Bahana:: 9.0% ytd market outperformance to persist; BUY with IDR35,000 TP
UNTR plans to acquire two new coal mines in Kalimantan, as part of its strategy to bring in additional 500m tons coal reserves by 2014 and to maximize integration within each business unit, resulting in sustainable earnings growth going forward. With plenty of growth catalysts, we expect UNTR’s 9.0% ytd market outperformance to continue persisting. We maintain our BUY ratings on the counter with IDR35,000 DCF-based target price (WACC: 15%).
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