10May2021UnileverglobalEquitiesHouseholdProducts,Strategy,subsidiariesandthestubPersonalProductsGlobalWetakeadetailedlookatUnilever’sbusinessthroughthelensofitskeylistedIndianandIndonesiansubsidiariesTheircontrastingfortunesareamicrocosmofchallengesatgrouplevelthatcouldtakebiggerchangestoovercomeWeretainHoldratingsonUnileverandUnileverIndonesia,whilereiteratingourBuyonHindustanUnileverAdifferentperspectiveJeremyFialko,CFAInthisreportweseektoexamineUnileverfromadifferentperspectivebytakingaHeadofConsumerStaplesResearch,EuropedetailedlookatitskeylistedsubsidiariesinIndia(62%owned,10%ofsales)andHSBCBankplcIndonesia(85%owned,5%ofsales).Throughexamining...