Hindustan Unilever Ltd (HUVR IN)

Transcription

INSTITUTIONAL EQUITY RESEARCH
Hindustan Unilever Ltd (HUVR IN)
Recovery to be protracted
10 June 2015
INDIA | FMCG | Company Update
Key highlights of HUL’s FY15 annual report and management commentary:
Demand environment continues to remain sluggish: FY15 saw a marked slowdown in
growth in developed markets (such as Europe and Japan) and emerging markets (such as
China). The operating environment in India remained challenging due to faltering demand,
consumer down-trading, volatile input costs, and heightened competitive intensity.
Domestic consumer business grew 10%, with 5% underlying volume growth.
Premiumisation continues in soaps & detergents: Led by mix growth, soaps & detergents
grew 9% yoy in FY15 (8%/19%/21% in FY14/13/12). Lower commodity costs and better cost
management helped the segment’s profit grow faster (14% yoy) despite sustained
investments in quality and brand marketing. We expect this category’s revenue to stay
sluggish for the next two years (see 9%/11% growth in FY16/FY17).
Personal products growth, while ahead of the market, was muted: Due to sluggish demand
in the personal products market, this category grew 11% yoy in FY15 (9%/13%/13% in
FY14/13/12). The segment’s profit grew faster (17% yoy) due to lower commodity costs and
better cost management. Our channel checks show that growth in personal products
continues to face severe headwinds. Hence, we expect a slow revival (FY16/FY17 revenues
to grow by 11%/ 12%).
Neutral (Maintain)
CMP RS 823
TARGET RS 844 (+3%)
COMPANY DATA
O/S SHARES (MN) :
MARKET CAP (RSBN) :
MARKET CAP (USDBN) :
52 - WK HI/LO (RS) :
LIQUIDITY 3M (USDMN) :
PAR VALUE (RS) :
2164
1757
27.4
979 / 610
23.2
1
SHARE HOLDING PATTERN, %
PROMOTERS :
FII / NRI :
FI / MF :
NON PROMOTER CORP. HOLDINGS :
PUBLIC & OTHERS :
67.2
15.4
3.8
1.1
12.5
PRICE PERFORMANCE, %
1MTH
-9.2
-7.1
ABS
REL TO BSE
3MTH
-13.5
-3.6
1YR
27.2
22.7
PRICE VS. SENSEX
Other categories performed well: Beverages revenues grew 9% yoy in FY15 across both tea
and coffee, lower than 11-13% growth in the preceding three years, due to lower price
growth (as commodity costs were softer in H2FY15). We expect revenue growth of 11% and
12% yoy for FY16 and FY17 respectively. Packaged foods saw superior 15% growth driven by
good growth in Kissan and Knorr. Water delivered double-digit growth while its margins
improved significantly.
‘Customer development’ function sees a major overhaul, but yet to deliver results: In line
with its project, ‘Winning In Many Indias’ (WIMI), the company has restructured its sales
organisation with a new fifth sales branch in Lucknow. Going forward, the sales performance
will be driven through 14 consumer clusters that will report to five sales branches, thereby
helping the management to focus on unique consumer needs in each cluster.
Cash flow down, royalty up: Operating cash flow declined 10% yoy to Rs 40.5bn. Royalty
payments increased 40% to Rs 7.35bn (currently 2.4% of sales which will go to 3.15% by
2018 in a staggered manner). Capital expenditure declined 2.5% to Rs 4.8bn. Working capital
days increased by 2.6 because of lower current liabilities, and higher cash & cash
equivalents.
Balance sheet highlights: According to the management, cost of equity decreased to 10.9%
in FY15 from 11.6% in FY14 (because of decreasing interest rates). Cash and cash equivalents
increased by Rs 3.1bn to Rs 25.3bn. Current investment grew by Rs 1.6bn to Rs 26.2bn.
220
180
140
100
60
Apr-13
Apr-14
HUL
Apr-15
BSE Sensex
Source: Phillip Capital India Research
KEY FINANCIALS
Rs mn
Net Sales
EBIDTA
Net Profit
EPS, Rs
PER, x
EV/EBIDTA, x
P/BV, x
ROE, %
FY15E
FY16E
