External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>Despite another strong volume-led quarter and headline FY25 profit supported by divestment gains, UNVR’s FY25 core earnings came below est. </li><li>We expect margin improvement in FY26F from stronger sales and cost savings and project operating margin to expand 150bps yoy. </li><li>Reiterate our Buy rating with a lower TP of Rp2,700. Currently, the stock trades at 19.9x PE FY26F.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite another strong volume-led quarter and headline FY25 profit supported by divestment gains, UNVR’s FY25 core earnings came below est. We expect margin improvement in FY26F from stronger sales and cost savings and project operating margin to expand 150bps yoy. Reiterate our Buy rating with a lower TP of Rp2,700. Currently, the stock trades at 19.9x PE FY26F.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unilever Indonesia (UNVR.IJ) - Volume Recovery Intact; Potential FY26 Margin Upside

<ul><li>UNVR delivered a strong 3Q25 turnaround, driven by higher vol in all segments, resulting in +12.4% yoy sales and +117.2% yoy net profit jump.</li><li>We expect the momentum to sustain into 4Q25, with management targeting better margins through cost discipline, efficiency and portfolio optimization.</li><li>Thus, we are turning more positive on the stock and upgrade rating to Buy with a higher TP of Rp3,200, as we raise our FY25/26F EPS est. by 5.9%/4.7%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UNVR delivered a strong 3Q25 turnaround, driven by higher vol in all segments, resulting in +12.4% yoy sales and +117.2% yoy net profit jump.We expect the momentum to sustain into 4Q25, with management targeting better margins through cost discipline, efficiency and portfolio optimization.Thus, we are turning more positive on the stock and upgrade rating to Buy with a higher TP of Rp3,200, as we raise our FY25/26F EPS est. by 5.9%/4.7%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unilever Indonesia (UNVR.IJ Rp2,690; BUY TP Rp3,200) The Inflection Point Is Here

Thematic (Sector/Industry)

<ul><li>Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.</li><li>FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.</li><li>Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer2Q26 Preview: Post-Eid Slowdown with Margin Pressure. We expect 2Q26E revenue to soften QoQ post-Eid, with 1H26 cumulative rev growth of 3.5% yoy, broadly in line with our/cons.FY26F margins are likely to come under pressure from the lagged impact of 1Q26 geopolitical tensions on logistics and some input costs.Maintain Overweight on the sector; top picks are MYOR (TP Rp2,700) and ICBP (TP Rp10,500).2Q26E: post-Eid seasonal rev softness, while cost pressures persist. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: 2Q26 Preview: Post-Eid Slowdown with Margin Pressure (OVERWEIGHT)

<ul><li>Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.</li><li>Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.</li><li>Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Valuation Reset on Macro &amp; Earnings Uncertainty.Consumer sector derating reflects macro weakness, but valuation now appears to have priced in most headwinds, limiting further downside.Macro tailwinds may emerge from easing geopolitical tensions, but earnings recovery is expected to be gradual. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: Valuation Reset on Macro & Earnings Uncertainty (OVERWEIGHT)

<ul><li>We estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.</li><li>The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.</li><li>Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We estimate 4Q25/ FY25 sector revenue growth of +6.7/+4.2% yoy, broadly in line with consensus’ est. of +4.1% yoy.The revenue growth is mainly supported by ICBP and MYOR, while we also expect GPM recovery in 4Q25 on normalization in soft commodity prices.Reiterate our Overweight stance on the sector; ICBP (Buy, TP Rp11,500) remains the top pick in the sector.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer: 4Q25 Preview: Steady Revenue Growth, Margins Gradually Improving (OVERWEIGHT)

Indonesia

PT Unilever Indonesia Tbk is an Indonesian company that manufactures, markets, and distributes a wide range of consumer goods. Its core business activities span two segments: Home and Personal Care (including soaps, detergents, and cosmetic products) and Foods and Refreshment (offering dairy-based foods, ice cream, tea-based beverages, and fruit juices). The company operates over 40 brands, such as Pepsodent, Lux, Lifebuoy, Dove, Sunsilk, Rinso, and Wall's. PT Unilever Indonesia Tbk was founded in 1933 and is headquartered in Tangerang, Indonesia.

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Unilever Indonesia (UNVR IJ)