Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights Consol Revs came in at Rs7.8bn, declined 5.7% yoy significantly below our est of Rs8.9bn. As per the company, excluding the discontinued portfolio (of tail-end brands) and voluntary recall of Zinetac, growth stood at 6%. This implies a sales loss of Rs963m due to these factors. Notably, as per IMS, Zinetac annual sales were ~Rs2bn Glaxo has been investing resources in focus products which is evident from 11% growth for the promoted brands during the quarter – partial...
GSK CONSUMER: Profits in line; RM inflation to keep margins under check (SKB IN, Mkt Cap USD5.4b, CMP INR9245, TP INR9480, 3% Upside, Neutral) While profits were in line, sales were significantly affected by a sharp decline in exports and a poor performance in the foods business. According to management, the focus on top-line growth may keep near-term margins under check. Given the nature of the Hindustan Unilever and GSK Consumer’s (SKB) transaction, the stock price of the latter will ...
The independent financial analyst theScreener just lowered the general evaluation of GLXSK.CSM.HLTHCR.LTD. (IN), active in the Food Products industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date December 17, 2019, the closing price was INR 8,374.80 and it...
GSK Consumer: Revenues in line; RM inflation to keep margins under check (SKB IN, Mkt Cap USD5.3b, CMP INR8963, TP INR9161, 2% Upside, Neutral) 2QFY20 sales were up 5.7% YoY to INR13.5b (in-line). On calculated basis, overall HFD volume growth was 3.6% YoY. EBITDA grew 11.9% YoY to INR4b (v/s est. INR3.7b); PBT grew 5.7% YoY to INR4.5b (in-line) and adj. PAT grew 23% YoY to INR3.5b (v/s est. INR3b). Value market share (L3M Sep'19) for Horlicks stood at 43.7% (up 40bp YoY but down 60bp QoQ)...
GSK Pharma: Strategy reset working, but valuations largely capturing benefits (GLXO IN, Mkt Cap USD3.1b, CMP INR1274, TP INR1350, 6% Upside, Neutral) Focus on product rationalization/operational efficiency reaping results: Sales came in flat YoY at INR7.5b (our estimate: INR7.9b). Gross margin (GM) expanded 120bp YoY (+580bp QoQ) to 59.4%, led by a superior product mix. EBITDA margin improved ~110bp YoY to 21.8% on account of a better GM and lower other expenses (-200bp YoY/ -380bp QoQ), ...
GSK Consumer: Commodity inflation to keep margins in check (SKB IN, Mkt Cap USD4.3b, CMP INR7146, TP INR7470, 5% Upside, Neutral) GSK Consumer (SKB) posted 9% YoY sales growth to INR12.9b (v/s est. of INR13.1b) with domestic HFD volume growth of 6.5% YoY. EBITDA grew 27.4% YoY to INR3.2b (v/s est. of INR2.8b); adj. PAT grew 21.4% YoY to INR2.6b (v/s est. of INR2.3b). Value market share (MAT Mar’19) for Horlicks stood at 42.9% (down 140bp YoY and 10bp sequentially) while value market share ...
GSK Consumer: In-line performance; Commodity inflation creeping up (SKB IN, Mkt Cap USD4.4b, CMP INR7410, TP INR7785, 5% Upside, Neutral) Sales increased 7.5% YoY to INR11.2b (our estimate: INR11.3b), led by domestic HFD volume growth of 8% YoY (our estimate: 4%); overall HFD volume growth was 9.6% YoY. EBITDA increased 14.9% YoY to INR2.4b (our estimate: INR2.4b), while adjusted PAT grew 35.1% YoY to INR2.2b (our estimate: INR1.95b), led by a steep 105% YoY increase in other income. Dom...
GSK Consumer: Operating performance above expectations; maintain Neutral (SKB IN, Mkt Cap USD4.1b, CMP INR6687, TP INR6710, Neutral) GSK Consumer (SKB) posted 12.3% YoY sales growth (including operating income) to INR11.1b (in-line). EBITDA grew 38% YoY to INR2.3b (our estimate: INR2.2b). Reported PAT rose 51.6% YoY to INR2b, led by a steep 75% YoY rise in other income. PAT adjusted for one-offs was INR1.8b (our estimate: INR1.6b). Value market share was flat YoY and QoQ for Horlicks (4...
GSK Consumer: Operating performance in-line; PAT beat led by higher other income (SKB IN, Mkt Cap USD3.7b, CMP INR5919, TP INR6255, 6% Upside, Neutral) GSK Consumer’s (SKB) sales (incl. operating income) rose 7.0% YoY to INR11.8b (est. of INR11.8b). EBITDA grew 14.7% YoY to INR2.5b (est. of INR2.5b), while adj. PAT rose 20.4% YoY to INR2.1b (est. of INR1.5b). Domestic like-to-like sales (adjusted for GST accounting impact) grew 10% YoY (volume growth of 8% v/s est. of +6%). Market share...
GSK Consumer: New products to support growth over medium term; Valuations fair (SKB IN, Mkt Cap USD4.1b, CMP INR6421, TP INR6350, 1% Downside, Neutral) GSK Consumer’s (SKB) sales grew 20.3% YoY (including operating income) to INR10.3b. EBITDA rose 21.7% YoY to INR2b (est. of INR2b), while adj. PAT increased 20.0% YoY to INR1.6b (est. of INR1.5b). Domestic sales grew 20%, led by 17% volume growth. Domestic like-to-like sales (adjusted for GST accounting impact) grew 7% YoY (volume growth o...
​GSK Consumer: Market share continues to decline, schemes impact gross margins(SKB IN, Mkt Cap USD3.7b, CMP INR5647, TP INR5400, 1% Downside, Neutral)GSK Consumer (SKB) posted 3.2% YoY sales growth (including operating income) to INR11.2b. EBITDA grew 6.6% YoY to INR2.6b (our estimate: INR2.3b), while adjusted PAT grew 4.7% YoY to INR1.9b (our estimate: INR1.75b). Like-to-like GST-adjusted sales grew 4.8% YoY. Like-to-like domestic sales grew 6% YoY while exports declined 26% YoY. Domestic vol...
​GSK Consumer: Market share continues to decline; schemes impact gross margin(SKB IN, Mkt Cap USD3.5b, CMP INR5505, TP INR4500, 18% Downside, Sell)GSK Consumer (SKB) posted 4.4% YoY net sales growth (including operating income; our estimate: -2%) to INR9.9b. EBITDA declined 18.3% YoY (our estimate: -11.1%) to INR1.7b, while adjusted PAT fell 17.7% YoY (our estimate: -6.9%) to INR1.3b. Gross sales declined 1.3% YoY to INR10.5b but lower excise duty led to higher net sales growth. MFD volumes we...
​GSK Consumer: Structural story remains weak; market share decline the last straw, Downgrade to Sell(SKB IN, Mkt Cap USD3.3b, CMP INR5260, TP INR4380, 17% Downside, Downgrade to Sell)GNP FY17 sales came at INR90b (18% YoY) with EBITDA margin at 20.3% and PAT at INR11.1b (up 58% YoY).Net sales for the quarter grew ~11.5% YoY (-2% QoQ) to ~INR24.2b (est. of ~INR30b). This strong disappointment is attributed to lower US sales of INR10b (INR12b in 3Q). EBITDA margin came in at 17%, below our estim...
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