Unilever Indonesia (UNVR.IJ) - Expect a Softer FY24 Growth Outlook
Within our FMCG coverage, we expect UNVR to benefit the least from the upcoming year-end holidays and election-related spending
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Unilever Indonesia (UNVR IJ) - Margins Aided 9M23 Earnings, Volume Remained Soft
We estimate +10bps gross margins improvement and continued high spending on A&P. Maintain HOLD with a lower TP of IDR4,100
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Consumer: Festive events in 1H24 and higher social aid to cushion soft recovery in FY24 (OVERWEIGHT)
We expect more provision for social aid and the festive events in 1H24 to cushion soft purchasing power recovery amid modest wage hikes.
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Unilever Indonesia (UNVR IJ): Upgrade Value Emerges on Margins Recovery
UNVR reported inline 1Q23 earnings. Stock reduction in the trade channels was completed in 1Q23, paving the way for healthier growth ahead.
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