FY17E
301,705 331,592 370,907
58,266 67,121 77,951
38,445 45,002 52,062
17.8
20.8
24.1
46.3
39.5
34.2
30.1
26.0
22.3
47.8
45.4
41.2
103.2
114.8
120.6
Source: PhillipCapital India Research Est.
Maintain estimates and recommendation (Neutral), cut the multiple: We have maintained
our estimates incorporating slower volume growth and resurgence in crude oil prices.
Currently, the company trades at 40x FY16 and 34x FY17 estimated earnings. We reduce our
target P/E multiple for FY17 to 35x considering the de-rating of the FMCG sector; we value
the stock at Rs 844 (Rs 920 earlier). Take into account the limited upside from current levels
and sluggishness of growth in FY16, we maintain our recommendation at Neutral.
Page | 1 | PHILLIPCAPITAL INDIA RESEARCH
Naveen Kulkarni, CFA, FRM
(+ 9122 6667 9947)
[email protected]
Jubil Jain (+ 9122 66679766)
[email protected]
HINDUSTAN UNILEVER LTD COMPANY UPDATE
The stock valuation has adjusted to the muted earnings & overall derating of sector.
One-year forward P/E band
1200
EV/EBITDA band
Rs
40x
1000
30x
800
2500000
Rs mn
24x
2000000
18x
1500000
20x
600
12x
1000000
400
10x
6x
500000
200
0
0
Source: PhillipCapital India Research Estimate
Change in Estimates
(Rs mn)
Net Sales
EBITDA
PBT
Adj PAT
Adj PAT margin (%)
Adj EPS (Rs)
__Earlier estimates__
___Revised estimates___ Upgrade/(downgrade) (%)
FY16E
FY17E
FY16E
FY17E
FY16E
FY17E
333,008
66,378
63,073
44,782
13.4
20.7
377,348
77,424
73,829
52,049
13.8
24.1
331,592
67,121
63,815
44,990
13.6
20.8
370,907
77,951
74,356
52,049
14.0
24.1
(0.4)
1.1
1.2
0.5
17
0.5
(1.7)
0.7
0.7
0.0
23
0.0
Source: PhillipCapital India Research Estimates
Segment operating performance
Source: Company, PhillipCapital India Research
Sales Schedule as per Annual Report
CY2006
CY2007
FY2009
(15 months)
137178
202393
30,408
43,019
29,552
49,085
59,960
92,104
38,608
56,161
15,512
21,567
1,585
2,294
2,929
4,831
2,773
3,854
14,713
20,856
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
175238
37,273
39,092
76,365
51,073
19,251
2,289
4,273
3,242
18,469
193810
39,397
41,601
80,998
59,262
20,975
2,720
5,757
3,389
20,548
217356
43,034
53,737
96,771
65,098
19,824
3,543
6,479
3,776
21,673
252064
53,626
60,779
114,406
74,288
22,246
4,134
6,767
4,250
25,794
274083
56,945
65,398
122,344
80,927
25,780
4,549
7,702
4,348
28,201
301705
61,412
71,760
133,171
89,967
28,119
5,515
9,057
4,651
30,987
Total
Soaps
Synthetic Detergents
Total Soaps & Detergents
Personal products
Tea
Frozen Desserts & Ice Creams
Canned & processed fruits & vegetables
Branded Staple Foods
Others**
121034
28,087
25,084
53,171
34,575
14,095
1,344
2,332
1,779
12,493
Growth yoy %
Soaps
Personal products*
Tea
Others
10.5
15.9
13.0
15.4
(0.9)
38.5
34.1
6.1
47.1
8.3
17.8
12.8
11.7
10.1
17.9
25.6
55.8
17.8
19.1
43.3
30.9
29.7
29.8
20.8
44.4
20.9
35.0
(13.4)
(20.4)
(17.1)
(9.1)
(10.7)
(0.2)
(11.5)
(15.9)
(11.4)
5.7
6.4
6.1
16.0
9.0
18.8
34.7
4.5
11.3
9.2
29.2
19.5
9.8
(5.5)
30.3
12.5
11.4
5.5
24.6
13.1
18.2
14.1
12.2
16.7
4.4
12.6
19.0
6.2
7.6
6.9
8.9
15.9
10.0
13.8
2.3
9.3
7.8
9.7
8.9
11.2
9.1
21.2
17.6
7.0
9.9
Contribution %
Soaps
Personal products
Tea
Others
23.2
20.7
43.9
28.6
11.6
1.1
1.9
1.5
10.3
22.2
21.5
43.7
28.1
11.3
1.2
2.1
2.0
10.7
21.3
24.3
45.5
27.7
10.7
1.1
2.4
1.9
10.3
21.3
22.3
43.6
29.1
11.0
1.3
2.4
1.9
10.5
20.3
21.5
41.8
30.6
10.8
1.4
3.0
1.7
10.6
19.8
24.7
44.5
30.0
9.1
1.6
3.0
1.7
10.0
21.3
24.1
45.4
29.5
8.8
1.6
2.7
1.7
10.2
20.8
23.9
44.6
29.5
9.4
1.7
2.8
1.6
10.3
20.4
23.8
44.1
29.8
9.3
1.8
3.0
1.5
10.3
Note: *Personal Products sales in FY12 are lower being adjusted for Other Operating Income. Reported
growth is 17% yoy for FY12
** Other business includes Water
Soaps: Due to volatile prices of palm oil and subdued growth in volumes, soaps saw
