UNVR.JK | OUTPERFORM - Maintained | Share Price Rp25,550.00 - Tgt. Rp31,000.00
Personal Products | - by Erwan TEGUH / Irenne ACHMAD
9M12 core profit was in line, at 77% of our full-year forecast and 78% of consensus numbers. Solid volume-driven revenue growth of 17.4% and margin expansion gave earnings growth a double boost to 20%. 3Q earnings growth was stronger at 37.4%. We raise our FY12-14 forecasts, factoring in lower selling expense this year and higher margins for FY13-14. This, plus the rollover of our target price, raises it to Rp31,000, still based on 2 s.d. above the 3-year mean P/E. Reiterate Outperform. Catalysts are further margin expansion and stronger than expected sales growth.
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