In 2017, our upgrade on HUL was led by the rationale that the company will outperform its peers during a challenging environment. We are entering another patch of uncertainty (opportunity to outperform) but this time risk reward is not favorable. We maintain our NEUTRAL rating, which may change with (a) Further time correction in the stock, (b) Recovery in rural demand and (c) Successful integration of GSK portfolio (ability to surprise on margin expansion). HULs 1QFY20 performance reflects the underlying stress in consumption. With a turn in macros, HUL will be the first to bounce back given the inherent strength in its business. We maintain our NEUTRAL rating since we downgraded in Jul-18 (stock is flat since then). We value HUL at 45x on Jun-21 EPS with TP of Rs 1,804.