8% growth (6%/25%/9% in FY14/13/12). Lifebuoy clocked a revenue of Rs 20bn and
reached its highest-ever market share. HUL re-launched Lux in the year, with a new
fragrance; it garnered good consumer response, according to the company. In the
premium segment, Dove continued to deliver volume-led growth. The company
continued to invest in the promising categories of liquid hand wash and liquid body
wash.
Our take: We expect the demand in soaps to show a slow improvement; we see
FY16/FY17 growth at 9%/11%. Low-inflation will increase competitive pressures from
local and regional players.
Detergents: Driven majorly by mix and price hike, detergents grew 10% (vs.
8%/13%/29% in FY14/FY13/FY12). The company passed on the benefits of low
commodity prices to consumers, which helped improve the product mix. All the three
detergent brands—Surf, Rin, and Wheel—are now Rs 20bn brands. Surf achieved
double-digit growth. Higher growth in Surf and muted growth in Wheel saw Surf
dislodging Wheel as HUL’s largest brand. Within Rin, the bars portfolio grew welle
while powders saw moderate growth. Fabric conditioner (Comfort) showed doubledigit growth.
Our take: We expect detergents demand to pick up slowly over the next two
financials—we peg FY16/FY17 detergent revenue growth at 8%/10%. The company
has taken price cuts in Surf and Rin. We expect the detergents portfolio to continue
to premiumize in FY16.
Household care: Vim sustained double-digit growth. Growth was driven by the tub
and liquids portfolio. The Vim tub segment continued to see strong growth with the
launch of a 250gm pack in the third quarter to complement the existing 500gm pack.
Skin care: Face care growth was ahead of the market across skin lightening, facial
cleansing, anti-ageing and men’s formats. Fair & Lovely continued to deliver good
growth in the second year of its re-launch as ‘Best Ever’ Fair & Lovely. Pond’s
continued to deliver double-digit growth led by the good performance, particularly of
the skin lightening and talcs portfolio. During the year, Pond’s forayed into the malegrooming segment (including face washes and moisturisers), which has performed
well according to the management. Lakmé sustained its growth momentum during
the year.
Our take: Though HUL’s skin care segment has managed to outperform the market,
its absolute growth is not very exciting; for FY16 and FY17 it will continue to remain
challenging due to tepid demand environment in the category.
Hair care: Hair care delivered another strong year of competitive volume-led doubledigit growth on superior performance across brands (Dove, Sunsilk, Clinic Plus and
TRESemme). Clinic Plus consolidated its position as the largest shampoo franchise
growing in strong double digits. Dove saw double digit growth. TRESemmé continued
its premiumisation agenda. It launched two new products—Split Remedy and Spa
Rejuvenation. It has quickly joined HUL’s Rs 1bn club. Toni&Guy, the premium brand
from the Unilever’s hair portfolio was rolled out in key premium outlets during the
year.
Oral Care: Oral care saw muted growth because of elevated competition and
promotional intensity. Closeup launched a new variant, Diamond Attraction, a firstof-its-kind premium (instant) whitening variant. While Close Up performed well,
Pepsodent continued to struggle.
Color cosmetics: Lakmé Colors business sustained double-digit growth and is focused
on premiumisation. It has two platforms ‘9 to 5’ and ‘Absolute’ under which it
launched Absolute Gloss Addict. It also launched a Makeup Pro App, a real-time
virtual makeover mobile application. Other launches include creaseless lipsticks and
