UNVR: SOFT AS EXPECTED, BUT IMPROVEMENT MARGIN
06 Feb 2020
SOFT AS EXPECTED, BUT IMPROVEMENT MARGIN
UNVR continued to record solid earnings performance with FY19 results came in at 98% our and 100.2% consensus forecasts. UNVR’s 4Q19 earnings was supported by better profitability margin across the board. Going forward, UNVR expects to focus on winning customers by accelerating innovation new products and brands within its HPC and F&R segments to better serve. At this juncture, UNVR is trading at 38.7x - 35.7xP/E20F-21F. We maintain our Neutral recommendation with TP of Rp9,000/share.
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