Moneycontrol
May 18, 2017 06:21 PM IST | Source: Moneycontrol.com

Buy Hindustan Unilever; target of Rs 1120: ICICI Direct

ICICI Direct is bullish on Hindustan Unilever has recommended buy rating on the stock with a target price of Rs 1120 in its research report dated May 18, 2017.

 
 
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ICICI Direct's research report on Hindustan Unilever


We believe that in sync with the global parent’s outlook on margin expansion, HUL’s margin will also improve led by premiumisation and thrust on rationalisation of marketing expense. The company is taking initiatives for effective and efficient marketing spends by rationalising on campaigns and media platforms.


Outlook


We are, thus, estimating revenue, PAT CAGR of 9.2%, 13.4%, respectively, in FY17-19E with 210 bps margin expansion in the same period to 19.6% in FY19E. We reiterate out BUY recommendation on the stock with a revised target price of Rs 1120/share.


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