Eyeconic shades.
Deodorants: It recently launched ‘Axe Signature’ perfume sprays. A new deodorant
manufacturing facility was commissioned in Khamgaon (Maharashtra). This will
support the indigenization of production for a large portion of deodorants in the
aerosol form that are currently imported.
Beverages: Beverages segment saw 9% revenue growth across tea and coffee.
Premiumisation in tea was driven by Taj Mahal and 3 Roses. Instant coffee business
saw growth with BRU Gold performing particularly well, according to the company.
Foods: Packaged foods revenue grew 15% with profit growth of 36%. Kissan grew in
double digits. Knorr’s growth was led by soups, particularly the single-serve format.
Knorr Noodles launched Chinese flavours. We believe that due to recent controversy
surrounding Maggi, Knorr will be able to gain some market share in the noodles
category. The frozen desserts and ice-cream business grew 21% and improved
profitability led by new launches and increase in distribution. Magnum, the premium
ice-cream brand is now present in Chennai, Mumbai, Pune, Bangalore, Hyderabad,
Delhi, and Kolkata.
Water: Pureit delivered double-digit growth while improving margins significantly. It
introduced Ultima (RO+UV purifier). The product has been able to gain presence in
the premium RO+UV segment with a double-digit market share in modern trade.
Beauty and wellness: Lakme Lever delivered double-digit growth for the fifth
consecutive year, although the market slowed down because of consumers pulling
back discretionary spends. It opened 25 new salons taking the total count to 230.
Significant initiatives
 HUL undertook the project ‘Winning In Many Indias’ (WIMI) to leverage the
diversity of people, culture, habits, economics, and demographics that exists
across India. The company restructured its sales structure by setting up the fifth
sales branch in Lucknow to unlock growth in Central India. In line with the WIMI
strategy, performance of the country will be driven through 14 consumer
clusters, reporting to five sales branches, focusing the categories on the unique
consumer needs in each cluster.
 In order to tap the fast growing e-commerce channel, HUL has launched a
website www.humarashop.com. Though the website is functional only in select
areas of Mumbai and Gurgaon, the company is well placed to lead category
growth in this channel.
 HUL’s supply chain saving was 5% driven by various cross-functional teams, such
as R&D, procurement, manufacturing and logistics.
 Project Shakti (Hindustan Unilever's rural direct-to-consumer retail distribution
initiative) now has over 70,000 Shakti Entrepreneurs (Shakti Ammas) and 48,000
Shaktimaans covering 165,000 villages and reaching over four million rural
households.
Revenue growth has slowed down in last two years and we estimate a protracted
recovery
Revenue
Revenue Growth (rhs)
350000
20%
300000
15%
250000
10%
200000
5%
150000
0%
100000
-5%
50000
0
-10%
Gross Margins continue to see improvement. We estimate further improvements
driven by mix improvement & savings in raw material sourcing
Gross Profit
% ofsales (rhs)
160000
50%
49%
48%
47%
46%
45%
44%
43%
42%
41%
40%
140000
120000
100000
80000
60000
40000
20000
0
Operating Cash Flows have been steady over the years
Operating Cash Flow
50000
40000
30000
20000
10000
0
% of sales (rhs)
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
EBITDA margins have been stagnant over last few years and we estimate gradual
improvement in future driven by better cost management
EBITDA
EBITDA Margin (rhs)
50000
25%
40000
20%
30000
15%
20000
10%
10000
5%
0
0%
Ad Spends have been sustained at high levels since last few years due to prolonged
