Maintain HOLD after latest results, BDT1,025 target price unchanged. We update our numbers for Marico Bangladesh (MBL). We lower our price growth assumptions in the value-added hair oil (VAHO) segment, although this is offset by faster VAHO industry volume growth, and higher Parachute Coconut Oil (PCNO) prices. The end result is that our target price is unchanged at BDT1,025. With an ETR of 5%, we maintain our Hold rating. Under our new assumptions the non-PCNO portfolio constitutes 37% of MBL’s revenue in FY22f (23% in FY17), compared to 50% in our last update, and management’s expectation of 30-40% by FY20f-FY21f.