MOSL: Morning India (26/May/17)-1.Hindustan Unilever-2. IoC 3. Bosch 4. Britannia Inds. 5. Cipla 6. NMDC 7. Container Cop. 8. Ashok Leyland
​MOrning India (26/May/17): 1.Hindustan Unilever; 2. IoC; 3. Bosch; 4. Britannia Inds.; 5. Cipla; 6. NMDC; 7. Container Cop.; 8. Ashok Leyland; 9. Page Inds.; 10. Amara Raja Batt.
Today’s top research idea
- ​Hindustan Unilever: Juggernaut moves forward; Earnings outlook better than it has been for many years
- A confluence of positives including likely normal monsoon, moderate inflation, government schemes aiding growth, weak base, end of commodity price deflation, premiumization and cost savings is leading to a healthy outlook for rural-focused companies.
- For HUVR, the salience of rural sales is one of the highest, brand portfolio is the widest, and distribution reach is the broadest among peers.
- We expect earnings CAGR of 15% over FY17-19, far superior than the 6-11% for the past 3/5/10 years. This, along with best-of-breed return ratios and dividend yield, justifies premium valuations. We reiterate Buy with a price target of INR1,165 (45x FY19E EPS; 5% premium to three-year average).
Piping hot news
Coal shortage may hit 4,400 MW power generation capacity at NTPC
- ​Some 4,400 MW of NTPC power generation capacity face severe coal scarcity in three months because the mine that fuels these plants is not able to acquire the land needed to maintain fuel supply.
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