and intense competitive intensity
Ad Spends
% of sales (rhs)
50000
16%
14%
40000
12%
10%
30000
8%
20000
6%
4%
10000
2%
0
0%
Free Cash Flow has been healthy over last few years and we estimate it to be stable
for FY16 & FY17
Free Cash Flow
40000
30000
% of sales (rhs)
25%
20%
15%
20000
10%
10000
0
5%
0%
Financials
Income Statement
Y/E Mar, Rs mn
Net sales
Growth, %
Other income
Total income
Raw material expenses
Employee expenses
Other Operating expenses
EBITDA (Core)
Growth, %
Margin, %
Depreciation
EBIT
Growth, %
Margin, %
Interest paid
Pre-tax profit
Tax provided
Profit after tax
Net Profit
Growth, %
Net Profit (adjusted)
Unadj. shares (m)
Wtd avg shares (m)
Cash Flow
FY14 FY15E FY16E FY17E
274,083 301,705 331,592 370,907
8.7
10.1
9.9
11.9
12,319 12,535 13,711 15,286
286,402 314,240 345,303 386,193
-143,436 -156,236 -168,361 -186,395
-14,360 -15,789 -17,466 -19,207
-77,643 -83,949 -92,355 -102,640
50,963 58,266 67,121 77,951
10.5
14.3
15.2
16.1
18.6
19.3
20.2
21.0
-2,606 -2,867 -3,137 -3,426
48,357 55,399 63,984 74,525
10.5
14.6
15.5
16.5
17.6
18.4
19.3
20.1
-360
-168
-168
-168
47,997 55,240 63,827 74,369
-11,014 -16,795 -18,826 -22,307
36,983 38,445 45,002 52,062
36,983 38,445 45,002 52,062
10.5
4.0
17.1
15.7
36,983 38,445 45,002 52,062
2,162
2,162
2,162
2,162
2,162
2,162
2,162
2,162
Balance Sheet
Y/E Mar, Rs mn
FY14
FY15E
FY16E
FY17E
Cash & bank
Debtors
Inventory
Loans & advances
Other current assets
Total current assets
Investments
Gross fixed assets
Less: Depreciation
Add: Capital WIP
Net fixed assets
Non-current assets
Total assets
22,210 25,376 33,012 41,375
8,164
7,829
8,975 10,420
27,475 26,027 28,044 30,097
11,432 12,407 13,098 14,428
719
593
593
593
70,000 72,232 83,722 96,913
30,941 32,779 32,779 32,779
44,429 47,214 51,714 56,714
-20,208 -22,638 -25,775 -29,202
3,198
4,790
4,790
4,790
27,418 29,365 30,729 32,302
7
4
4
4
129,984 136,341 149,194 163,958
Current liabilities
Provisions
Total current liabilities
Total liabilities
Paid-up capital
Reserves & surplus
Shareholders’ equity
Total equity & liabilities
78,180 75,590 82,448 89,612
19,034 23,502 27,540 31,185
97,214 99,093 109,988 120,798
97,214 99,093 109,988 120,798
2,163
2,164
2,164
2,164
30,608 35,084 37,042 40,997
32,770 37,248 39,206 43,160
129,984 136,341 149,194 163,958
Source: Company, PhillipCapital India Research Estimates
Pre-tax profit
Depreciation
Chg in working capital
Total tax paid
Cash flow from operating activities
Capital expenditure
Cash flow from investing activities
Free cash flow
Dividend (incl. tax)
Cash flow from financing activities
Net chg in cash
FY14
47,997
2,606
7,775
-12,966
45,412
-4,939
-12,573
32,839
-29,485
-25,533
7,306
FY15E
55,240
2,867
-1,653
-15,920
40,535
-4,814
-6,649
33,886
-35,561
-35,424
-1,539
FY16E
63,827
3,137
3,004
-13,706
56,262
-4,500
-4,496
51,766
-44,113
-44,113
7,653
FY17E
74,369
3,426
2,336
-20,825
59,305
-4,999
-4,995
54,310
-45,931
-45,931
8,379
FY14
FY15E
FY16E
FY17E
17.1
10.5
15.2
17.1
18.3
19.6
13.0
17.8
4.0
17.2
17.8
19.1
18.7
15.0
20.8
17.1
18.1
20.8
22.3
26.0
17.0
24.1
15.7
20.0
24.1
25.7
27.4
19.0
30.4
112.9
125.1
29.0
103.2
110.1
31.6
114.8
118.0
33.3
120.6
126.7
Valuation Ratios
Per Share data
EPS (INR)
Growth, %
Book NAV/share (INR)
FDEPS (INR)
CEPS (INR)
CFPS (INR)
DPS (INR)
Return ratios
Return on assets (%)
Return on equity (%)
Return on capital employed (%)
Turnover ratios
Asset turnover (x)
Sales/Total assets (x)
Sales/Net FA (x)
Working capital/Sales (x)
Working capital days
Liquidity ratios
Current ratio (x)
Quick ratio (x)
Interest cover (x)
Dividend cover (x)
Net debt/Equity (%)
Valuation
PER (x)
Price/Book (x)
Yield (%)
EV/Net sales (x)
EV/EBITDA (x)
