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>Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)</li><li>Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urban</li><li>Volume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessed</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.

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22 (vs 24/22% in Q4FY21 and 16/12% in Q3FY22)Inflationary pressure continued to disrupt demand in both urban and rural India; however, rural volume growth was weaker than urbanVolume growth has been decelerating even on 2/3 year CAGR (demand pressure, grammage reduction); however, downtrading was not witnessedContent 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.

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

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.

Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

<ul><li>Subdued Performance: Colgate-Palmolive reported Q1FY26 revenue of Rs 1,421 Cr, down 4.4% YoY, affected by muted urban demand, heightened competition, and an unfavourable base effect.</li><li>Despite topline pressure, management highlighted continued progress in category premiumization, with a strong focus on innovation.</li><li>The premium portfolio delivered robust growth during the quarter, partially offsetting broader volume weakness. </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.

Subdued Performance: Colgate-Palmolive reported Q1FY26 revenue of Rs 1,421 Cr, down 4.4% YoY, affected by muted urban demand, heightened competition, and an unfavourable base effect.Despite topline pressure, management highlighted continued progress in category premiumization, with a strong focus on innovation.The premium portfolio delivered robust growth during the quarter, partially offsetting broader volume weakness. 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.

Colgate Palmolive (India) Ltd - Miss on All Fronts; Long-Term Strategy Intact

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

PTT Exploration & Production / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points and the resistance levels at 1,156 points (25-day EMA) and 1,164 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance at 1,176 points after hitting a new low for the year at 1,056.41 on April 8.</li><li>This upward movement is expected to be short-lived, followed by a larger correction that would confirm a medium-term trend reversal into a new upward cycle (with a higher low).</li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points and the resistance levels at 1,156 points (25-day EMA) and 1,164 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance at 1,176 points after hitting a new low for the year at 1,056.41 on April 8.This upward movement is expected to be short-lived, followed by a larger correction that would confirm a medium-term trend reversal into a new upward cycle (with a higher low).

<ul><li>Colgate Palmolive's (CLGT) 3QFY25 results were weaker than our expectations, as the urban slowdown weighed on domestic consumption</li><li>Moreover, during 3QFY25, overall performance was somewhat boosted by a one-off performance in the exports business, which we believe is not sustainable</li><li>The toothpaste segment saw intrinsic mid-single-digit volume growth, however, adjusting for consumer promotions, volume growth drifted to low single digits</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.

Colgate Palmolive's (CLGT) 3QFY25 results were weaker than our expectations, as the urban slowdown weighed on domestic consumptionMoreover, during 3QFY25, overall performance was somewhat boosted by a one-off performance in the exports business, which we believe is not sustainableThe toothpaste segment saw intrinsic mid-single-digit volume growth, however, adjusting for consumer promotions, volume growth drifted to low single digitsContent 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.

Colgate-Palmolive (3QFY25): Who Moved My Smile? Maintain REDUCE

<ul><li>Muted demand environment: The company reported Q3FY25 revenue of Rs 1,452 Cr, up by ~5% YoY (mid-single-digit volume growth), a sharp decline from double-digit growth in H1FY25 impacted by a subdued demand environment, particularly in the urban market.</li><li>However, the management emphasised that the positive momentum in their premium portfolio continues, led by science-backed innovations.</li><li>New launches: CLGT launched the MaxFresh range with heart-shaped cooling crystals and 10x longer-lasting cooling effects.</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.

Muted demand environment: The company reported Q3FY25 revenue of Rs 1,452 Cr, up by ~5% YoY (mid-single-digit volume growth), a sharp decline from double-digit growth in H1FY25 impacted by a subdued demand environment, particularly in the urban market.However, the management emphasised that the positive momentum in their premium portfolio continues, led by science-backed innovations.New launches: CLGT launched the MaxFresh range with heart-shaped cooling crystals and 10x longer-lasting cooling effects.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.

Colgate Palmolive (India) Ltd - Demand Remains Subdued; Maintain HOLD

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

FMCG & Alco Bev: Rural Demand Struggles; Margin Pressures Continue

Aggregate revenue/EBITDA to grow by 8/9%: Our FMCG coverage universe is expected to deliver growth of 8/9% YoY in revenue/EBITDA in Q4FY22...

HDFC Securities

Colgate Palmolive (India) Ltd - Miss on All Fronts; Long-Term Strategy Intact

Subdued Performance: Colgate-Palmolive reported Q1FY26 revenue of Rs 1,421 Cr, down 4.4% YoY, affected by muted urban demand, heightened...

Axis Direct

Earnings Results of PTTEP and DELTA

Technically, the SET Index is expected to move in a sideways-down pattern, with the support levels at 1,143 points (10-day EMA) and 1,133 points...

Krungthai XSpring

Colgate-Palmolive (3QFY25): Who Moved My Smile? Maintain REDUCE

Colgate Palmolive's (CLGT) 3QFY25 results were weaker than our expectations, as the urban slowdown weighed on domestic consumption

HDFC Securities

Colgate Palmolive (India) Ltd - Demand Remains Subdued; Maintain HOLD

The company reported Q3FY25 revenue of Rs 1,452 Cr, up by ~5% YoY (mid-single-digit volume growth), a sharp decline from double-digit growth in H1FY25

Axis Direct

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