HUL's high valuation is natural, considering consistent market share gain with margin expansion and strong RoCE. We expect HUL to be a key beneficiary of GST and premiumisation. We value HUL based on 42x P/E on Sep-19 EPS. Our TP is Rs 1,363. We maintain BUY. We interacted with the management of HUL, and covered points like (1) GST implementation update, (2) Progress in channel restocking, (3) Trends in consumer off-takes and (4) Change in cost elements.