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.

Thematic (Sector/Industry)

<ul><li>Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.</li><li>We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. </li><li>We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.</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.

Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.We view FY25 govt budget as supportive for purchasing power, despite risks from higher VAT, higher tax revenue &amp; new excise taxes. We favor companies with organic growth, export contribution, and proven cost mgmt; reiterate our Buy rating on ICBP and MYOR.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: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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 reported revenue of IDR9.0 tn in 2Q24, or went down by -11.1% QoQ/-7.5% YoY.</li><li>The decline in revenue dragged down 2Q24 net profit to IDR1.0 tn (-29.7% QoQ/-24.8% YoY).</li><li>UNVR recorded underlying volume growth (UVG) in 2Q24 at -1.8%.</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 revenue of IDR9.0 tn in 2Q24, or went down by -11.1% QoQ/-7.5% YoY.The decline in revenue dragged down 2Q24 net profit to IDR1.0 tn (-29.7% QoQ/-24.8% YoY).UNVR recorded underlying volume growth (UVG) in 2Q24 at -1.8%.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.

PT Unilever Indonesia Tbk (UNVR IJ) - Trimmed FY24E/FY25F Figures as Cautious Outlook Remains

<ul><li>UNVR indicates a weak top line may continue with further price cuts on the table; we estimate lower vol. growth at -0.2%/1% in FY24-25F.</li><li>On the back of persisting challenges, we anticipate 3Q24 earnings may likely see negative yoy growth due to the high base in 3Q23. </li><li>We maintain our Sell rating on a continuing challenging outlook and premium valuation; with a lower TP of Rp2,200 (FY25F PE of 18.3x).</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 indicates a weak top line may continue with further price cuts on the table; we estimate lower vol. growth at -0.2%/1% in FY24-25F.On the back of persisting challenges, we anticipate 3Q24 earnings may likely see negative yoy growth due to the high base in 3Q23. We maintain our Sell rating on a continuing challenging outlook and premium valuation; with a lower TP of Rp2,200 (FY25F PE of 18.3x).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 - Inline 1H24 Earnings, but Weak 2Q24 Top Line

<ul><li>We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)</li><li>We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).</li><li>We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.</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 sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)We see limited catalysts for 3Q24, aside from rev growth from export markets (for ICBP and MYOR).We maintain OW rating on the sector; ICBP (TP of Rp12,900) and MYOR (TP of Rp3,200) remain as our top picks.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: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

<ul><li>Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.</li><li>This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.</li><li>Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.</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 the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.This is reinforced by the GDP deflator, which recorded a negative growth of -0.8% YoY in 1Q24.Our rationale for why consumer staples remain unfavorable aligns with the current monetary policies.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 Staples Sectoral Update May 21, 2024

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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Unilever Indonesia (UNVR IJ)

Consumer: Sticking with the Winners Amid Lingering Challenges (OVERWEIGHT)

Amid continued downtrading and limited catalystsin 3Q24, we expect regional elections and social aid to support consumption spending.

BRI Danareksa Research

PT Unilever Indonesia Tbk (UNVR IJ) - Trimmed FY24E/FY25F Figures as Cautious Outlook Remains

UNVR reported revenue of IDR9.0 tn in 2Q24, or went down by -11.1% QoQ/-7.5% YoY. The decline in revenue dragged down 2Q24 net profit to IDR1.0 tn...

MNC Sekuritas

Unilever Indonesia - Inline 1H24 Earnings, but Weak 2Q24 Top Line

UNVR indicates a weak top line may continue with further price cuts on the table; we estimate lower vol. growth at -0.2%/1% in FY24-25F.

BRI Danareksa Research

Consumer: Expect Solid Core Profit Growth on Better Margins, Revenue Growth May Remain Soft

We estimate sector’s 2Q24 core profit to grow at a healthy doubledigit rate, but expect weak rev. growth (2.8% yoy/ -15.8% qoq)

BRI Danareksa Research

Consumer Staples Sectoral Update May 21, 2024

Despite the regained volume since the end of last year, consumers continue to maintain overall spending, leading to downtrading behavior.

MNC Sekuritas

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