tersebut dapat dilihat di website Bursa Efek Indonesia pada bagian Pengumuman Suspensi.


United Tractors (UNTR.IJ IDR 21,075 BUY TP: IDR 30,000)
September 24, 2021 09:17 WIB

Strong Komatsu sales volume in Aug 21

 

United Tractors (UNTR) posted strong Komatsu sales volume of 326 units in Aug 21 (+60.6% mom, +210.5% yoy), resulting in 8M21 Komatsu sales of 1,890 units (+81.2% yoy) as solid coal prices led to higher Komatsu sales to the mining sector. Coal production went up by 2.8% yoy to 78.1mn tons with higher coal sales volume of 7.4mn tons (+10.3% yoy). The operational numbers are broadly in-line with our expectation. Maintain BUY. 

 

Strong Komatsu sales volume in Aug 21.  UNTR reported strong Komatsu sales volume of 326 units in Aug 21 (+60.6% mom, +210.5% yoy) with the strongest growth coming from sales to the mining sector. In 8M21, Komatsu sales volume jumped by 81.2% yoy to 1,890 units thanks to the impact of solid commodity prices (for coal and nickel) which led to higher Komatsu sales volume to the mining sector (+146.4% yoy). The 8M21 sales volume figure is within expectations (63%). 

 

Better coal sales and production volume in 8M21. Pama reported lower monthly coal production by 9.3% mom to 9.7mn tons due to: a) higher rainfall and b) the end of the coal mining contract at Adaro Indonesia’s mining site at end-Jul 21. Nonetheless, coal production still rose slightly by 2.8% yoy to 78.1mn tons in 8M21 with a slight decline in the OB removal by 1.0% yoy. Meanwhile, the monthly coal sales volume declined in Aug 21 as the company made plans to lower coal sales volume in Aug and Sep 21 in anticipation of dry weather conditions which would impact coal delivery. Nonetheless, the company recorded higher coal sales volume by 10.3% yoy to 7.4mn tons in 8M21. Overall, the operational numbers are broadly within our expectations. 

 

Recent strong coal prices to further enhance the 2021 earnings.  The strong coal prices which reached USD180/ton led to sturdy heavy equipment demand with UNTR targeting Komatsu sales volume of 2,800 – 3,000 units for 2021. To achieve the target, UNTR needs to sell 228 – 278 Komatsu units per month in the remaining months of 2021. The strong coal price has led the company to provide lower discounts to coalminers amounting to only USD35mn in 2021 (USD165mn in 2020). Coupled with the company targeting flattish coal production of 115mn tons in 2021 given the end of the mining contract with Adaro Indonesia at end-Jul 21, the 2021 earnings should be further enhanced. 

 

Maintain BUY with a TP of IDR30,000 (DCF with WACC of 11.5% and LT growth of 3%). The stock is trading at 8.9x 2021F PE and 8.2x 2022F PE or below -1.0SD deviation. Our TP implies 12.7x 2021F PE. The key risks include a correction in the recently high coal prices. 



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