EV/EBIT (x)
(158.3) (257.9) (1,752.4) (266.6)
2.2
2.3
2.3
2.4
10.4
10.6
11.0
11.8
(0.2)
(0.2)
(0.2)
(0.2)
(65.8) (63.2) (65.3) (64.2)
0.7
0.4
134.2
1.3
(67.8)
0.7
0.5
329.4
1.2
(68.1)
0.8
0.5
380.4
1.2
(84.2)
0.8
0.6
443.1
1.3
(95.9)
48.1
54.3
1.6
6.4
34.5
36.3
46.3
47.8
1.8
5.8
30.1
31.7
39.5
45.4
2.1
5.3
26.0
27.3
34.2
41.2
2.3
4.7
22.3
23.3
Management
Vineet Bhatnagar (Managing Director)
Kinshuk Bharti Tiwari (Head – Institutional Equity)
Jignesh Shah (Head – Equity Derivatives)
(91 22) 2300 2999
(91 22) 6667 9946
(91 22) 6667 9735
Research
Automobiles
Dhawal Doshi
(9122) 6667 9769
Banking, NBFCs
Manish Agarwalla
Pradeep Agrawal
Paresh Jain
(9122) 6667 9962
(9122) 6667 9953
(9122) 6667 9948
Consumer, Media, Telecom
Naveen Kulkarni, CFA, FRM
Jubil Jain
Manoj Behera
Cement
Vaibhav Agarwal
Engineering, Capital Goods
Ankur Sharma
Hrishikesh Bhagat
Economics
Anjali Verma
(9122) 6667 9969
Infrastructure & IT Services
Vibhor Singhal
Deepan Kapadia
(9122) 6667 9949
(9122) 6667 9992
Logistics, Transportation & Midcap
Vikram Suryavanshi
(9122) 6667 9951
(9122) 6667 9947
(9122) 6667 9766
(9122) 6667 9973
Metals
Dhawal Doshi
(9122) 6667 9967
Oil&Gas, Agri Inputs
Gauri Anand
(9122) 6667 9759
(9122) 6667 9986
Pharma
Surya Patra
Mehul Sheth
(9122) 6667 9991
(9122) 6667 9964
(9122) 6667 9989
(9122) 6667 9934
(9122) 6667 9974
Sales Trader
Dilesh Doshi
Suniil Pandit
Execution
Mayur Shah
(9122) 6667 9952
Portfolio Strategy
Anindya Bhowmik
(9122) 6667 9764
Technicals
Subodh Gupta, CMT
(9122) 6667 9762
Production Manager
Ganesh Deorukhkar
(9122) 6667 9966
Database Manager
Deepak Agarwal
(9122) 6667 9944
Editor
Roshan Sony
98199 72726
(9122) 6667 9769
(9122) 6667 9943
(9122) 6667 9768
(9122) 6667 9996
Sr. Manager – Equities Support
Rosie Ferns
(9122) 6667 9971
Corporate Communications
Sales & Distribution
Ashvin Patil
Shubhangi Agrawal
Kishor Binwal
Sidharth Agrawal
Bhavin Shah
Midap
Amol Rao
Zarine Damania
(9122) 6667 9976
(9122) 6667 9747
(9122) 6667 9745
(9122) 6667 9945
Contact Information (Regional Member Companies)
SINGAPORE
Phillip Securities Pte Ltd
250 North Bridge Road, #06-00 Raffles City Tower,
Singapore 179101
Tel : (65) 6533 6001 Fax: (65) 6535 3834
www.phillip.com.sg
MALAYSIA
Phillip Capital Management Sdn Bhd
B-3-6 Block B Level 3, Megan Avenue II,
No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur
Tel (60) 3 2162 8841 Fax (60) 3 2166 5099
www.poems.com.my
HONG KONG
Phillip Securities (HK) Ltd
11/F United Centre 95 Queensway Hong Kong
Tel (852) 2277 6600 Fax: (852) 2868 5307
www.phillip.com.hk
JAPAN
Phillip Securities Japan, Ltd
4-2 Nihonbashi Kabutocho, Chuo-ku
Tokyo 103-0026
Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141
www.phillip.co.jp
INDONESIA
PT Phillip Securities Indonesia
ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A,
Jakarta 10220, Indonesia
Tel (62) 21 5790 0800 Fax: (62) 21 5790 0809
www.phillip.co.id
CHINA
Phillip Financial Advisory (Shanghai) Co. Ltd.
No 550 Yan An East Road, Ocean Tower Unit 2318
Shanghai 200 001
Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940
www.phillip.com.cn
THAILAND
Phillip Securities (Thailand) Public Co. Ltd.
15th Floor, Vorawat Building, 849 Silom Road,
Silom, Bangrak, Bangkok 10500 Thailand
Tel (66) 2 2268 0999 Fax: (66) 2 2268 0921
www.phillip.co.th
FRANCE
King & Shaxson Capital Ltd.
3rd Floor, 35 Rue de la Bienfaisance
75008 Paris France
Tel (33) 1 4563 3100 Fax : (33) 1 4563 6017
www.kingandshaxson.com
UNITED KINGDOM
King & Shaxson Ltd.
6th Floor, Candlewick House, 120 Cannon Street
London, EC4N 6AS
Tel (44) 20 7929 5300 Fax: (44) 20 7283 6835
www.kingandshaxson.com
UNITED STATES
Phillip Futures Inc.
141 W Jackson Blvd Ste 3050
