Initial Coverage UNIQ | 06 September 2023

Looks  Attractive:  Cheap  Relative  Valuation  Among  Its  Peers  with  a  Strong  Result  In-Line  1H-2023

1H-2023  Earnings  Beat,  All  Major  Segments  Jumped
The  company  has  posted  net  income  of  IDR18.8  billion  during  the  first  semester  of    2023.  The  performance  achieved  is  impressive  from  the  first  semester  of  2022  which    posted  a  loss  of  IDR  9.9  Bn.  This  increase  in  performance  was  driven  by  the  sales  growth  of  49.71%  YoY  to  IDR  238.3  Bn  with  an  attractive  increase  in  the  mining  service  segment    up  by  54.97%  YoY  to  IDR  173.9  Bn.  Their  vehicles,  trucks  &  heavy  equipment’sincreased    by  62.83%  to  IDR  40.03  Bn,  and  construction  services  also  increased  by  24.64%  YoY  to  IDR  23.64  Bn.  This  surge  in  profit  margin  was  also  driven  by  the  company's  success  in    making  efficiency  and  reducing  cost  of  sales,  one  of  which  was  by  providing  a  50%    discount  on  fuels.