Unilever Indonesia (UNVR.IJ Rp2,690; BUY TP Rp3,200) The Inflection Point Is Here
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.
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Unilever Indonesia (UNVR.IJ) - Signs of Stabilization Amid Ongoing Recovery
We adjusted our earnings estimates by +23.5%/22.8% in FY25/26F reflecting expectations of modest vol. improvement, higher ASP and cost efficiency.
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Unilever Indonesia (UNVR.IJ) FY24 Earnings Missed
Following FY24 results miss, we cut our FY25/26 net profit forecasts by 10%/13% due to lower volume, lower ASP, and higher opex.
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Macro Strategy: 2026: Reassessing the Investment Cycle
Manufacturing-led FDI now anchors investment growth, lifting GFCF and widening regional benefit with Ex-Java areas benefiting the most.
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Macro Strategy: Growth Over Differentials
Indonesia’s economy maintained solid momentum in 3Q25, recording 5.04% y-y (1.43% q-q) growth, although slightly easing from 2Q25’s 5.12%.
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