Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Uni-Charm Indonesia Tbk PT / Equity Capital Markets

<p>Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the country for the above products. The company is currently majority owned by Unicharm Japan (74%) and Purinusa Ekapersada PT, a manufacturer of paper and paper products based in Indonesia (26%). The company is exposed to a growing market with positive demographic trends which should help the company grow its top line.</p><p>The company has filed for an IPO to list its shares on the Indonesia Stock Exchange. Unicharm will be listing 20% of its outstanding shares (approximately 831.3m shares) at an indicative price range of Rp1,400-1,800 per share. At the above price range, the company is expected to raise between Rp1.2-1.5trn (US$82-106m) making it the largest IPO of 2019 in Indonesia. Based on our analysis, we believe the company is fairly valued at the low-end of its IPO pricing.</p>

Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the country for the above products. The company is currently majority owned by Unicharm Japan (74%) and Purinusa Ekapersada PT, a manufacturer of paper and paper products based in Indonesia (26%). The company is exposed to a growing market with positive demographic trends which should help the company grow its top line.The company has filed for an IPO to list its shares on the Indonesia Stock Exchange. Unicharm will be listing 20% of its outstanding shares (approximately 831.3m shares) at an indicative price range of Rp1,400-1,800 per share. At the above price range, the company is expected to raise between Rp1.2-1.5trn (US$82-106m) making it the largest IPO of 2019 in Indonesia. Based on our analysis, we believe the company is fairly valued at the low-end of its IPO pricing.

Unicharm Indonesia IPO: A Charming Business Attractive at the Low-End of Pricing

Indonesia

Uni-Charm Indonesia Tbk PT serves customers in Indonesia.

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Uni-Charm Indonesia Tbk PT (UCID IJ)

Unicharm Indonesia IPO: A Charming Business Attractive at the Low-End of Pricing

Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

Market Cap (USDm)

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