Unilever Indonesia (UNVR IJ): Sustained growth, in-line 9M26 results

Unilever Indonesia (UNVR IJ)
BUY / TP: IDR:1,850 (+32.1%)
Analyst: Erdji Herlando

Sustained growth, in-line 9M26 results
• Volume growth remains robust, and price calibration has begun
• Continued raw material pressure lowered gross margin (GM) further, but non-operating income offset it
• Earnings projection maintained, with adjusted valuation assumptions and a new 12-month target price (TP) of IDR1,850 (US$0.10)