Research Today: Hexindo Adiperkasa (HEXA IJ) update
Vera takes a look at HEXA, the distributor of Hitachi heavy-equipment smaller
version of United Tractor’s Pama (Komatsu) division. HEXA continues to deliver
strong performance. Feb2010 sales saw 157 units of heavy equipment up by 66%
YoY translating into 1,409 units for 11M YTD and about 6% higher than our
annual volume forecast.
Hexa’s strong performance confirms United Tractor’s own strong Jan-Feb sales
number. February sales of Komatsu heavy equipment reached record high which
was boosted by demand from the forestry and agro segments. As Hexa mainly
sells large coal mining heavy equipment, its strong demand came from the mining
sector. This is a good indicator that coal companies are looking to expand and
are spending capex to meet demand. Our top picks in coal mining are Adaro
Energy (ADRO IJ) and ITMG.
Hexa is cheap, trading at 6.7 P/E, 4.7 dividend yield and ROAE of 43% on our
2011 numbers. BUY.
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