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.

Equity Bottom-Up

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<li>Beat on volume: Revenue grew 11% YoY (35% in Q4FY21 and 10% in Q3FY22), with home care/BPC/F&amp;R growing 24/4/5% (11/2/11% three-year CAGR).</li>
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<li>In-line EBITDA margin: Gross margin contracted by 301bps YoY (-117bps in Q4FY21 and -186bps in Q3FY22) due to high commodity inflation.</li>
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<li>Call takeaways: (1) HUL continued to gain volume and value market share in more than 75% of its portfolio.</li>
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<p><em>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.</em></p>





Beat on volume: Revenue grew 11% YoY (35% in Q4FY21 and 10% in Q3FY22), with home care/BPC/F&amp;R growing 24/4/5% (11/2/11% three-year CAGR).



In-line EBITDA margin: Gross margin contracted by 301bps YoY (-117bps in Q4FY21 and -186bps in Q3FY22) due to high commodity inflation.





Call takeaways: (1) HUL continued to gain volume and value market share in more than 75% of its portfolio.








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 - Home Care Saves the Day; Margin Pressure Continues

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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, the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956.</li><li>HUL’s portfolio of products covers a wide spectrum including soaps, detergents, skin creams, shampoos, toothpastes, tea, coffee, packaged foods and branded atta</li><li>Powerful brands and an envious distribution network are its primary strengths</li></ul><div class="content-highlight"><em>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.</em></div>

HUL, the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956.HUL’s portfolio of products covers a wide spectrum including soaps, detergents, skin creams, shampoos, toothpastes, tea, coffee, packaged foods and branded attaPowerful brands and an envious distribution network are its primary strengthsContent 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.

<ul><li>Hindustan Unilever Limited (HUL), the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956.</li><li>HUL’s portfolio of products covers a wide spectrum</li><li>Powerful brands and an envious distribution network are its primary strength</li></ul><div class="content-highlight"><em>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.</em></div>

Hindustan Unilever Limited (HUL), the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956.HUL’s portfolio of products covers a wide spectrumPowerful brands and an envious distribution network are its primary strengthContent 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.

Pick of the Week - Hindustan Unilever Limited

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>Hindustan Unilever (HUVR IN) performance was in-line with our and street expectations on key performance metrics.</li><li>Reported sales grew by 10.4% yoy at Rs. 13,092Cr with underlying domestic consumer sales growth (USG) of 11% on the back of a 2% UVG (our estimate 2%)</li><li>Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term perspective.</li></ul><div class="content-highlight"><em>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.</em></div>

Hindustan Unilever (HUVR IN) performance was in-line with our and street expectations on key performance metrics.Reported sales grew by 10.4% yoy at Rs. 13,092Cr with underlying domestic consumer sales growth (USG) of 11% on the back of a 2% UVG (our estimate 2%)Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term perspective.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: Decelerating Rural Demand A Near Term Concern; Long Term Well Placed

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<p>The task (ahead) is a tough one – eye on mid-to-long-term while navigating multiple near-term challenges. Firstly, supply-side inflation of such scale amidst demand slowdown is a tough situation to be in – any price hikes (RM inflation-led) will have a visible impact on demand volume.</p><div class="content-highlight"><em>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.</em></div>

The task (ahead) is a tough one – eye on mid-to-long-term while navigating multiple near-term challenges. Firstly, supply-side inflation of such scale amidst demand slowdown is a tough situation to be in – any price hikes (RM inflation-led) will have a visible impact on demand volume.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.

Disciplined growth while navigating multiple challenges

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)

Hindustan Unilever - Home Care Saves the Day; Margin Pressure Continues

HUL reported slightly better revenue growth in a challenging period. Domestic revenue/volume YoY growth was at 10%/flat while FMCG market...

HDFC Securities

Pick of the week - HUL

HUL, the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956. HUL’s portfolio of products covers a wide...

Edelweiss

Pick of the Week - Hindustan Unilever Limited

Hindustan Unilever Limited (HUL), the largest FMCG player in India, was formed by merging three subsidiaries of Unilever in 1956.

Edelweiss

Hindustan Unilever: Decelerating Rural Demand A Near Term Concern; Long Term Well Placed

Maintain BUY with revised TP of Rs. 2,700 (earlier Rs. 2,900) valuing the stock at 56x FY24E EPS. At CMP, risk-reward appears fair from a long-term...

Axis Direct

Disciplined growth while navigating multiple challenges

The task (ahead) is a tough one – eye on mid-to-long-term while navigating multiple near-term challenges. Firstly, supply-side inflation of such...

ICICI Securities Limited

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