Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div><div id="annotable-executive_summary-1">The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </div></div><div><div id="annotable-executive_summary-2"></div></div><div><p>For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.</p></div><div><p>Companies covered include <a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> / <a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> / <a href="https://www.smartkarma.com/entities/hindustan-unilever-ltd" target="_blank" data-smartkarma-citation="entities:13828:1" rel="noopener">Hindustan Unilever (HUVR IN)</a> / <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a></p></div>

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. For the narrative, we will be covering commentary on the Demand environment, Business performance, Consumer behaviour, Pricing action, Gross margins, commodity inflation &amp; Inventory, Advertising spends, Marketshare movements, New launches, Capex and PLI, Online and D2C, International business and exports and Future outlook.Companies covered include Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) / Marico Ltd (MRCO IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

External broker reports(aggregated public sources), SMC Global

SMC Online

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...</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>

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales of Rs. 3,403 crores with a sequential growth of 10%. Consolidated Net Profit for the Quarter stood at Rs. 390 crores with a sequential growth of 7%. While the Consolidated Sales &amp; Net Profit declined 1% &amp; 29% respectively vs last year on a higher base, however, on a 24-month...
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.

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

<p><a href="https://www.smartkarma.com/entities/britannia-industries-ltd" target="_blank" data-smartkarma-citation="entities:16495:1" rel="noopener">Britannia Industries (BRIT IN)</a> released its earnings on April 27th 2021. Apart from the usual commentary, we believe the most important announcement was the "re-launch" of Milk Bikis. </p>
<p>In this Insight, we interact with a couple of channels to get their perspective on the new launch along with presenting our FY22 and FY23 estimates.</p>

Britannia Industries (BRIT IN) released its earnings on April 27th 2021. Apart from the usual commentary, we believe the most important announcement was the "re-launch" of Milk Bikis. 
In this Insight, we interact with a couple of channels to get their perspective on the new launch along with presenting our FY22 and FY23 estimates.

Britannia Industries (BRIT IN) | Taking On "G" | Estimates and Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p><p>It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.</p><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p><p>In this note, I'll talk about the positive aspects of the deal.</p>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It primarily has two main businesses: Asia-Pacific Branded Food and Beverage Business, which sells instant noodles, biscuits and other products, and meat alternative business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In this note, I'll talk about the positive aspects of the deal.

Monde Nissin Pre-IPO - The Positives - High Market Share

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Tata Consumer Products / Equity Bottom-Up

<p>In this insight, we discuss  <a href="https://www.smartkarma.com/entities/tata-consumer-products" target="_blank" data-smartkarma-citation="entities:258:1" rel="noopener">Tata Consumer Products (TATACONS IN)</a> 's potential to outperform peers in the India consumer sector in terms of revenue and profit growth over the next few years. Its inclusion in India's Nifty index from March 31st would attract more investor attention and investment to the stock. The predominantly beverages (branded tea, coffee) company that competes with global multinationals is now expanding its foods business to address the highly unorganised but growing domestic packaged kitchen staples and snacks/breakfast segment.</p><p> From Tata salt to Tata Starbucks, this consumer goods company already have a wide array of brands under its portfolio. Leveraging on the goodwill enjoyed by the Tata brand in India and by expanding its reach and distribution wider, Tata Consumer is fast-tracking growth in the foods segment. <strong>The potential is immense, competition </strong>(national level) <strong>is scant and the young company </strong>(in its new avatar, name and structure) <strong>can make it big if it successfully adapts few pages from the playbook of <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a></strong>- another Tata enterprise that leveraged quality and brand to take on large unorganised consumer sectors. </p>

In this insight, we discuss  Tata Consumer Products (TATACONS IN) 's potential to outperform peers in the India consumer sector in terms of revenue and profit growth over the next few years. Its inclusion in India's Nifty index from March 31st would attract more investor attention and investment to the stock. The predominantly beverages (branded tea, coffee) company that competes with global multinationals is now expanding its foods business to address the highly unorganised but growing domestic packaged kitchen staples and snacks/breakfast segment. From Tata salt to Tata Starbucks, this consumer goods company already have a wide array of brands under its portfolio. Leveraging on the goodwill enjoyed by the Tata brand in India and by expanding its reach and distribution wider, Tata Consumer is fast-tracking growth in the foods segment. The potential is immense, competition (national level) is scant and the young company (in its new avatar, name and structure) can make it big if it successfully adapts few pages from the playbook of Titan Co Ltd (TTAN IN)- another Tata enterprise that leveraged quality and brand to take on large unorganised consumer sectors. 

Tata Consumer (TATACONS IN): Index Inclusion Adds Further Flavour. Tasty Mix.

India

Britannia Industries Limited manufactures bakery products such as biscuits, bread, cakes and rusks.  The Company also manufactures and exports soybean products, cashew kernels, marine products, and general merchandise items.

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Britannia Industries (BRIT IN)

The Narrative | Q1 FY22 | India Staples - BRIT, DABUR, HUVR, MRCO

For the narrative, we will be covering commentary from Britannia Industries (BRIT IN) / Dabur India Ltd (DABUR IN) / Hindustan Unilever (HUVR IN) /...

Pranav Bhavsar

Britannia Industries: Consolidated Q1 FY22 PAT Rises 7% QoQ to Rs 390 Cr

Britannia Consolidated Q1 FY22 PAT rises 7% QoQ to Rs 390 cr Britannia Industries Ltd., India's leading Food Company, reported consolidated Sales...

SMC Online