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>UNVR reported inline 9M23 earnings, with improved margins from lower raw materials price &amp; improved volume growth.</li><li>We slightly raised FY23F EPS growth forecast to 6.9% yoy but expect FY24 growth to remain tepid at +5.3% yoy amidst 4.2% yoy top line growth (in line with the pre-pandemic 2015-19 CAGR).</li><li>We estimate +10bps gross margins improvement and continued high spending on A&amp;P. Maintain HOLD with a lower TP of IDR4,100</li></ul><p><em>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.</em></p>

UNVR reported inline 9M23 earnings, with improved margins from lower raw materials price &amp; improved volume growth.We slightly raised FY23F EPS growth forecast to 6.9% yoy but expect FY24 growth to remain tepid at +5.3% yoy amidst 4.2% yoy top line growth (in line with the pre-pandemic 2015-19 CAGR).We estimate +10bps gross margins improvement and continued high spending on A&amp;P. Maintain HOLD with a lower TP of IDR4,100Content 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) - Margins Aided 9M23 Earnings, Volume Remained Soft

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<li>UNVR reported inline 1Q23 earnings. Stock reduction in the trade channels was completed in 1Q23, paving the way for healthier growth ahead.</li>
<li>We see upside potential in the share price going forward, especially with the expectation of continued margins recovery. Upgrade to BUY.</li>
<li>Trade stock reduction completed; a healthier top line expected.</li>
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<p><em>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.</em></p>
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UNVR reported inline 1Q23 earnings. Stock reduction in the trade channels was completed in 1Q23, paving the way for healthier growth ahead.
We see upside potential in the share price going forward, especially with the expectation of continued margins recovery. Upgrade to BUY.
Trade stock reduction completed; a healthier top line expected.













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): Upgrade Value Emerges on Margins Recovery

Indonesia

PT Unilever Indonesia Tbk manufactures soaps, detergents, margarine, oil and dairy based foods, tea based beverages, ice cream, and cosmetics.

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52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00