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>Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)</li><li>Rural demand remained tepid while some green shoots were visible at the end of the quarter</li><li>Urban demand too was not different from that seen in Q2</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.

Expect similar volume CAGR, revenue to grow by 9/11% on YoY/three-year CAGR: Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in Q2FY23)Rural demand remained tepid while some green shoots were visible at the end of the quarterUrban demand too was not different from that seen in Q2Content 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 (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - 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.

<ul>
<li>India's packaged and processed food segment is in limelight with leading consumer companies launching/expanding their branded staples portfolio, and recent acquisitions in the branded spice segment.</li>
<li>Reliance retail launched packaged staples and food brand Independence; a potential competition to <a href="https://www.smartkarma.com/entities/adani-wilmar" target="_blank" data-smartkarma-citation="entities:34763:1" rel="noopener">Adani Wilmar</a>, <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd</a>, and <a href="https://www.smartkarma.com/entities/tata-consumer-products" target="_blank" data-smartkarma-citation="entities:258:1" rel="noopener">Tata Consumer</a> that have been expanding in this space.</li>
<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur (DABUR IN)</a> had announced acquisition of a 51% stake in veteran spice brand Badshah Masala in October this year, now followed by Wipro Consumer's takeover of spice player Nirapara.</li>
</ul>


India's packaged and processed food segment is in limelight with leading consumer companies launching/expanding their branded staples portfolio, and recent acquisitions in the branded spice segment.
Reliance retail launched packaged staples and food brand Independence; a potential competition to Adani Wilmar, ITC Ltd, and Tata Consumer that have been expanding in this space.

Dabur (DABUR IN) had announced acquisition of a 51% stake in veteran spice brand Badshah Masala in October this year, now followed by Wipro Consumer's takeover of spice player Nirapara.


Spicy Hot: India Branded Staples in Limelight - Acquisitions & Fresh Forays

<ul>
<li>Despite a strong surge in sales in the Sept. quarter, most Indian consumer companies reported weak profit growth given negative impact of inflation, currency and interest rates.</li>
<li>Inflationary pressures from higher raw material costs, rise in fuel costs and higher wages have affected volume growth as companies attempted to effect price hikes to mitigate margin impact.</li>
<li>Leading FMCG companies have temporarily cut back on marketing spend during the quarter to offset the impact of cost pressures on operating margins.</li>
</ul>


Despite a strong surge in sales in the Sept. quarter, most Indian consumer companies reported weak profit growth given negative impact of inflation, currency and interest rates.
Inflationary pressures from higher raw material costs, rise in fuel costs and higher wages have affected volume growth as companies attempted to effect price hikes to mitigate margin impact.
Leading FMCG companies have temporarily cut back on marketing spend during the quarter to offset the impact of cost pressures on operating margins.


Inflation Bites: India Consumer Sector - Rising Revenues, Dipping Margins in Sept. Quarter

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

<ul><li>DABUR’s result in Q2FY23was broadly in line withour estimates. ConsolidatedRevenueat Rs 2,986Cr grew 6.0% YoY (Our estimates: Rs 2,976 Cr),driven by7% YoY growth in India standalone biz (LY Growth of 11.5%; 3-year CAGR of 12%) and an underlying Volume decline of 1% in the India FMCG business.</li><li>International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%) and Egypt (23%)).</li><li>Consolidated Revenue for the quarter reported a 3-year CAGR of 10.5%.</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.

DABUR’s result in Q2FY23was broadly in line withour estimates. ConsolidatedRevenueat Rs 2,986Cr grew 6.0% YoY (Our estimates: Rs 2,976 Cr),driven by7% YoY growth in India standalone biz (LY Growth of 11.5%; 3-year CAGR of 12%) and an underlying Volume decline of 1% in the India FMCG business.International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%) and Egypt (23%)).Consolidated Revenue for the quarter reported a 3-year CAGR of 10.5%.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.

Dabur India - In-Line with Estimates; Acquires Badshah Masala

<ul><li>Dabur: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR)</li><li>Domestic revenue/volume grew 7/1% YoY, with three-year CAGR at 12/9% vs HUL’s 11/3% and Nestle’s 13/8%</li><li>Dabur is sustaining its volume outperformance among peers</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.

Dabur: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR)Domestic revenue/volume grew 7/1% YoY, with three-year CAGR at 12/9% vs HUL’s 11/3% and Nestle’s 13/8%Dabur is sustaining its volume outperformance among peersContent 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.

HSIE Results Daily: Dabur, Crompton Consumer

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

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Dabur India Ltd (DABUR IN)

FMCG & Alco Bev (Q3FY23 Results Preview): Unchanged demand trend, some respite in margins

Our FMCG coverage universe is expected to deliver growth of 9/11% on YoY/three-year CAGR in revenue in Q3FY23 (vs 17/10% in Q3FY22 and 8/11% in...

HDFC Securities

Spicy Hot: India Branded Staples in Limelight - Acquisitions & Fresh Forays

Leading consumer companies launching/expanding branded staples portfolios, and recent acquisitions in branded spice segment turn the spotlight on...

Devi Subhakesan

Inflation Bites: India Consumer Sector - Rising Revenues, Dipping Margins in Sept. Quarter

Cost pressures could continue to impact volume and margins for most India consumer stocks. Impact of Inflation, currency and interest rates are key...

Devi Subhakesan

Dabur India - In-Line with Estimates; Acquires Badshah Masala

International Business recorded 12.3% CC growth with strong performance seenacross geographies (led by strong growths in Turkey (86%), Nepal (25%)...

Axis Direct

HSIE Results Daily: Dabur, Crompton Consumer

Dabur: Dabur delivered an in-line performance with revenue growth of 6% YoY (11% on three-year CAGR) Domestic revenue/volume grew 7/1% YoY, with...

HDFC Securities

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