Having a portfolio of iconic brands and hailed
as the market leader in many product categories, UNVR remained solid and envied
by its peers. ROE for 9M14 reach 74.0%, thus UNVR is on track to its 4th
consecutive year in maintaining ROE above 100%, an outlier in this industry.
However, with rising cost environment, the net profit failed to match last year
figure, reported only at Rp4.0 tn in 9M14 (9M13: Rp4.1tn). With the recent cut
in fuel subsidy, this condition will last longer and challenging the new
appointed CEO, Mr Hemant Bakshi, which is replacing Mr Maurits Lalisang. Our
valuation put the TP at Rp32,500. HOLD.
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