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UNVR - Priced for perfection

Unilever Indonesia (UNVR) – HOLD (Maintain)

Price: Rp38,750 – Target Price: Rp37,600

Priced for perfection

  • Slowing volume growth.
  • Our target price implies 3% downside.


ULTJ – Still waiting for a stronger margin recovery

Ultrajaya Milk Industry (ULTJ) – HOLD (Downgrade)

Price: Rp3,995 – Target Price: Rp4,000

Still waiting for stronger margin recovery

  • Milk powder prices remain low but Rupiah rate causing difficulty.
  • Cutting sales volume forecast FY15E and FY16E.
  • Downgrade to HOLD.


LSIP - Price remains weak

PP London Sumatra Indonesia (LSIP) – HOLD (Maintain)

Price: Rp1,700 – Target Price: Rp1,500

Price remains weak

  • Adverse impacts to price.
  • Indo B15 program – the only hope for price recovery.
  • Retain Hold with 12% downside to our TP of Rp1,500.


UNTR - No recovery soon

United Tractors (UNTR) – HOLD (Maintain)

Price: Rp22,000 – Target Price: Rp21,800

No recovery soon

  • Flat coal contracting and mining performance
  • Weakening Komatsu sales to continue
  • Valuation

KLBF - At the right dose

Kalbe Farma (KLBF) – HOLD (Downgrade)

Price: Rp1,865 – Target Price: Rp1,910

At the right dose

  • Non-core business dragging down sales growth.
  • Margins expanded in 4Q14.
  • Already in the price; downgrade to HOLD.