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Report Publish : December 28, 2009
Reasons for report : Company update
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United Tractors Tbk
(BUY - Rp15,250)
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Tittle : Nov09: Still A Strong Picture
Analyst : Stanley Tjiandra |
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- YTD performance still beats our expectation.
- Neutral impact on heavy equipment revenue.
- Strip ratio assumption revisited.
- Coal sales: outperforming FY09 but disappointing FY10 - FY11.
- Margin upgrade is warranted.
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