UNTR:: Near-term growth catalyst: Mine acquisitions; BUY with IDR35,000 TP
Impending catalyst is UNTR’s due diligence to acquire additional two new coal mines in Kalimantan, as part of its strategy to have 500m tons coal reserves by 2014 and to maximize integration within each business unit to ensure growth ahead, which will also be supported by (1) solid domestic heavy equipment demand and financing availability; (2) rising thermal coal volume target to fulfill global demand; (3) higher coal sales volumes from existing mines and; (4) net cash position to support its expansions. With plenty of growth catalysts, UNTR is a BUY with IDR35k DCF-based TP (15% WACC). (Fr BAHANA - DX)
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