Equity Analysis /

Marico Bangladesh: MARICO: Maintain Hold on cautious growth outlook

    Tellimer Research
    13 February 2018
    Published byTellimer Research
    Our investment thesis for Marico Bangladesh (MBL) remains largely unchanged despite double-digit revenue growth in 9M 18, which we attribute to a weak base in FY17. MBL implemented price cuts of c.10% in its core product, Parachute Coconut Hair Oil (PCNO, 77% of FY17 revenue), in FY17 which culminated in revenues declining 2% and a mere 2% EPS growth.