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BRI Danareksa Equity Snapshot - 24 Februari 2021
February 24, 2021 09:06

United Tractors: Lower Komatsu sales in Dec 2020 (UNTR IJ. IDR 23,125 BUY. TP IDR 33,000)
United Tractors (UNTR) reported seasonally lower monthly Komatsu sales of 83 units in Dec 2020 (-39.0% mom). In 2020, the impact of Covid-19 led to: a) 46.5% yoy lower Komatsu sales of 1,594 units, b) lower coal production (-12.7% yoy) and c) soft gold sales (-22.1% yoy). Nonetheless, coal sales volume grew 9.3% yoy to 9.3mn tons. The operational volumes were within our expectations. BUY maintained with a TP of IDR33,000 (DCF valuation).

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MARKET NEWS    

MACROECONOMY
Govt raised the economic stimulus budget to IDR700tn
The Ministry of Finance announced that it is increasing the national economic recovery budget (PEN) from IDR688.3tn to IDR699.4tn. This is the 7th time the budget has been increased. The budget is being increased given the need to allocate more funds to social assistance programs and micro small to medium enterprise programs. The government is allocating IDR157.4tn for social assistance programs, IDR186.8tn for micro small to medium enterprise support programs, and IDR176.3tn for the healthcare budget. (Kompas.com)

CORPORATE
SSIA is conducting a Bondholder Meeting
SSIA is planning to conduct a Bondholder Meeting on March, 8 2021 for its Re-tap Bond 1 phase 1 issued back in 2016 in order to negotiate the term of covenant for the interest coverage ratio for FY20. The bond has a notional value of IDR390bn and carries interest of 10.5% p.a. and will mature on 22 September 2021. (Investor Daily)