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Jumat, 29 Juli 2011

Asian Daily: Indonesia - Unilever Indonesia. Maintain UNDERPERFORM - Credit Suisse

· Unilever Indonesia reported 1H11 results in line with our estimates, with 17% net profit growth YoY to Rp2.1 tn (47% of our FY11E), on the back of 16% revenue growth YoY to Rp11.5 tn (49% of our FY11E). Margins were relatively stable despite higher commodity prices, but a stronger Rupiah/US$ rate has helped.

· In 2Q11, revenues were only 2% higher QoQ (+17% YoY) and net profit was 7% higher QoQ (+34% YoY). Margins improved with gross margin at 51.9% (51.3% in 1Q11, 51% in 2Q10), and operating margin at 24.4% (23.6% in 1Q11, 21.1% in 2Q10).

· The company is in a net cash position with Rp1.9 tn in cash and no debt. It consistently has a 100% payout ratio which provides less than 4% dividend yield.

· Even though the stock has been underperforming the JCI, we maintain our UNDERPERFORM rating. Our DCF-based target price of Rp14,000 equates to 24.5x 2011E P/E (2012E: 21.4x) with 15% estimated earnings growth.

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