First Read: Unilever Indonesia "Shareholder's interest to be prioritized"

Research evidence excerpt

First Read: Unilever Indonesia "Shareholder's interest to be prioritized"

Global Research

25 May 2026ab

First Read

EquitiesUnilever Indonesia

Shareholder's interest to be prioritized Indonesia

Household Products, Non-Durable

12-month rating Neutral

Foods divestment key points

We hosted Unilever Indonesia (UNVR) for an investor call with CEO Benjie Yap and CFO 12m price target Rp1,800

Neeraj Lal. A replay of the call can be accessed here. UNVR confirmed its Foods brands,

Bango and Royco, are included in the divestment to McCormick, reducing UNVR's

Price (22 May 2026) Rp1,765

revenue from ~US$2bn to ~US$1.5bn post-transaction. McCormick's retail presence in

Indonesia is small, with a Transition Services Agreement maintaining UNVR's RIC: UNVR.JK BBG: UNVR IJ

infrastructure temporarily post-close. Legal/carve-out details for Indonesia remain under Trading data and key metrics

review and will be disclosed in coming months. Non-executive directors oversee

52-wk range Rp2,770-1,365

governance. Management has no guidance on a special dividend, citing the premature

Market cap. Rp66,739b/US$3.77b

status of separation structure finalization. Shareholder interests to be prioritized, with

Shares o/s 37,812m (ORD)

reference to Indonesia's favorable share of value from the prior ice cream divestment.

Free float 15%

HPC after Foods exit Avg. daily volume ('000) 23,657

UNVR’s strategy as a pure-play HPC company focuses on navigating local value-driven Avg. daily value (m) Rp43,568.8

competition, particularly in laundry, where price/kg expectations have been reset. Common s/h equity (12/26E) Rp1553b

Management emphasizes volume-driven operating leverage alongside premiumization P/BV (12/26E) 43.0x

in liquids, premium laundry formats, and professional/health cleaners.