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Strength
Slight YoY recovery in market share to 34.7% (Dec-23: 33.9%; Oct-23: 38.5%), mainly driven by the HPC segment, with Tresemme, Ponds, and Vaseline contributing to market share gains of +60-250 bps; shorter receivable days, supported by transformation initiatives (pricing harmonization, customer reduction & DT digital transformation) leading to greater efficiencies
Weakness
Transformation costs pressured profitability cutting 4Q24 gross margin to 44.5% (3Q24: 45.5%, 4Q23: 48.4%); rising contribution from value-segment to caused lower margins; 4Q24 OPM fell to 6.7% (3Q24: 8.7%, 4Q23: 10.2%), mainly on higher G&A costs, particularly trade-mark +8.8% QoQ and remuneration +170% QoQ, leading to all-time low quarterly earnings
Opportunity
Easing geopolitical tensions could drive higher sales volumes; UNVR’s planned ASP increase in 2025F could provide margin support; centralized raw materials procurement strategy should help mitigate margin pressure, particularly amid elevated commodity prices
Threat
Intense competition and weak purchasing power are expected to continue weighing on UNVR’s performance; disappointing FY24 results could lead further analyst earnings downgrades, driving continued share price underperformance
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
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