External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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

<ul><li>The elephant has started dancing, upgrading to BUY: We upgrade HUL to BUY from Reduce with a TP of Rs 3,100 (60x June-26 EPS, in line with five-year Average PE) and move it to high conviction list within large-cap staples pack as worst is behind us w.r.t muted volume growth, pricing correction and rural weakness</li><li>We expect HUL to see Revenue/Ebitda/PAT Cagr of 6/8/9% respectively over FY24-27 as (1) Structural reforms undertaken (pricing interventions, increased thrust on high margin liquid business) in detergent business (30% of sales) have made it more competitive vs regional/local players</li><li>2) Superior product formulation for soap business (15% of sales) shall insulate the company from highly volatile RM basket (PFAD) and the true strength of this formulation shall be visible in inflationary RM environment</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>

The elephant has started dancing, upgrading to BUY: We upgrade HUL to BUY from Reduce with a TP of Rs 3,100 (60x June-26 EPS, in line with five-year Average PE) and move it to high conviction list within large-cap staples pack as worst is behind us w.r.t muted volume growth, pricing correction and rural weaknessWe expect HUL to see Revenue/Ebitda/PAT Cagr of 6/8/9% respectively over FY24-27 as (1) Structural reforms undertaken (pricing interventions, increased thrust on high margin liquid business) in detergent business (30% of sales) have made it more competitive vs regional/local players2) Superior product formulation for soap business (15% of sales) shall insulate the company from highly volatile RM basket (PFAD) and the true strength of this formulation shall be visible in inflationary RM environmentContent 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 (Q1FY25 Results Review): The Elephant Has Started Dancing. Upgrade to BUY