United Tractors (UNTR IJ): Steady business outlook

United Tractors (UNTR IJ)
HOLD-OPF / TP: IDR:29,500 (+9.3%)
Analyst: Chandra Pasaribu

Steady business outlook
• Heavy equipment supported by favorable coal price
• Mineral mining: Investing in processing plant
• Capex of US$900mn in FY2024 and US$1.0-1.1bn in FY2025
• Maintain HOLD OPF