汇丰银行-印度-消费者-印度消费者：7只股票仍有价值可寻-20170901-india consumer seven stocks where there is still value to be found-hsbc

《汇丰银行-印度-消费者-印度消费者：7只股票仍有价值可寻-20170901-india consumer seven stocks where there is still value to be found-hsbc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、1September2017IndiaConsumerEQUITIESINDIACONSUMERSevenstockswherethereisstillvaluetobefoundINDIACertainconsumercompanieshavebeatenexpectationsAmitSachdeva*AnalystdespitethedisruptioncausedbydemonetisationandGSTHSBCSecuritiesandCapitalMarkets(India)PrivateLimitedamit1

2、sachdeva@hsbc.co.inWhileoperatingconditionslooksettoimprovein2H,+912222681240valuationsremainelevated,whichmaylimitupsideKuldeepGangwar*,CFAAnalystHSBCSecuritiesandCapitalMarkets(India)PrivateLimitedOurkeyBuyideasareTitan,FutureRetail,NestleIndia,ITC,kuldeep.gangwar@hs

3、bc.co.in+912233960686Emami,AsianPaints,andHULKarenChoi*HeadofConsumerandRetailResearch,Asia-PacificDivergence.TheperformanceofconsumercompanieshasdivergedoverthepastTheHongkongandShanghaiBankingCorporationLimited,12months.Theslowdownintheruraleconomylastyearwasfollowedby

4、SeoulSecuritiesBranchkaren.choi@kr.hsbc.comdemonetisationin3Qand4QofFY17anddisruptionsrelatedtotheintroductionof+82237068781thegoodsandservicestax(GST)in1Q18.Eveninthisenvironment,somecompaniessuchasHUL,Titan,andFutureRetail,managedtodeliverstellarstock*Employedbyanon-US

5、affiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulations.returns.Whileothersdisappointed,theirstockpriceshaveheldsteadyasinvestorsseethesedisruptionsastemporary.Asaresult,valuationmultiplesremainelevatedwithmanyconsumernamesofferinglimited

6、upside.Ourstock-pickingformula.Inthecurrentcontextweusethefollowingcriteriatoselectourkeyideas:(1)companiesthathaveexecutedwelldespitetheenvironmentandwhoseoperatingperformanceislikelytostayrobust;(2)long-termstructuralwinners,wherevaluationsarestillbuildinginreasonablel

7、ong-termearningsgrowthexpectations;and(3)thosewhichhaveunderperformedsignificantlybuthavecompanyspecifictriggersthatcouldhelpthemre-rate.Somecompaniesmeetmorethanonecriteria.SevenkeyBuyIdeas:(1)Titan(raiseTPtoINR700fromINR600)oneofthestrongeststructuralgrowthstoriesforth

8、enextdecade,drivenbymarketsharegains(ithasjust4-5%ofthejewellerymarket)ledbyanewstrategy,astrongvaluepr