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19 Oct 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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With India set to become as Unilever’s largest market by value overtaking US (undefined timeline though) (link), we reiterate how Indian consumer MNCs deliver immense value to the parent.
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17 Oct 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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We believe the MNC basket in consumer staples may potentially accelerate new product development (NPD) given the divergent strategies adopted by MNC and Indian players over last two years.
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17 Oct 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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Premiumisation in the Beauty and Personal Care (BPC) category, one of the most loved themes, offers big potential for Indian FMCG companies.
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13 Oct 2022
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FMCG
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KRChoksey
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Sector Update
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We expect the growth for FMCG companies in Q2FY23 to be in similar line to Q1FY23 driven by pricing, while volumes are expected to remain flat.
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26 Sep 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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Consumer sector overvaluation in Sep’22 is at 29% (per I-Sec Consumer Momentum Indicator (ICMI)) versus 22% in May’22.
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26 Sep 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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We believe Nestle may potentially outperform HUL in long term driven by multiple favourable factors (both extrinsic and intrinsic).
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21 Sep 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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Dairy companies have raised milk selling prices by 8-10% in the past eight months due to sustained rise in milk procurement prices.
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19 Sep 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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Unprecedented inflation and volatility in input costs across commodity baskets over last 12-18 months have led to gross margin decline for most Consumer Staples companies. However, recent correction in a few commodities and management commentary have likely led to consensus expecting operating margin expansion in 2HFY23. We do not agree.
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22 Aug 2022
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FMCG
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ICICI Securities Limited
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Sector Update
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This is NOT a template-based results review report (of aggregate performance, charts et al). This is a portfolio manager summary of the under-appreciated, yet very important takeaways from the 1QFY23 results season.
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08 Jul 2022
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FMCG
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ICICI Direct
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Sector Update
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