External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<div><div><div><ul><li>D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</li></ul><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div></div></div><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>

D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.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.

FMCG -  D2C Is Here to Stay; Omni-Channel the Way Forward

<ul><li><span style="font-size: var(--content-font-size);">D2C is here to stay; omni-channel the way forward: There are about 600 to 800 digital first companies in India.</span></li></ul><div><div><div><div><ul><li>Near-term challenges to test D2C brands’ business models: Overall, the consumption environment in India is under pressure, given high inflation.</li></ul><div><div><div><ul><li>Traditional companies adopting digital: While D2C companies start to become sizable, many traditional companies are adopting the digital way.</li></ul></div></div></div></div></div></div></div><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>

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

<div><div><div><p>Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin.</p><div><div><div><p>JK Lakshmi Cement: We maintain our BUY rating on JK Lakshmi Cement (JKLC) with a revised TP of INR 735/share (8x Mar-24E consolidated EBITDA).</p><div><div><div><p>Somany Ceramics: We maintain BUY on Somany Ceramics with a revised target price of INR 950/share (13x Mar-24E consolidated EBITDA).</p></div></div></div></div></div></div></div></div></div><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>

Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin.JK Lakshmi Cement: We maintain our BUY rating on JK Lakshmi Cement (JKLC) with a revised TP of INR 735/share (8x Mar-24E consolidated EBITDA).Somany Ceramics: We maintain BUY on Somany Ceramics with a revised target price of INR 950/share (13x Mar-24E consolidated EBITDA).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.

HSIE Results Daily: Godrej Consumers, JK Lakshmi Cement, Somany Ceramics

<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><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>

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

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.

<p><strong>Emerging Asia -</strong> notably China and India -  is witnessing a  steady expansion in the Male grooming sector as men's habits around personal care is shifting - led by a confluence of social, economic and <strong>compelling demographic factors</strong>. Expect this trend to gather more momentum as image-conscious young men adopt a wider array of personal care products. Skincare products that address specific needs/concerns of male customers will drive the early stage of segment growth; light cosmetics are picking up demand too. Companies that are quick to identify and address the demand with male-specific products/brands stand to gain from early mover advantage given male customers, reportedly, are far more brand loyal compared to female counterparts.</p>
<p><strong>What is original in this report?</strong> We discuss the social, economic and <strong>compelling demographic </strong>factors driving the shift and growth in the Male grooming sector in China and India. We look at the emerging trends across segments and in both the markets to arrive at a pecking order in terms of investment potential. We have scanned the personal care and cosmetics products landscape to shortlist brands and companies that offer a male-specific product range. A brief on select companies - private and listed -  are presented for further investment analysis and evaluation. </p>

Emerging Asia - notably China and India -  is witnessing a  steady expansion in the Male grooming sector as men's habits around personal care is shifting - led by a confluence of social, economic and compelling demographic factors. Expect this trend to gather more momentum as image-conscious young men adopt a wider array of personal care products. Skincare products that address specific needs/concerns of male customers will drive the early stage of segment growth; light cosmetics are picking up demand too. Companies that are quick to identify and address the demand with male-specific products/brands stand to gain from early mover advantage given male customers, reportedly, are far more brand loyal compared to female counterparts.
What is original in this report? We discuss the social, economic and compelling demographic factors driving the shift and growth in the Male grooming sector in China and India. We look at the emerging trends across segments and in both the markets to arrive at a pecking order in terms of investment potential. We have scanned the personal care and cosmetics products landscape to shortlist brands and companies that offer a male-specific product range. A brief on select companies - private and listed -  are presented for further investment analysis and evaluation. 

Male Grooming in Asia: Blooming Prospects. Skincare to Drive Growth

India

Godrej Consumer Products Limited manufactures personal care, hair care, household care and fabric care products. The Company's products include toilet soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric detergents.

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Godrej Consumer Products (GCPL IN)

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

FMCG - D2C Is Here to Stay; Omni-Channel the Way Forward

In continuation to our D2C thematic–Changing Landscape Not Fully Factored In– we recently hosted multiple founders and experts in the D2C space.

HDFC Securities

HSIE Results Daily: Godrej Consumers, JK Lakshmi Cement, Somany Ceramics

Godrej Consumers: GCPL’s Q4 performance was a mixed bag, with in-line revenue but a miss on EBITDA margin. Consolidated revenue grew 7% YoY

HDFC Securities

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

Male Grooming in Asia: Blooming Prospects. Skincare to Drive Growth

Steady expansion in the Male grooming sector in China & India is led by a generational shift in grooming habits and not a passing fad. Only a few...

Devi Subhakesan

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