Key Indices
Top Stories
Company Update | Unilever Indonesia (UNVR IJ/BUY/Rp1,395/Target: Rp1,800)
- UNVR’s 3Q26 net profit from continuing operations rose 11.1% yoy, helped by higher interest income and an asset disposal gain. However, operating profit slipped 4.4% yoy despite solid 7.4% revenue growth, as gross margin was squeezed. We expect a ~9% dividend yield over the next 12 months, including an interim of a potential 5.5% yield. Upgrade to BUY with a lower target price of Rp1,800 (from Rp2,500), based on 16.4x 2027F PE (-0.5SD), as the stock has fallen ~46% ytd.
Technical Analysis
Astra International | ASII IJ
- Trading Buy Range: We have a technical Buy at Rp4,630, and take profit at Rp4,900.
HM Sampoerna | HMSP IJ
- Trading Buy Range: We have a technical Buy at Rp670, and take profit at Rp705.
Top Stories
Company Update | Unilever Indonesia (UNVR IJ/BUY/Rp1,395/Target: Rp1,800)
- UNVR’s 3Q26 net profit from continuing operations rose 11.1% yoy, helped by higher interest income and an asset disposal gain. However, operating profit slipped 4.4% yoy despite solid 7.4% revenue growth, as gross margin was squeezed. We expect a ~9% dividend yield over the next 12 months, including an interim of a potential 5.5% yield. Upgrade to BUY with a lower target price of Rp1,800 (from Rp2,500), based on 16.4x 2027F PE (-0.5SD), as the stock has fallen ~46% ytd.
Technical Analysis
Astra International | ASII IJ
- Trading Buy Range: We have a technical Buy at Rp4,630, and take profit at Rp4,900.
HM Sampoerna | HMSP IJ
- Trading Buy Range: We have a technical Buy at Rp670, and take profit at Rp705.
Key Indices
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