Motilal Oswal - MOSL: Morning India (1/February/20): 1. Hindustan Unilever; 2. ITC; 3. State Bank of India; 4. IOCL; 5. Power Grid Corpn; 6. Tech Mahindra; 7. Vedanta; 8. Bharti Infratel; 9. Motherson Sumi; 10. Marico

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Motilal Oswal

Team Research

EUR 120.00 For Business Accounts Only

MOSL: Morning India (1/February/20): 1. Hindustan Unilever; 2. ITC; 3. State Bank of India; 4. IOCL; 5. Power Grid Corpn; 6. Tech Mahindra; 7. Vedanta; 8. Bharti Infratel; 9. Motherson Sumi; 10. Marico

MOrning India (1/February/20): 1. Hindustan Unilever; 2. ITC; 3. State Bank of India; 4. IOCL; 5. Power Grid Corpn; 6. Tech Mahindra; 7. Vedanta; 8. Bharti Infratel; 9. Motherson Sumi; 10. Marico

Today’s top research idea

HUL: Robust performance, margins surprise yet again

HUL delivered remarkable volume growth of 5% on a high base amid a weak operating environment (moderating urban growth and further slowing down of rural growth sequentially).
EBITDA margin expanded 335bp YoY (210bp on comparable basis) led by cost-saving programs and GST-led logistics savings.
Beauty and Personal Care (BPC) segment de-grew slightly, while Foods segment growth has held on well.
We maintain positive outlook on HUL due to its nimbleness, strong execution on Naturals, premiuimization drive, and extensive technology deployment.
We derive a TP of INR2,280 on a target multiple of 50x FY22E unmerged EPS. GSKCH merger would boost EPS by 10% translating to ~45x PE on merged numbers. High valuations seem justified on superior business quality.

Piping hot news

FM Nirmala Sitharaman to present budget in Parliament today

Finance Minister Nirmala Sitharaman will on Saturday present the budget of the second term of the Narendra Modi Govt. This will also be the second budget for Sitharaman, who became the second woman finance minister after Indira Gandhi.

01/02/2020 64 EN

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MOSL: Morning India (1/February/20): 1. Hindustan Unilever; 2. ITC; 3. State Bank of India; 4. IOCL; 5. Power Grid Corpn; 6. Tech Mahindra; 7. Vedanta; 8. Bharti Infratel; 9. Motherson Sumi; 10. Marico

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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