External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.  

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.

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

<ul><li>Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.</li><li>While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.</li><li>We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).</li></ul><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>

Prabhudas Lilladher's research report onHindustan Unilever We cut FY25/26EPS by 1.6/1.3% factoring in 1) slower than expected recovery in volumes in rural India 2) price cuts in personal wash and skin care to improve consumer price value equation 3) sustained competitive intensity across mass segment in HPC segment resulting in market share loss and 4) higher investments in A&amp;P and innovations to sustain LT growth.While HC, F&amp;R and &amp; Beauty segment are doing well across channels, price correction in soaps and skin should provide growth push from 2H25, in our view.We believe normal monsoon can provide flip to rural demand although margin expansion from current levels will be very moderate (50bps over FY24-26).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 - Accumulate for Moderate Returns