Unilever Indonesia reported Rp18tn in revenues up 17% yoy, in line with our forecast but 2.6% higher than consensus.
Operating profit was Rp 4.25tn up 23% yoy and 2% higher than our forecast and 5.5% higher than consensus. Operating margins improved 110bps yoy despite price war in shampoos with P&G from eight months.
Net profit of Rp3tn (US$330m) up 26% yoy and in line with our forecasts but beating consensus estimates by 5%.
Overall a good set of results and we expect earnings upgrades from other analysts since we are ahead of the consensus for the next two years. Maintain outperform on Unilever trading at 22x 2011CL PE offering 85%+ ROE and consistently creating value by generating high EVA.
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