Our recent meeting with Dabur's management team reiterated steady demand scenario and firm's improving execution. Amidst increasing to steady market share and waning intensity from Patanjali, Dabur expects volumes to grow in
We view WHIRLpool as one of the best plays in Indian home appliances, given its assorted product mix aiding growth across cycles, formidable market share, sturdy product pipeline, strong parentage and innate financial strengt
ABB reported strong 31% YoY revenue growth in 3QCY18, in line with our expectations. However, pace of margin recovery has been slower than our expectations and led to the EBITDA miss.
Our assessment of H1 results indicates (i) Moderating new business growth, (ii) Product mix shifting towards protection & away from par-savings, (iii) Margins peaking out, as delta from protection mix increase slowing down, (
The quarter was a mixed bag - (i) new business growth picked up, but driven by lower margin fund management business, (ii) VNB margins improved, but losses from PMJJY led to negative operating variance, (iii) cost ratios & pe
Annual growth of wealth per adult averaged 8% over 2000–18. Prior to 2008, wealth also rose strongly, from $1,830 in 2000 to $5,020 in 2007. After falling 26% in 2008, it rebounded, and grew at an average rate of 7% up to 2
We upgrade HDFC to ‘buy’ with revised PT of Rs 2,030 -- the stock has corrected 17% in a little over two months, although underlying growth/profitability remains strong and valuations are now fair.
Volume growth has been divergent across segments and OEMs in Q2FY19e with Ashok Leyland, Bajaj and TVS expected to deliver 20%+ revenue growth and single-digit growth for others, partly on account of a delayed festive season.
Voltas/Blue Star has partly corrected in a weak market on fear of rise in compressor import duty. Branded AC players in India primarily import compressors from China.
The recent macro developments impact the sector's earnings and valuations negatively. We adjust our EPS and PEs to reflect this and roll over to Sep 20 EPS.
