Hexindo (HEXA IJ) reaches its sales target. HEXA has sold 800 units of heavy equipment and the remaining 400 are in progress. Most of the heavy equipment goes to coal mining and forestry sector. The most recent contract is from Darma Henwa (DEWA) worth US$16mn. Hexa is trading at 7x earnings compare to United Tractors (UNTR IJ) 14x earnings.. p.s. DEWA order 10 additional giant heavy equipments for 2010 delivery to replace their UK-made giant machineries which are not efficient and effective to use.They bought a couple of months ago to pursue discount (sound imprudent to me)
