J.P. Morgan ASEAN FTM 6 Aug 26 UNTR: Still printing excess FCF; TRUE: +ve revisions set to continue; PH Power/Water Utilities: Top system loss FAQs; FRCB: TW momentum continues; Data Centers: Execution phase 2

Research evidence excerpt

Asia Pacific Equity Research

ASEAN First to Market

06 August 2026

Top Stories

United Tractors (Arnanto Januri) (UNTR IJ, OW, PT Rp30,200), Indonesia

Still printing excess FCF even after earnings cuts; maintain OW

UNTR’s share price has experienced volatility since our upgrade in Apr-26, underperforming the JCI by 7% from May to early

June and falling over 30% in absolute terms. The decline followed a negative surprise in Martabe’s 2027 gold production

outlook. From early June to the pre-print 2Q26 results, UNTR outperformed the JCI by 3-4%, mainly due to share buybacks.

However, disappointing 2Q26 results triggered a further 10% underperformance, though 2Q26 likely marks the trough as

Martabe resumed production in May. We have reduced our 2026-28E core earnings estimates by 9-25%, with steeper cuts for

2027 as we lower Martabe production volumes to 80k oz and gold price assumptions to $4,000/oz. Our SOTP-based price

target drops 28% to Rp30,200/sh. We maintain our OW rating as UNTR’s 2027-28E excess free cash flow after dividends

remains attractive at around 7-10% of market cap, a re-rating catalyst to support Astra’s target of low-teens annual total

shareholder return in the medium term (see Benny’s report on Astra’s strategic review).

True Corporation PCL (Ranjan Sharma, CFA) (TRUE TB, OW, PT Bt17.50), Thailand

Positive revisions to EPS and DPS expectations set to continue – reiterate OW

We believe the Street continues to underestimate the growth in TRUE’s dividends and earnings. Strong FCFs support

continued deleveraging and higher dividends. While difficult to predict, we believe the potential dissipation of macro headwinds

will support an acceleration of revenue growth in 2027E as the telecom industry remains focused on price repair and valuebased competition. Our 2027E EPS and DPS forecasts are 16% and 21% ahead of Bloomberg consensus. We reiterate OW on

TRUE with a Jun -27 PT of THB17.5.

Philippine Power & Water Utilities (Jelline Gaza, CFA), Philippines

Regulatory noise, fading rate relief; top system loss FAQs

The President's July 27 call to scrap the power system loss recovery casts a regulatory overhang over Meralco while also

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