External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)</li><li>Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flat</li><li>Benefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bps</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flatBenefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bpsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Hindustan Unilever, Infosys

Equity Bottom-Up

<ul><li>Our interaction with HUL management reinforced our thesis that demand pick-up will be more gradual than margin recovery</li><li>The FMCG industry continues to witness MoM improvement, led by urban markets with rural sustaining its gradual recovery trend</li><li>With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our interaction with HUL management reinforced our thesis that demand pick-up will be more gradual than margin recoveryThe FMCG industry continues to witness MoM improvement, led by urban markets with rural sustaining its gradual recovery trendWith HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence between volume and value growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever - Demand Recovery to Be Gradual. Maintain REDUCE

<ul><li>Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)</li><li>Home care continued to outperform with revenue/EBIT growth of 19/13%</li><li>BPC clocked revenue/EBIT growth of 10/10% YoY and F&amp;R grew by 3/-5% YoY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)Home care continued to outperform with revenue/EBIT growth of 19/13%BPC clocked revenue/EBIT growth of 10/10% YoY and F&amp;R grew by 3/-5% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree,

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment and tepid FMCG market growth.</li><li>However, Home Care (up 19% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC and F&amp;R were a mixed bag.</li><li>The management reiterated that it has gained market share in over 75% of the portfolio across categories.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment and tepid FMCG market growth.However, Home Care (up 19% YoY) maintained its stellar performance driven by premiumisation and market development, while BPC and F&amp;R were a mixed bag.The management reiterated that it has gained market share in over 75% of the portfolio across categories.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Unilever Ltd - Temporary Blip, Focus on Demand Recovery; Maintain BUY

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

HSIE Results Daily: Hindustan Unilever, Infosys

HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts...

HDFC Securities

Hindustan Unilever - Demand Recovery to Be Gradual. Maintain REDUCE

With HUL initiating price cuts to adjust for a softening commodity basket, value growth will continue to tail off, thereby reducing the divergence...

HDFC Securities

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)

HDFC Securities

HSIE Results Daily: Hindustan Unilever, Axis Bank, Wipro, LTIMindtree,

Hindustan Unilever: HUL’s revenue growth of 11% YoY was below our expectations (HSIE: 15%), with volumes growing by 4% (3% four-year CAGR, HSIE 7%)

HDFC Securities

Hindustan Unilever Ltd - Temporary Blip, Focus on Demand Recovery; Maintain BUY

HUL reported revenue growth of 11% YoY (4% volume growth) to Rs 14,893 Cr, which stood below our estimates on account of the weak macro environment...

Axis Direct

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