Motilal Oswal - MOSL: Morning India (13/December/19): 1. Hindustan Unilever (Demand outlook similar to 2QFY20); 2. EcoScope (CPI inflation exceeds expectation; IIP continues declining)

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MOSL: Morning India (13/December/19): 1. Hindustan Unilever (Demand outlook similar to 2QFY20); 2. EcoScope (CPI inflation exceeds expectation; IIP continues declining)

MOrning India (13/December/19): 1. Hindustan Unilever (Demand outlook similar to 2QFY20); 2. EcoScope (CPI inflation exceeds expectation; IIP continues declining)

Today’s top research idea

Hindustan Unilever: Demand outlook similar to 2QFY20; Key takeaways from interaction with HUVR management:

The demand scenario is similar to last quarter with no major improvement or deterioration. Rural demand has seen slight sequential slowdown.
The company doesn't see sharp demand turnaround for another two quarters.
Since Oct'19, palm oil prices have started inflating. However, the company believes that it's too early currently to decide on a price increase.
Premiumization as a trend is continuing.
Given HUVR's best earnings growth visibility in the Indian large-cap consumer space and by far the highest return ratios, we believe that the premium valuations are justified. On a target multiple of 50x Dec'21E EPS, we derive a TP of INR2,378/share. Maintain BUY

Piping hot news

At 11.2%, air pax growth returns to double-digits in November

Domestic air passenger traffic has finally grown in double-digits, clipping at 11.2 percent in November to 12.94 million after growing in single-digit till October, while April saw a degrowth, show the latest DGCA data released on Thursday.

13/12/2019 3 EN

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MOSL: Morning India (13/December/19): 1. Hindustan Unilever (Demand outlook similar to 2QFY20); 2. EcoScope (CPI inflation exceeds expectation; IIP continues declining)

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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