Analisa Saham ASII dan UNVR

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Indonesia - [ ASII IJ]: Auto EBIT Margin Highest In Nine Quarters

Andrey Wijaya, Jaffar Saifuddin - RHB Sekuritas
♦ Keep BUY with SOP-based IDR9,000 TP, 18% upside plus 4% 2019F yield, implying 2019F-2020F P/Es of 15-14x. 
♦ 1Q19 earnings of IDR5.2trn (+13% QoQ, +5% YoY) were broadly in line.
♦ Auto EBIT margin of 1.8% was the highest in nine quarters on lower sales discounts. 
♦ Financial services and mining contracting recorded robust performances on lower NPL, higher overburden removal volume, and earnings from gold mining, which offset lower agribusiness earnings (lower PK ASP). 
♦ Still our Top Country and Sector Pick.
Link to report: RHB

Indonesia - [ UNVR IJ]: Narrowed GPM Lowered Earnings

Andrey Wijaya, Ja’far Saifuddin - RHB Sekuritas
♦  Maintain NEUTRAL with IDR46,900 TP, 4% downside, 2% yield, implies 47x/44x FY19F/20F P/E. 
♦ Unilever reported flat sales, driven by decline in food & refreshments (F&R) and flat home personal care (HPC) sales.  We see that yearly decline in F&R was driven by divestment of Spreads. 
♦ Net profit fell 4.4% YoY, -3.2% QoQ, due to flat sales and greater costs that narrowed Unilever Indonesia’s GPM. 
♦ Prefer ICBP and MYOR.
Link to report: RHB