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Buy Hindustan Unilever, target of Rs 276: Emkay

Posted on: May 15th, 2009 and is filed under Brokerage Recommendations.

Emkay Global Financial Services has maintained its buy rating on Hindustan Unilever with a price target of Rs 276 in its may 12, 2009 research report.

“In Q5FY09, HUL reported (1) 5.1% yoy growth in its revenues to Rs 40.4 billion, below our estimates (2) operating profit growth at 22.9% yoy to Rs 6.0 billion, ahead of estimates and (3) adjusted net profit increased 32.7% yoy to Rs 5.0 billion, ahead of estimates. HUL disappointed on volume growth by reporting volume decline of 4.2%, but posted higher than expected price-led growth (16.7% yoy increase) – partially mitigating the impact from slow volume growth.”

“We have revised downwards our FY10E estimates by 6.8% from Rs 11.7/Share to Rs 10.9/Share and introduced FY11E estimates of Rs 12.1/Share. We maintain our ‘BUY’ rating with revised price target of Rs 276 – valuing on 1-year rolling forward basis,” says Emkay Global Financial Services’ report.

source: Moneycontro

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