Acquisition Plan and Dividend Projection

PT United Tractors Tbk (UNTR) is holding Rp25 trillion in cash, which is planned to be allocated for the acquisition of gold and mineral mines. In addition, several brokers still forecast UNTR to deliver high dividend yields.

According to Macquarie’s research, with its strong balance sheet and sizable cash reserves, UNTR intends to acquire mineral and gold mining assets that could potentially boost earnings per share (EPS) by around 5–10%. Currently, UNTR’s gold mining operations are managed through PT Agincourt Resources (PTAR) and PT Sumbawa Jutaraya (SJR).

Macquarie further stated that the divestment of its thermal coal unit will raise the company’s non-coal revenue contribution to 57%, surpassing the 50% target set for 2030.

The broker also noted that UNTR’s heavy equipment and coal mining contractor businesses remain robust. So far, there is no risk of mining contract termination from PT Kaltim Prima Coal or Arutmin.

“Meanwhile, Komatsu sales are expected to surge in 2027, in line with the replacement cycle of customers’ heavy equipment,” Macquarie wrote in its report on Tuesday (September 9, 2025).

Macquarie also projected that UNTR’s coal sales volume, including trading activities, will increase to 15 million tons in 2026 and reach 17–18 million tons in 2027.

Net Profit Forecast and Stock Target

Macquarie raised its net profit forecast for UNTR by 17% for 2025 and 18% for 2026, supported by improved operational performance, higher coal selling prices, and stronger margins. Meanwhile, capital expenditure (capex) is estimated to decline in 2026.

For 2025, UNTR’s net profit is projected to reach Rp16.6 trillion with an EPS of Rp4,593. In 2026, net profit is expected at Rp16.2 trillion with an EPS of Rp4,484. Dividend yields are anticipated to remain attractive at 10.8% for 2025 and 10.5% for 2026.

The broker also increased UNTR’s stock price target from Rp24,250 to Rp31,200, equivalent to a 2026 price-to-earnings ratio (PER) of 6.9 times. Key catalysts for UNTR’s share price performance include monthly operational performance updates and fluctuations in coal prices.