United Tractors Tbk PT: Virtual ASEAN Conference 2026 Feedback

Research evidence excerpt

United Tractors Tbk PT: Virtual ASEAN Conference 2026 Feedback

Update

June 22, 2026 01:05 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MUnited Tractors Tbk PT | Asia Pacific Mayank Maheshwari

Equity Analyst

Virtual ASEAN Conference Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

Ryan.Heng@morganstanley.com +65 6834-6465

2026 Feedback Vivek Rajamani

Vivek.Rajamani@morganstanley.com +65 6834-6740

We hosted United Tractor's (UNTR's) management at our 2026 Virtual ASEAN

Morgan Stanley India Company Private Limited+

conference. Key takeaways below.

Hinal Choudhary

Research Associate

1) Coal exports are to be channelled through a government entity to minimize Hinal.Choudhary@morganstanley.com +91 22 6118-2044

overproduction, especially by smaller players. More clarity around the process Pranitha Shetty

under the new regulations is likely by the start of 2027. Research Associate

Pranitha.Shetty@morganstanley.com +91 22 6118-3022

2) The government is looking to increase coal production quotas, and export quotas

will also rise as coal prices have increased. We did see newsflow of declining coal

inventory levels for domestic power producer PLN. UNTR sees up to 700mntpa of

coal production by end of the year.

3) UNTR has started gold production at Martabe and is running at a 120k ounce United Tractors Tbk PT (UNTR.JK, UNTR IJ)

annual rate; the launch of a new processing facility by 2027 should increase this to ASEAN Energy and Materials | Indonesia

150-200k ounces. Stock Rating Overweight

Industry View Attractive

4) Sulphuric acid shortages for nickel ore processing are likely to continue. Price target Rp27,800

Up/downside to price target (%) 23

Shr price, close (Jun 19, 2026) Rp22,675

5) Capital allocation to inorganic growth in metal mining remains.