Given global economic downturn, Unilever posted Rp18.2tn net sales (+17.1% yoy) and Rp3.0tn earnings (+26.5% yoy) in FY09. This earnings figure is slightly above our and consensus expectations as it represents 104-105% of the earnings forecast.
We think a top-line growth of 17.1% yoy and an operating margin improvement of 110bps are good achievement for the company, considering the weakening rupiah exchange rate on yearly basis (FY09: Rp10,397/US$, FY08: Rp9,684/US$). On a quarterly basis, however, operating profit declined by 2.1%, which largely due to heavy advertising
spending, in our view.
Therefore, with an outlook of stronger rupiah exchange rate this year, we foresee Unilever could easily reach our earnings target of Rp3.4tn in FY10F (+15.7% yoy).
Currently, UNVR is trading at PER10F of 28.1x. Maintain Buy.
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