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Sabtu, 12 Februari 2011

UNILEVER INDONESIA (UNVR): Parents tender offers Sara Lee – reit Take Profit! - Credit Suisse

TAKE PROFIT UNVR and Switch to BUY GGRM!

· Ella Nusantoro (Daily attached): The holding company of Unilever Indonesia (UNVR.JK), Unilever Indonesia Holding BV (UIH), announced the tender offer of the remaining 10.65% stake of PT Sara Lee Body Care Tbk (SLBC), which has a value of Rp59.6 bn. UIH had previously acquired an 89.35% stake in SLBC for Rp499.8 bn, which is part of Unilever’s global acquisition of Sara Lee’s personal care division.

· The acquisition will lead UNVR to market and distribute SLBC products, whose main product is Zwitsal (baby products), where UNVR will earn distribution income. We believe that in the short term, this will have minimal impact, given that SLBC’s FY09 net profit (year-end 30 June) at Rp33 bn is less than 1% of UNVR’s. Longer term, we believe the acquisition will complement UNVR’s current brand portfolio (men’s hair grooming products and cologne) and will add a new category for UNVR (baby products).

· We maintain UNDERPERFORM with a TP of Rp14,650, implying 22.5x 2011E P/E with 18% earnings growth in next two years. We prefer Gudang Garam (Report attached) trading at undemanding 12.2x 2011E P/E.
Posted by Saham Pilihan at 06.18

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