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UNVR

Contact our analyst Eka
21% Upside, BUY
13th May 2022
Price Rp 4700
Target price Rp 5700
Returned to Growth
  • After a decrease in 2021FY, UNVR returned to growth in 1Q2022 due to an increased in sales volume in line with increasing public mobility.
  • UNVR sales increased by +5.40% YoY to IDR 10.8 trillion in 1Q2022. The domestic sales in 1Q2021 increased +5.8% YoY or +13.9% QoQ to IDR 10.3 trillion while export sales decreased -3.9% YoY to IDR 440.3 billion.
  • Food & Refreshment (FR) sales increased +8.15% YoY to IDR 3.71 trillion, the highest quarterly sales since 2020. Home and Personal care (HP) sales also increased +4.03% YoY to IDR 7.13 trillion.
  • In terms of margins, higher prices across all UNVR’s products helped to maintain stable 1Q2022 margins compared to the 4Q2021 but margins were still lower compared to the 1Q2021.
  • The HP gross profit margin was steady at 50.5%, while operating margins increased slightly to 32%.
  • FR GPM increased to 45% from 41.7% in 4Q2021, while the OPM also increased to 23% from 15.3% in 4Q2021.
  • As we expect prices and domestic sales volume will increase further, we are targeting UNVR’s sales for 2022F to reach IDR 41.9 trillion or +6% YoY growth.

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Strong Profit Growth
  • In line with the increase in sales, UNVR net profit grew +19% YoY to IDR 2.02 trillion. The net profit margin rose to 18.6% compared to 16.5% in 1Q2021. The strong bottom line profit was due to lower opex such as a lower promotion expense (-45%), and trademark costs (-44%).
  • This resulted in double digits growth of operating profit by +18.6% YoY to IDR 2.64 trillion while the OPM increased to 24.4% from 21.6% in 1Q2021.
  • From higher raw material cost, COGS increased +13.8% YoY, so, gross profit declined -2.2% YoY to IDR 5.27 in 1Q2022 with  a lower GPM of 48.7% from 52.4% in 1Q2021.
  • We are targeting UNVR net profit for 2022F to reach IDR 6.66 trillion or +15% YoY growth.
•
Valuation: Upgrade to BUY with TP 5,700
  • We are targeting UNVR to trade at 31x PE within a year. Target Price is IDR 5,700 which represents 21% upside. BUY
Read the full report
Previously
​UNVR Mar2022
​UNVR Oct2021
​UNVR Jul2021
​UNVR May2021
​UNVR Feb2021
​UNVR Nov2020
PT. Binaartha Sekuritas

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