External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>UNVR's unsatisfactory performance, particularly in the late stages of FY23, is attributed to the "consumer sentiment" effect.</li><li>The Middle East geopolitical situation culminated in a fatwa by MUI on Nov-23, prompted consumers to "shift" to alternate brands.</li><li>▪Despite the sales running rate in Jan-24 successfully recovering to 92%, given the ongoing Middle East geopolitical instability, we anticipate the AMP/revenue level to remain high to dispel misinformation, potentially hindering profitability.</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's unsatisfactory performance, particularly in the late stages of FY23, is attributed to the "consumer sentiment" effect.The Middle East geopolitical situation culminated in a fatwa by MUI on Nov-23, prompted consumers to "shift" to alternate brands.▪Despite the sales running rate in Jan-24 successfully recovering to 92%, given the ongoing Middle East geopolitical instability, we anticipate the AMP/revenue level to remain high to dispel misinformation, potentially hindering profitability.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 IJ - MNC Sekuritas Equity Report February 22, 2024

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

BRI Danareksa Research

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.

<ul><li>Within our FMCG coverage, we expect UNVR to benefit the least from the upcoming year-end holidays and election-related spending, as our channel check indicated potential impact from recent negative campaign on its products.</li><li>We lowered our FY23-24F net profit estimates by -5.8%/ -6.8% and our TP to Rp3,200 (from Rp4,100 prev.), and maintain our Hold rating.</li><li>In Nov-Dec23, the government aims to disburse IDR7.5tn of social assistance funds with an additional IDR2.7tn in the form of rice distribution.</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.

Within our FMCG coverage, we expect UNVR to benefit the least from the upcoming year-end holidays and election-related spending, as our channel check indicated potential impact from recent negative campaign on its products.We lowered our FY23-24F net profit estimates by -5.8%/ -6.8% and our TP to Rp3,200 (from Rp4,100 prev.), and maintain our Hold rating.In Nov-Dec23, the government aims to disburse IDR7.5tn of social assistance funds with an additional IDR2.7tn in the form of rice distribution.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) - Expect a Softer FY24 Growth Outlook

<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>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 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

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.</li>
<li>The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.</li>
</ul>



Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.
The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.

Mayora Indah (MYOR IJ) is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.


Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Indonesia

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

Unilever Indonesia (UNVR IJ)

UNVR IJ - MNC Sekuritas Equity Report February 22, 2024

UNVR's unsatisfactory performance, particularly in the late stages of FY23, is attributed to the "consumer sentiment" effect.

MNC Sekuritas