Unilever Indonesia (UNVR IJ): Path to recovery

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:2,000 (+18.0%)
Analyst: Patrick Agustinus Nugroho

Path to recovery
• Macro-economics improved
• Consistency is key
• Margin protection
• We change our recommendation to BUY and resume coverage with a TP of IDR2,000 (US$0.12