The Chicago Board of Trade Building
Chicago, IL 60604 USA
Tel (1) 312 356 9000 Fax: (1) 312 356 9005
AUSTRALIA
PhillipCapital Australia
Level 37, 530 Collins Street
Melbourne, Victoria 3000, Australia
Tel: (61) 3 9629 8380 Fax: (61) 3 9614 8309
www.phillipcapital.com.au
SRI LANKA
Asha Phillip Securities Limited
Level 4, Millennium House, 46/58 Navam Mawatha,
Colombo 2, Sri Lanka
Tel: (94) 11 2429 100 Fax: (94) 11 2429 199
www.ashaphillip.net/home.htm
INDIA
PhillipCapital (India) Private Limited
No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013
Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
Disclosures and Disclaimers
PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives and Private Client Group. This report has been
prepared by Institutional Equities Group. The views and opinions expressed in this document may or may not match or may be contrary at times with the views, estimates, rating,
target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.
This report is issued by PhillipCapital (India) Pvt. Ltd. which is regulated by SEBI. PhillipCapital (India) Pvt. Ltd. is a subsidiary of Phillip (Mauritius) Pvt. Ltd. References to "PCIPL" in
this report shall mean PhillipCapital (India) Pvt. Ltd unless otherwise stated. This report is prepared and distributed by PCIPL for information purposes only and neither the
information contained herein nor any opinion expressed should be construed or deemed to be construed as solicitation or as offering advice for the purposes of the purchase or sale
of any security, investment or derivatives. The information and opinions contained in the Report were considered by PCIPL to be valid when published. The re port also contains
information provided to PCIPL by third parties. The source of such information will usually be disclosed in the report. Whilst PCIPL has taken all reasonable steps to ensure that this
information is correct, PCIPL does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report to undertake trading
does so entirely at his or her own risk and PCIPL does not accept any liability as a result. Securities and Derivatives markets may be subject to rapid and unexpected price movements
and past performance is not necessarily an indication to future performance.
This report does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors must
undertake independent analysis with their own legal, tax and financial advisors and reach their own regarding the appropriateness of investing in any securities or investment
strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. In no circumstances it be used or
considered as an offer to sell or a solicitation of any offer to buy or sell the Securities mentioned in it. The information contained in the research reports may have been taken from
trade and statistical services and other sources, which we believe are reliable. PhillipCapital (India) Pvt. Ltd. or any of its group/associate/affiliate companies do not guarantee that
such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice
Important: These disclosures and disclaimers must be read in conjunction with the research report of which it forms part. Rec eipt and use of the research report is subject to all
aspects of these disclosures and disclaimers. Additional information about the issuers and securities discussed in this research report is available on request.
Certifications: The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the research analyst’s
personal views about all of the subject issuers and/or securities, that the analyst have no known conflict of interest and no part of the research analyst’s compensation was, is or will
