Analisa Saham UNVR | 30 Oktober 2018

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ID - [ UNVR IJ]: Robust 9M18 On One-Off Gain; Lower To NEUTRAL
Andrey Wijaya - RHB Sekuritas

♦ Downgrade to NEUTRAL from Buy with a new DCF-based IDR46,900 TP from IDR50,500, offering 7% upside plus 3% yield – this implies 45-43x FY19-20F P/Es.

♦ 9M18 earnings – which jumped 40% YoY – beat, but this was driven by a one-time gain from the spreads business divestment.

♦ Excluding this, 9M18 earnings slightly missed.

♦ We raise FY18F net profit to include the divestment gain, but cut FY19F-20F earnings – driven by lower-than-expected sales.

♦ Prefer Indofood CBP and Mayora.

Link to report: https://research.rhbtradesmart.com/attachments/72/rhb-report-ind_unilever-indonesia_results-review_20181030_rhb-746273618820424275bd78fdb67756.pdf

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