Saya tidak dapat tapi memang saya bukan nasabah mansek:) Karena PER nya sudah tinggi mungkin ini alasannya unvr harus turun dulu.
(•̃͡-̮•̃͡) -----Original Message----- From: sindarku <[email protected]> Sender: [email protected] Date: Thu, 13 Dec 2012 14:10:02 To: <[email protected]> Reply-To: [email protected] Subject: Re: Bls: [saham] Saham UNVR thank's for share, btw apakah semua nasabah mendapatkan berita ini? kalau iya kok saya tidak dapat ya (saya nasabah mansek solo) thanks, rajim On 12/12/2012 10:24 PM, H4 wrote: > 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] > <mailto:[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. > > > >
