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.

Equity Bottom-Up

<ul><li>Following FY24 results miss, we cut our FY25/26 net profit forecasts by 10%/13% due to lower volume, lower ASP, and higher opex.</li><li>Mgmt guides that stock reduction will continue until 1Q25, which will prevent UNVR from delivering a strong quarter despite the Eid festive.</li><li>One-off gain from selling Ice Cream business could increase dividend yield up to 11%. We upgrade our rating to HOLD with TP Rp1,500.</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.

Following FY24 results miss, we cut our FY25/26 net profit forecasts by 10%/13% due to lower volume, lower ASP, and higher opex.Mgmt guides that stock reduction will continue until 1Q25, which will prevent UNVR from delivering a strong quarter despite the Eid festive.One-off gain from selling Ice Cream business could increase dividend yield up to 11%. We upgrade our rating to HOLD with TP Rp1,500.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 (UNVR.IJ) FY24 Earnings Missed

<ul><li>UNVR posted disappointing 3Q24 earnings due to bumpy sales recovery and several key issues that need to be addressed in the coming quarters. </li><li>We see channel conflicts and stock reductions hindering solid revenue growth in the near term, with recovery expected only by 3Q25.</li><li>We have revised down our FY24-25F net profit by 20% and lowered our TP to Rp1,900 with an implied PE of 19.7x. Maintain Sell rating.</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 posted disappointing 3Q24 earnings due to bumpy sales recovery and several key issues that need to be addressed in the coming quarters. We see channel conflicts and stock reductions hindering solid revenue growth in the near term, with recovery expected only by 3Q25.We have revised down our FY24-25F net profit by 20% and lowered our TP to Rp1,900 with an implied PE of 19.7x. Maintain Sell rating.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 - FY24-25 Estimates Cut Post Weak 3Q24 Earnings, Recovery Anticipated in 2025

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

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<li>
<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.</li>
<li>The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.</li>
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<a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a> is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.</li>
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Mayora Indah (MYOR IJ) saw a significant positive surge in profitability from lower raw material prices and lower operating costs in 3Q2023, which suggests it will beat its FY2023 guidance.
The company continues to launch new variants in both biscuits and beverages with a slant towards premiumisation and is also more aggressively attacking export markets, where its brands are strong.

Mayora Indah (MYOR IJ) is expanding factory capacity to fuel growth in 2024 but should also benefit from pre-election spending from 4Q2023. Valuations look attractive versus historical comparisons.


Mayora Indah (MYOR IJ) - Classy Biscuits and Beverages

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.

<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

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)