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.

External broker reports(aggregated public sources)

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><p><em>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.</em></p>

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

Unilever Indonesia

UNVR IJ - MNC Sekuritas Equity Report February 22, 2024