BINAARTHA SEKURITAS
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ

UNVR

Contact our analyst Eka
22% Upside, BUY
1st November 2022
Price Rp 4640
Target price Rp 5680
Margin decreased
  • Despite higher revenues due to higher prices, despite lower volumes, most of UNVR’s business margins decreased in 3Q2022. Lower volumes were due to a reduction in traders stock levels as UNVR started to transform their trade channels in order to innovate new products starting in 3Q2022 and into 4Q2022.
  • UNVR total sales increased by +2% YoY but declined by -5% QoQ to IDR 10.07 trillion in 3Q2022 from higher food and refreshment revenues. For 9M2022, sales grew +5% YoY to IDR 31.5 trillion. Domestic sales in 9M2022 increased +5.2% while export sales declined -1.7% YoY, while in the 3Q2022 domestic sales only grew +1.9% with export sales up by a double digits 11%.
  • Food & Refreshment (FR) sales increased +7.27% YoY to IDR 10.7 trillion in 9M2022 while Home and personal care (HP) sales also increased +3.9% YoY to IDR 20.8 trillion due to higher prices.
  • UNVR segment margins dropped in 3Q2022 from higher commodity prices. The 3Q2022 gross margin in HP decreased to 46.6% from 50% in 2Q2022, and operating margins declined to 17.7% from 25.2% in 2Q2022.
  • FR GPM also decreased to 43.8% in 3Q2022, while the OPM increased to 26.2% from 17.4% in 3Q2021.
  • Because of the higher prices, we are targeting UNVR to maintain their positive growth  for 2022F and for sales to reach IDR 41.9 trillion or +6% YoY growth.

Trade what you want (exciting shares like UNVR) when you want & wherever you are. Simply sign up for our Binaartha Online Trading
​⬇️ here.⬇️
Open an account
3Q2022 Result: Lower bottom line profit
  • UNVR booked bottom line profit of IDR 1.18 trillion, lower by -16% QoQ and -11.4% YoY. The net profit margin continued to decrease to 11.7% from 1Q2022’s 18.6%. For 9M2022, UNVR still booked +5.3 YoY growth in bottom line profit of IDR 4.6 trillion.
  • Operating profit decreased by -16.6% QoQ or -13.4% YoY to IDR 1.53 trillion due to higher advertising and market research expenses in 3Q2022, which were up by +24% YoY. As a result, the OPM decreased to 15.2% from 18% in 3Q2021.
  • Gross profit also declined -9.3% or -5.1% YoY to IDR 4.6 trillion in 3Q2022 with  a lower GPM of 45.7%.
  • We are targeting UNVR’s net profit for 2022F to reach IDR 6.39 trillion or +11% YoY growth.
•
Valuation: Maintain BUY with TP 5,680
  • Based on 3Q2022 results, we revise our target price to IDR 5,680 which represents 22% upside. We are targeting UNVR to trade at 32x PE within a year. We maintain our recommendation to BUY.
Read the full report
Previously
​UNVR Jul2022
​UNVR May2022
​UNVR Mar2022
​UNVR Oct2021
​UNVR Jul2021
​UNVR May2021
​UNVR Feb2021
​UNVR Nov2020
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

Follow Our Social Media
Picture
binaarthasekuritas
Picture
​binaartha sekuritas​
Picture
Linkedin
Picture
@binaarthasekuritas
Picture
Binaartha research
  • Home
  • Company
  • Research
  • Online Trading
  • E-IPO
  • NEWS
  • FAQ