UNVR: REACHING WIDE- REACHING UP!
24 Oct 2019
UNVR: REACHING WIDE- REACHING UP!
UNVR continued to record solid earnings performance with 9M19 results comprise of 76% consensus forecasts. We view UNVR as defensive and outperformer stock amid crisis in the market as its high earnings feasibility still intact. Yet, UNVR valuation looks rich and trading at premium level with 46.3x – 45.2x P/E19F-20F, one of the most expensive consumer stock in region. Hence, we reinitiate UNVR coverage with a NEUTRAL recommendation and a fair value at Rp 48.000/ share.
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