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UNVR: Maintaining Presence during Pandemic
23 May 2020

UNVR: Maintaining Presence during Pandemic

UNVR continued to record solid earnings performance with 1Q20 results came in at 24% our and 24% consensus forecasts. UNVR’s 1Q20 earnings was supported by better profitability margin across the board. However, weaker 2Q performance is anticipated given soft market demand due to covid-19 pandemic. Going forward, UNVR expects to focus on winning customers by accelerating innovation new products and brands within its HPC and F&R segments to better serve. At this juncture, UNVR is trading at 38.7x – 35.7xP/E20F-21F. We maintain our Neutral recommendation with TP of Rp 9,000/share.

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