Unilever Indonesia (UNVR IJ): Continues gains – In-line 1H26 results

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:2,020 (+19.2%)
Analyst: Erdji Herlando

Continues gains – In-line 1H26 results
• Underlying volume growth (UVG) above expectation
• Lower GM from raw material cost and negative underlying price growth (UPG)
• Management dismissed Bango divestment rumor
• Earnings estimate maintained – Re-iterate BUY