United Tractors (UNTR.JK): 1H26 Briefing and Biz Outlook Key Takeaways; 2026 a Reset Year, 2027 Recovery Yet to be Seen

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United Tractors (UNTR.JK): 1H26 Briefing and Biz Outlook Key Takeaways; 2026 a Reset Year, 2027 Recovery Yet to be Seen

United Tractors (UNTR.JK)

30 July 2026 Citi Research

Komatsu outlook remains subdued despite potential RKAB upside - Management acknowledged that even if RKAB

revisions are approved, equipment demand is unlikely to rebound meaningfully as miners are expected to first utilize their

standby fleet before committing to new purchases. Overall margin also softened in 2Q26 due to a weaker product mix,

alongside FX translation losses. Meanwhile, competition in the small excavator segment continues to intensify amid

aggressive Chinese entrants, although management believes Komatsu can defend its positioning through superior fuel

efficiency and lower lifetime operating costs rather than competing on price.

Minerals are improving, but the gold recovery remains infrastructure-constrained - Martabe resumed sales in mid-May and

targets 60–65koz in 2026, or c.80koz including Sumbawa Jutaraya. Strong gold prices support margins, but tailings capacity

caps production until the new facility and filtration plant are completed around 3Q–4Q27; normalization toward 150–200koz

is therefore more likely in 2028–29. At the moment, company expects ~7-8koz monthly run-rate (~7.5koz) from Martabe in

2H with no change in overall 2026E guidance.

Capital returns remain supportive, while M&A will remain very selective - UNTR reiterated that dividends are assessed

using earnings excluding non-recurring items, with the 40–50% payout framework intact. Buybacks remain the second key

shareholder-return lever: cumulative repurchases have reached c.237mn shares worth Rp7.1trn, while a further Rp2trn

tranche runs through September-2026 (and might expand towards 5th tranche).