External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>HUL is India’s largest fast-moving consumer goods company with well-renowned household products</li><li>HUVR’s products are spread across the discretionary (beauty and personal care) and nondiscretionary segments comprising of health, hygiene and nutrition products.</li><li>Given the volatile market outlook and relatively stable earnings growth trajectory we believe HUVR could perform over the medium to long term. Maintain BUY with a TP of Rs 2,565.</li></ul><div class="content-highlight"><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></div>

HUL is India’s largest fast-moving consumer goods company with well-renowned household productsHUVR’s products are spread across the discretionary (beauty and personal care) and nondiscretionary segments comprising of health, hygiene and nutrition products.Given the volatile market outlook and relatively stable earnings growth trajectory we believe HUVR could perform over the medium to long term. Maintain BUY with a TP of Rs 2,565.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.

<p>However, over the medium term we believe, HUVR has the right growth matrix like 1) broad based portfolio straddling across price-value matrix, 2) focus on cost savings 3) GSK-CH integration led tailwinds, 4) execution prowess vs peers and 5) strong data analytics capabilities. We maintain BUY rating</p><div class="content-highlight"><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></div>

However, over the medium term we believe, HUVR has the right growth matrix like 1) broad based portfolio straddling across price-value matrix, 2) focus on cost savings 3) GSK-CH integration led tailwinds, 4) execution prowess vs peers and 5) strong data analytics capabilities. We maintain BUY ratingContent 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: Cautious Commentary On Rural Growth And Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Hindustan Unilever: HUL’s headline numbers are broadly in line. However, weak internals (miss in volume) and cautious outlook on demand and margin are raising questions about the near-term performance. Revenue grew at 11% YoY (HSIE 10%) while UVG, at 4%, was below our estimates (6% HSIE). UVG on two-year CAGR was weak at 2.5% but improved sequentially (-0.4% in Q1FY22) after the second wave of COVID impacted Q1FY22. Health, hygiene, and nutrition portfolio (85% mix) sustained healthy growth at 7% YoY. Within the nutrition portfolio, health food drinks volume grew in double digits. Nutrition portfolio should sustain the momentum as 85% of GTM integration is completed. Gross margin pressure continued in Q2FY22 with 142bps YoY contraction due to elevated commodity costs (crude, CPO, tea, and plastic) and higher freight cost. EBITDA growth was at 9% (HSIE 7%). We expect margin to remain under pressure in the near term, owing to sustained inflation and calibrated price hikes. We cut our EPS estimates for FY22/FY23/FY24 by ~2%. We value HUL at 55x P/E on Sep-23E EPS to derive a TP of INR 2,482. Maintain REDUCE.</p>
<div class="content-highlight"><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></div>

Hindustan Unilever: HUL’s headline numbers are broadly in line. However, weak internals (miss in volume) and cautious outlook on demand and margin are raising questions about the near-term performance. Revenue grew at 11% YoY (HSIE 10%) while UVG, at 4%, was below our estimates (6% HSIE). UVG on two-year CAGR was weak at 2.5% but improved sequentially (-0.4% in Q1FY22) after the second wave of COVID impacted Q1FY22. Health, hygiene, and nutrition portfolio (85% mix) sustained healthy growth at 7% YoY. Within the nutrition portfolio, health food drinks volume grew in double digits. Nutrition portfolio should sustain the momentum as 85% of GTM integration is completed. Gross margin pressure continued in Q2FY22 with 142bps YoY contraction due to elevated commodity costs (crude, CPO, tea, and plastic) and higher freight cost. EBITDA growth was at 9% (HSIE 7%). We expect margin to remain under pressure in the near term, owing to sustained inflation and calibrated price hikes. We cut our EPS estimates for FY22/FY23/FY24 by ~2%. We value HUL at 55x P/E on Sep-23E EPS to derive a TP of INR 2,482. Maintain REDUCE.
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: Hindustan Unilever, Nestle India, L&T Technology Services, ACC

<p>We marginally revise our FY23E/24E and maintain BUY with a revised TP of Rs. 3,100 (earlier Rs. 2,670) as we raise our target PE to 56x FY24E EPS (earlier 50x FY24E EPS).</p><div class="content-highlight"><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></div>

We marginally revise our FY23E/24E and maintain BUY with a revised TP of Rs. 3,100 (earlier Rs. 2,670) as we raise our target PE to 56x FY24E EPS (earlier 50x FY24E EPS).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: Transforming To An Intelligent And Future Fit Organization

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>The management shared details on the augmentation of its analytics and R&amp;D; strengths, which were already far superior v/s peers. As highlighted in our Annual Report note, there have been a host of initiatives in the past year focusing on the burgeoning E-Commerce market, which now contributes 89% to HUVR's sales. The company's portfolio is already wellplaced, with its E-Commerce market share higher than its Modern Trade (MT)...</p><div class="content-highlight"><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></div>

The management shared details on the augmentation of its analytics and R&amp;D; strengths, which were already far superior v/s peers. As highlighted in our Annual Report note, there have been a host of initiatives in the past year focusing on the burgeoning E-Commerce market, which now contributes 89% to HUVR's sales. The company's portfolio is already wellplaced, with its E-Commerce market share higher than its Modern Trade (MT)...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.

Longer term growth engines robustLonger term growth engines robust

India

Hindustan Unilever Limited (HUL) is an Indian fast-moving consumer goods company that manufactures and sells a wide range of products, including foods, beverages, cleaning agents, and personal care items. It is a subsidiary of the Anglo-Dutch company Unilever, with leading brands like Surf Excel, Dove, Lifebuoy, and Lakmé. The company is headquartered in Mumbai, India, and was founded in 1933.

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Hindustan Unilever (HUVR IN)

Pick of the Week: Hindustan Unilever

HUL is India’s largest fast-moving consumer goods company with well-renowned household products. HUVR’s products are spread across the...

Axis Direct

Hindustan Unilever: Cautious Commentary On Rural Growth And Margins

However, over the medium term we believe, HUVR has the right growth matrix like 1) broad based portfolio straddling across price-value matrix, 2)...

Axis Direct

HSIE Results Daily: Hindustan Unilever, Nestle India, L&T Technology Services, ACC

HUL’s headline numbers are broadly in line. However, weak internals (miss in volume) and cautious outlook on demand and margin are raising questions

HDFC Securities

Hindustan Unilever: Transforming To An Intelligent And Future Fit Organization

We marginally revise our FY23E/24E and maintain BUY with a revised TP of Rs. 3,100 (earlier Rs. 2,670) as we raise our target PE to 56x FY24E EPS...

Axis Direct

Longer term growth engines robustLonger term growth engines robust

The management shared details on the augmentation of its analytics and R&D; strengths, which were already far superior v/s peers. As highlighted in...

Motilal Oswal

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