PT Unilever Indonesia Tbk (UNVR.JK) Stock Analysis
Unilever Indonesia’s 3Cs turnaround, stabilizing volumes and 12%+ yield offer asymmetric recovery potential, but execution must reverse market-share losses and defend margins against agile local competitors.
Overview
PT Unilever Indonesia is a leading Indonesian FMCG operator, established in 1933 and listed since 1982, with Unilever PLC holding 85.37%. Home & Personal Care contributes approximately 63.5%–67.0% of sales and Foods & Refreshment the balance. Its brands and distribution system reach an estimated 100% of Indonesian households and 3.2–3.5 million retail outlets. FY2025 continuing-operations sales were Rp 31.9 trillion after divestitures of ice cream for Rp 7 trillion and SariWangi tea for Rp 1.5 trillion. The turnaround targets volume recovery, higher-margin categories, channel digitization, and cost productivity. H1 2026 sales were Rp 16.90 trillion and net profit Rp 2.97 trillion; local underlying sales growth reached 7.0%, and management reaffirmed 4.0%–6.0% full-year underlying growth guidance. At IDR 1,295, shares trade near their 52-week low, at roughly 13.2x–14.2x forward earnings versus a historical 26x–30x, with a forward dividend yield above 12%. **The central catalyst is a sustained volume and market-share recovery.** A five-year probability-weighted target of IDR 2,311 implies 78.5% upside, but the valuation discount reflects real competition, input-cost, and liquidity risks.