UNTR — 7M26 Operational Performance; July Upturn, Komatsu and Pama Best Month of 2026, Coal and Gold Still at the Bottom

September 3, 2026

KEY HIGHLIGHTS

  • Komatsu July 399 units, +31% MoM and +8% YoY, the first month of 2026 to grow YoY, with mining back to 57%. The 1H26 slide from 65% to 52% cost 9% of revenue per unit and 63% of segment profit, so mix matters more than unit count.
  • Pama July overburden 90.9mn bcm, +12% MoM, stripping ratio 7.0x, clients are moving waste again. Pama was 47% of 1H26 revenue and the biggest profit pool.
  • Turangga July coal 746k tons, -28% MoM, nearly all thermal, logistics not demand. Barito water cut barge draft to 3-4m vs 6.5m, and rationed capacity moved the higher-value met cargo first, met rising to 34% of the month. Gold 9k oz vs 1-2k a month in 1Q26, which took Gold & Mineral to a IDR 419Bn 2Q26 profit.
  • Our read: the trough is behind equipment and Pama, not coal and gold. Komatsu’s 7M26 average is 342 a month vs 443 last year and monthly volumes ranged 238-610, so one month settles nothing. UNTR is at 7.4x forward P/E vs a 6.2x mean. Key watch: whether Barito water levels recover before the 4Q loading season.

Regards, Aldiracita Research

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Phone: 021-39705858

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Email: [email protected]

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Phone: (021)-39725678

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