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UNVR Will Strengthens Position in Premium Segment

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Cindy Alicia
Cindy Alicia
Analyst - Consumer, Healthcare
Cindy Alicia
Latest posts by Cindy Alicia (see all)
  • Company Report | [JPFA] Impacted by Weaker Poultry Prices in 4Q23 - March 19, 2024
  • Company Report | [SIDO IJ] Strong Performance in 4Q23 - February 27, 2024
  • Company Report | [MAPI IJ] Stable Performance in Almost All Segments - January 11, 2024

In 3Q21, UNVR still booked lower revenue and net profit. The Food and Refreshment were able to grow, but could not support UNVR’s overall performance. In the future, the company plans to expand its business portfolio into the premium segment.

We recommend BUY for UNVR, with a target price of IDR5,800/share, which was based on P/E 2022F target of 32.8x. Main risks to our recommendation are the increasing prices of commodities, depreciating IDR exchange rates, and ongoing Covid-19 pandemic.

 

Performance Highlight

Performance-Highlight-Unilever-January-2022

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