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UNVR

Contact our analyst Eka
26% Upside, BUY
28th April 2023
Price Rp 4430
Target price Rp 5600
Margin Improvement
  • UNVR margins improved in 1Q2023 due to volume growth and price adjustments in 2022. UNVR total sales increased by +9.6% QoQ but was still lower -2.15% YoY at IDR 10.6 trillion from higher food and refreshment revenues.
  • Domestic sales improved quarterly with an increase of +10.8% QoQ while export sales  decreased by -19% QoQ.
  • Food & Refreshment (FR) sales were higher with +2% growth YoY or +16% QoQ to IDR 3.78 trillion in 1Q2023. Home and personal care (HP) sales increased +6.3% QoQ but declined -4.3% YoY to IDR 6.8 trillion.
  • UNVR started to see margin improvement in 1Q2023 with the gross margin in HP up to 52.4% from 44.5% in 4Q2022, and operating margins up to 25.5% from 16.3% in 4Q2022.
  • FR GPM also increased to 43.8% in 1Q2023, while the OPM increased to 20.1% from 15.2% in 4Q2022.
  • Volumes also improved in 1Q2023 inline with a  higher market share in modern trade, we are targeting UNVR to maintain positive single–digit-growth  for 2023F sales.

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1Q2023 Results: QoQ Improvement
  • UNVR performance showed an improvement in the 1Q2023 after the company  booked their lowest quarterly bottom line profit in 4Q2022. UNVR’s bottom line profit reached IDR 1.4 trillion, higher by 86.6% QoQ but still lower -30.5% YoY. The net profit margin improved to 13.3% from 4Q2022’s 7.8%.
  • Operating profit increased by +77% QoQ but was still lower -29.6% YoY to IDR 1.86 trillion. As a result, the OPM improved to 17.5% from 10.8% in 4Q2022.
  • Gross profit also increased +27% QoQ but was still lower -0.8% YoY to IDR 5.22 trillion with  a higher GPM of 49.3%.
  • As the margins show an improvement in 1Q2023, we are now expecting UNVR’s margin to continue to improve in 2023F in line with efficiency and higher volumes. We are targeting UNVR bottom line profit to reach IDR 5.9 trillion or +10% YoY growth.

​Valuation: Upgrade to BUY with TP 5,600
  • We revise up our target price to IDR 5,600 which represents 26% upside. We are targeting UNVR to trade at a 36x PE within a year. We upgrade our recommendation to BUY.
Read the full report
Previously
​UNVR Feb2023
​UNVR Oct2022
​UNVR Jul2022
​UNVR May2022
​UNVR Mar2022
​UNVR Oct2021
​UNVR Jul2021
​UNVR May2021
​UNVR Feb2021
​UNVR Nov2020
PT. Binaartha Sekuritas

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