Broadly inline; Some stability seen in toothpaste market-share Colgate's operating performance was expectedly muted in 1QFY18 with volumes down 5% YoY (vs expectation of -4%). Net sales realisation growth, though, was much lower than what we expected (details below) which resulted in a c.3% revenue decline (vs forecast of 3% growth). The company surprisingly effected a 7.9% cut in A&P; spends which helped drive a 5% operating profit growth. The key positive highlight, though, was the stability in toothpaste market share (on sequential comparison) at 54.3% after witnessing continuous decline since mid-2015. On the negative side, toothbrush seems to have lost share after...