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Report Publish : November 20, 2009
Reasons for report : Company update
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United Tractors Tbk
(BUY - UR)
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Tittle : The Growing Paint
Analyst : Stanley Tjiandra |
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- Nice rebound in heavy equipment sales. After a decline in Sep09, Komatsu machinery sales managed to post growth of 33.2% MoM to 297 units in Oct09, mainly driven by a 73.1% MoM sales jump to the mining sector.
- Conducive weather and low machinery breakdown lead to a surge in Pama´s volume. Oct09 coal extraction (CE) volume jumped 16.7% MoM to 7.0m tons while overburden removal (OR) volume rose 7.8% MoM to 58m bcm.
- Monthly coal sales stabilizing at 200ths tons, as promised. It´s been 3 months in a row that volume stabilized at this level. This means Glencore still honors its contract, albeit at lower volume. It is positive because Glencore may stop its purchase or ask for price re-negotiation as its life-of-mine contract price of US$82/ton is much higher than current market price.
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