UNVR - To disburse interim dividend amounting IDR 2.4 tn

UNVR - To disburse interim dividend amounting IDR 2.4 tn Unilever Indonesia (UNVR) plans to distribute an interim dividend in Dec23. The interim dividend is lower compared to the previous year. In the announcement by the Indonesian Central Securities Depository (KSEI), Unilever Indonesia will distribute an interim dividend of IDR 63 per share. Last year, UNVR distributed an interim dividend of IDR 69 per share or a total of IDR 2.63 tn. (Source: Bisnis Indonesia). Comment: Despite lower compared to last year, we still like its yield at 1.8%. Using UNVR’s outstanding shares, total dividend is equal to around IDR2.4 tn. With the inline 9M23 results, UNVR’s ‘23F earnings likely to continue in line with ours and street forecast, in our view. Such expectation could offer room for UNVR to record similar FY23 dividend yield with FY22. Maintain BUY UNVR with blended TP of IDR4,390 implying 28.1x ‘24F P/E.