yup... alias bottomnya di 19rb-an Regards, H4 "Plan Your Trade and Trade Your Plan"
>________________________________ > From: mega liefwarnadya <[email protected]> >To: [email protected] >Sent: Thursday, December 13, 2012 1:28 PM >Subject: Re: Bls: [saham] Saham UNVR > > > >Maksudnya ini bakalan 19rb? Sebagai TP? >Powered by Telkomsel BlackBerry® >________________________________ > >From: H4 <[email protected]> >Sender: [email protected] >Date: Wed, 12 Dec 2012 22:24:08 -0800 (PST) >To: [email protected]<[email protected]> >ReplyTo: [email protected] >Subject: Re: Bls: [saham] Saham UNVR > > >Berikut analis dari Mansek > >Regards, >H4 >"Plan Your Trade and Trade Your Plan" > > > > >Squeeze out the juice > >Unilever Indonesia made a shocking announcement yesterday, raising the royalty >charges it pays its parent firm from 3.5% of revenue currently to a maximum of >8%. This is significantly higher than the 3% median charged by other foreign >subsidiaries listed in Indonesia, and we cut our 2013-15F EPS forecasts by >6.3%, 13.0% and 19.5% respectively. We downgrade to SELL with reduced T/P of >Rp19,000/share, implying 28x 2013F PER > >New royalty charges higher than the market. In our discussion with the >company, it mentioned the change in royalty structure is to strengten UNVR’s >position as the exclusive Indonesian arm of its parent company. But we are >doubtful. We may see this as another way to maximize return of its Indonesia >investment. The 8% new royalty charges is significantly higher than the 3% >median charged by other foreign subsidiaries listed in Indonesia. Market >perception may change and questioning UNVR legit premium of reputation. >Interestingly, Unilever Global CEO made comment on the other occasion on its >bearish european business outlook. > >A value dragger transaction. As we put the revision down in our calculation, >we cut UNVR EPS for 13F, 14F and 15F by 6.3%, 13.0% and 19.5%, respectively. >It suggests reduced dividend potential which has been the main attraction for >the company. This is even assuming the same payout ratio, the EPS will be >drastically reduced, so will the DPS. > >Uprising competition set backs price power. We are not optimistic on UNVR >pricing power that will likely limit its ability to fully pass the higher >charge to customers. Intensifying market competition backs our view, >especially noting recent aggressive moves by major competitors such as P&G and >Wings. P&G will have a new factory next year, while Wings has just made a big >comeback with a new ad blast for its new So Klin detergent, the close >competitor of UNVR’s main product Rinso.. > >SELL at TP Rp19,000/sh. With added concern above, higher equity risk is >applied in UNVR and given single digit EPS growth over the next three years, a >valuation de-rating is likely. We capped our PE 2013 at 28x to derive our new >TP for UNVR of Rp19,000/share. SELL. > > >Octavius Oky Prakarsa >+6221 5296 9547 >[email protected] >Plaza Mandiri 28th floor >Phone: +62 21 526 3445 >Fax: +62 21 527 5711 > > > > > >>________________________________ >> From: "[email protected]" <[email protected]> >>To: "[email protected]" <[email protected]> >>Sent: Thursday, December 13, 2012 1:20 PM >>Subject: Re: Bls: [saham] Saham UNVR >> >> >> >>Hwahhh saya sudah ambil unvr pada penurunan kemarin, ternyata skrng turun lg. >>:-( semoga lekas techreborn-nya. >>________________________________ >> >>From: evita lusiani <[email protected]> >>Sender: [email protected] >>Date: Thu, 13 Dec 2012 13:00:00 +0800 (SGT) >>To: <[email protected]> >>ReplyTo: [email protected] >>Subject: Bls: [saham] Saham UNVR >> >> >>UNVR stock fell in the morning after Unilever Indonesia announced change in >>rate of royalty to be paid to Unilever NV (parent company). The changes will >>be >>done in stages from current royalty rate of ~3.5% sales to >>estimated 5% sales in 2013, 6.5% sales in 2014, and 5% sales + >>actual recovery cost up to 3% sales in 2015 >> >>--- Pada Kam, 13/12/12, Rio Suki <[email protected]> menulis: >> >> >>>Dari: Rio Suki <[email protected]> >>>Judul: Bls: [saham] Saham UNVR >>>Kepada: [email protected] >>>Tanggal: Kamis, 13 Desember, 2012, 6:08 AM >>> >>> >>> >>>Unvr setiap 6 bulan bikin candle yg panjang banget. Misal jan12, june 12, >>>and sekarang. Memang gayanya >>> >>>Salam >>> >>> >>> >>>________________________________ >>> From: [email protected] <[email protected]>; >>>To: [email protected] <[email protected]>; >>>Subject: [saham] Saham UNVR >>>Sent: Wed, Dec 12, 2012 4:22:12 PM >>> >>> >>> >>>Dear sahabat-sahabat kira-kira ada apa yah dengan saham UNVR hari ini? Mohon >>>info dan ulasannya. Dilihat dari chartnya jarang sekali UNVR turun segitu >>>dalam. >>> >>> >> >> > > >
