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Nov 13, 2017 04:14 PM IST | Source:

Hold Marico; target of Rs 330: JM Financial

JM Financial recommended hold rating on Marico with a target price of Rs 330 in its research report dated October 30, 2017.

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JM Financial's research report on Marico

We are enthused by the levers that Marico seems to have at its disposal to manage input-costs, such that despite a 17% sequential rise in copra prices, the same did not cause too high an incremental GPM damage. 2.4% operating profit growth was c.5% better vs our forecasts. The much-awaited price-hikes have been done in Oct (10% on Parachute portfolio) which should help ease some margin pressure going forward. International revenue remained unpredictable – Bangladesh’s double-digit CC growth was offset by weakness that emerged in Vietnam (-8% CC) and continued weakness in Middle East.

Stock performance should improve going forward, especially since the worst on margin pressure front seems behind now post the Oct price-hike. Valuation of 44x NTM EPS is a bit too rich for comfort, though.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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