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HUL: Volume positive, net negative; maintaining Hold [Harrish Zaveri]
A fourth quarter of volume growth and negative net earnings growth, a 39% fall in
Soaps & Detergents PBIT, a 14.8% ad-spend-to-sales ratio and a margin decline in
Personal Products were the key highlights of HUL's Q3FY11 results. While
revenue was in line with our estimates, PAT (ex-exceptionals) declined by 12%.
We maintain our earnings estimates:
Construction Materials: Diversification offers better risk reward
[Chockalingam Narayanan]
Grasim's Q3FY11 numbers were marginally above our expectations. Net sales at
INR 54.6 bn (up 13% YoY) driving an EBITDA of INR 11.97 bn (down c17% YoY)
and Net income of INR 5.02 bn (down 13.5%).
United Phosphorus Ltd: Lower 3Q interims, cut estimates and TP, Buy
[Abhay Shanbhag]
Seasonally weak 3Q also saw weak guidance. 3Q Revenue (INR 12.2bn, +6% yoy,
DBe – INR 12.5bn) was driven by RoW (+36% yoy, 43% of 3Q revenue) and
domestic market (+6% yoy, 27%) while constrained by Europe (-24% yoy, 16%)
and North America (-4% yoy, 14%).
Sterlite Industries: 3Q'FY11 - In line with expectations [Abhay Laijawala]
Sterlite’s 3Q’FY11 EBITDA came in line with our expectations. However, the
headline earnings were below our expectations on account of a sequential decline
in 'Other income' (-19% QoQ) and higher deductions towards minorities (+32%
QoQ).
Dr Reddy's Labs: Lackluster 3Q; cut estimates, maintain Sell [Abhay
Shanbhag]
Lower growth in 3Q revenue (INR 19bn, +10%yoy, DBe ‐ INR 19.6bn) due to (a)
only 60% growth in US formulations to INR 4.8bn despite 3 new launches
(lansaprazole, zafirlucast and valacyclovir) and increasing market.
Sterlite Industries: Balco arbitration panel upholds GoI stance [Abhay
Laijawala]
Balco arbitration panel has ruled that the Indian government (GoI) has no obligation
to sell its 49% stake in Balco to Sterlite Industries and that it is free to choose a
suitable buyer for the sale of its stake.
Titan Industries Ltd: Great franchise, good opportunity. Maintain Buy
[Harrish Zaveri]
We expect strong numbers from Titan, driven by pass-through in gold prices (see
chart showing Titan's jewellery PBT's leverage to gold prices). Typically jewellery
volumes have been sober whenever gold prices have increased
disproportionately.
Marico Limited: Weak numbers could present an opportunity [Gaurav Bhatia]
The spike in copra prices (40% of raw material cost) is not structural but a
temporary one and should ease in February when the best copra produce for the
year floods the market.
Asia Economics Special: India: RBI resumes tightening; rate increase to
continue [Taimur Baig, Kaushik Das]
Stressing that “inflation is clearly the dominant concern,” the Reserve Bank of
India resumed monetary policy tightening in Tuesday’s third quarter monetary
policy review.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
HUL: Volume positive, net negative; maintaining Hold [Harrish Zaveri]
A fourth quarter of volume growth and negative net earnings growth, a 39% fall in
Soaps & Detergents PBIT, a 14.8% ad-spend-to-sales ratio and a margin decline in
Personal Products were the key highlights of HUL's Q3FY11 results. While
revenue was in line with our estimates, PAT (ex-exceptionals) declined by 12%.
We maintain our earnings estimates:
Construction Materials: Diversification offers better risk reward
[Chockalingam Narayanan]
Grasim's Q3FY11 numbers were marginally above our expectations. Net sales at
INR 54.6 bn (up 13% YoY) driving an EBITDA of INR 11.97 bn (down c17% YoY)
and Net income of INR 5.02 bn (down 13.5%).
United Phosphorus Ltd: Lower 3Q interims, cut estimates and TP, Buy
[Abhay Shanbhag]
Seasonally weak 3Q also saw weak guidance. 3Q Revenue (INR 12.2bn, +6% yoy,
DBe – INR 12.5bn) was driven by RoW (+36% yoy, 43% of 3Q revenue) and
domestic market (+6% yoy, 27%) while constrained by Europe (-24% yoy, 16%)
and North America (-4% yoy, 14%).
Sterlite Industries: 3Q'FY11 - In line with expectations [Abhay Laijawala]
Sterlite’s 3Q’FY11 EBITDA came in line with our expectations. However, the
headline earnings were below our expectations on account of a sequential decline
in 'Other income' (-19% QoQ) and higher deductions towards minorities (+32%
QoQ).
Dr Reddy's Labs: Lackluster 3Q; cut estimates, maintain Sell [Abhay
Shanbhag]
Lower growth in 3Q revenue (INR 19bn, +10%yoy, DBe ‐ INR 19.6bn) due to (a)
only 60% growth in US formulations to INR 4.8bn despite 3 new launches
(lansaprazole, zafirlucast and valacyclovir) and increasing market.
Sterlite Industries: Balco arbitration panel upholds GoI stance [Abhay
Laijawala]
Balco arbitration panel has ruled that the Indian government (GoI) has no obligation
to sell its 49% stake in Balco to Sterlite Industries and that it is free to choose a
suitable buyer for the sale of its stake.
Titan Industries Ltd: Great franchise, good opportunity. Maintain Buy
[Harrish Zaveri]
We expect strong numbers from Titan, driven by pass-through in gold prices (see
chart showing Titan's jewellery PBT's leverage to gold prices). Typically jewellery
volumes have been sober whenever gold prices have increased
disproportionately.
Marico Limited: Weak numbers could present an opportunity [Gaurav Bhatia]
The spike in copra prices (40% of raw material cost) is not structural but a
temporary one and should ease in February when the best copra produce for the
year floods the market.
Asia Economics Special: India: RBI resumes tightening; rate increase to
continue [Taimur Baig, Kaushik Das]
Stressing that “inflation is clearly the dominant concern,” the Reserve Bank of
India resumed monetary policy tightening in Tuesday’s third quarter monetary
policy review.
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