be, directly or indirectly, related to the specific views or recommendations contained in this research report. The Research Analyst certifies that he /she or his / her family members
does not own the stock(s) covered in this research report.
Independence/Conflict: PhillipCapital (India) Pvt. Ltd. has not had an investment banking relationship with, and has not received any compensation for investment banking services
from, the subject issuers in the past twelve (12) months, and PhillipCapital (India) Pvt. Ltd does not anticipate receiving or intend to seek compensation for investment banking
services from the subject issuers in the next three (3) months. PhillipCapital (India) Pvt. Ltd is not a market maker in the securities mentioned in this research report, although it or its
employees, directors, or affiliates may hold either long or short positions in such securities. PhillipCapital (India) Pvt. Ltd may not hold more than 1% of the shares of the
company(ies) covered in this report.
Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of
any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to
the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment
objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest
rates, as well as by other financial, economic or political factors. Past performance is not necessarily indicative of future performance or results.
Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither
PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed
herein are current opinions as of the date appearing on this material and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the
information current.
Copyright: The copyright in this research report belongs exclusively to PCIPL. All rights are reserved. Any unauthorized use or disclosure is prohibited. No reprinting or reproduction,
in whole or in part, is permitted without the PCIPL’s prior consent, except that a recipient may reprint it for internal circulation only and only if it is reprinted in its entirety.
Caution: Risk of loss in trading in can be substantial. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources
and other relevant circumstances.
For U.S. persons only: This research report is a product of PhillipCapital (India) Pvt Ltd. which is the employer of the research analyst(s) who has prepared the research report. The
research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore
the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise
comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst
account.
This report is intended for distribution by PhillipCapital (India) Pvt Ltd. only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act,
1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major
Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or
transmitted onward to any U.S. person, which is not the Major Institutional Investor.
In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major
Institutional Investors, PhillipCapital (India) Pvt Ltd. has entered into an agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo").Transactions in
securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.
PhillipCapital (India) Pvt. Ltd.
Registered office: No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013

Hindustan Unilever Ltd (HUVR IN)

Transcription

Similar documents

A golden opportunity to A golden opportunity to

Auto Expo 2016 - PhillipCapital

Dabur India Ltd - PhillipCapital

Esperus Systems Ltd

Projects - Parcar Engineers

“AN INITIATIVE TOWARDS “SOCIAL RESPONSIBILITY”

Golf Thank You

wallcoverings - Messe Frankfurt

Fall/Winter 2013 Newsletter

holsteins - Harriston

Bulletin Vol 17 Nr 5 - October 2011

Bharti Airtel (BHARTI IN)