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Kamis, 28 Juli 2011

Unilever Indonesia (UNVR IJ) in line by Merlissa Trisno - CLSA

Unilever’s sales, EBIT, and bottom line up by 16-17% YoY, forming 51-55% of our and consensus expectation. In line result, we think, as historically its operating profit represented about 50-55% of its FY number. Its home care grew by ~12% YoY, while foods and personal care increased by ~8-13% YoY respectively. This is largely driven by ASP increase as Unilever has increased their ASP by ~7-8% in 1Q11 and another 4% for soap bar product in 2Q11.
Operating margins stayed flat at 24% both on yearly and quarterly basis, as their ad spending largely offset the Rupiah appreciation. We forecast 23% EBIT margin for 2011CL as we believe that they need to incur more ad spend in 2H11.
The company is now trading at 27x P/E12CL or 50% above consumer average. Maintain Sell.

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