TMT - 25/06/18 - "While UTR will first need to successfully...

TMT - 25/06/18 - "While UTR will first need to successfully develop the two battery types for Blitz over the next twelve months, the Blitz deal is a strong validation of UTR’s technology and, in our view, is likely to trigger additional industry interest. The JV with PTG is potentially even more promising, given PTG’s current access to the Indonesian armed forces and other clientele throughout the ASEAN region. Therefore, we reiterate our Buy recommendation for UTR."