Bapak bisa tanya ke Care centre mandiri sekuritas ( [email protected] ) Regards, H4 "Plan Your Trade and Trade Your Plan"
>________________________________ > From: sindarku <[email protected]> >To: [email protected] >Sent: Friday, December 14, 2012 5:10 AM >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] >>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. >>>> >>>> >>> >>> > > > >
