Motilal Oswal - MOSL: Morning India (18/May/17)-1.Hindustan Unilever-2. Bajaj Finance; 3. JSW Steel; 4. MRPL; 5. United Breweries

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Motilal Oswal

Team Research

MOSL: Morning India (18/May/17)-1.Hindustan Unilever-2. Bajaj Finance; 3. JSW Steel; 4. MRPL; 5. United Breweries

â€‹MOrning India (18/May/17): 1.Hindustan Unilever; 2. Bajaj Finance; 3. JSW Steel; 4. MRPL; 5. United Breweries; 6. JK Lakshmi Cement; 6. India Electricals

Todayâ€™s top research idea

â€‹Hindustan Unilever: Beat on all fronts; Positive outlook on monsoon; Upgrade to Buy
HUVRâ€™s 4QFY17 sales increased 6.4% YoY (est. +4.5%) to INR82.1b. Domestic business grew 8% with volumes growing 4%. EBITDA increased 12.2% YoY to INR16.5b (est. 14.6b) and Adj. PAT increased 6.2% YoY to INR11.2b, (1.4% above estimates).
Upgrade to Buy: Strong recovery in volumes was a pleasant surprise. With likely normal monsoon, HUL has all levers for earnings revival especially when allied with benefits of low base of preceding years, return of price led sales growth, lower promotion spends, continuing premiumization as well as government schemes (DBT implementation, 24% increase in rural outlay in the budget, farm loan waiver in Uttar Pradesh etc). We target 45x FY19 EPS, (5% premium to 3 year average) resulting in target price of INR 1,165.

Piping hot news

Revival of thermal power: Cabinet approves new coal linkage policy 'Shakti'

â€‹The Cabinet on Wednesday approved a long-awaited coal linkage policy, in a breather to the thermal power sector. Named Shakti or the Scheme to Harness and Allocate Koyla (Coal) Transparently in India, it aims to auction long-term coal linkages to power companies.

18/05/2017 32 EN

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Motilal Oswal

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MOSL: Morning India (18/May/17)-1.Hindustan Unilever-2. Bajaj Finance; 3. JSW Steel; 4. MRPL; 5. United Breweries

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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