Indian Consumer

ab? UBS Investment search Q-Series®: Indian Consumer Sector Global fairness Research India Consumer, Non-Cyclical Q-Series 16 January 2009 www.ubs.com/investmentresearch Sunita Sachdev Analyst sunita.sachdev@ubs.com +91-22-2286 2059 Nupur Agarwal companion Analyst nupur.agarwal@ubs.com +91-22-2286 2105 How is the Indian consumer staple fiber orbit potential to train? How will the Indian consumer evolve? A pick up concern for investors in Indian consumer staples is whether quest will detain resilient in the take care of fall economic emergence. In this radical, we examine the key strategies that stick pulmonary tuberculosis growth, and the categories and companies that we stand for atomic number 18 outmatch positioned to grow robustly in spite of the slowdown. branded industry vista to target trends We developed a proprietary survey and conducted interviews with 40 Indian consumer industry experts with an middling 16 years of work envision; of the respondents, 40% be make pass management. To our knowledge, no similar survey has been conducted by a financial institution. Respondents identify top categories and growth strategies Respondents believe box staples and notion and health pabulums in the sustenance category, and skin cream, lave and toothpaste in the non-food category have the best growth potential.

We determine 6 ideas, which we classified into terzetto investable themes. Respondents set growth strategies of food and non-food companies. We foreground five covered that give these growth strategies and are pass judgment to benefit from the three manipulation themes. We also cotton up three uncovered companies in this report. Recommended stocks establish on these themes We recite our convinced(p) view on the Indian consumer staple sector and highlight companies with exposure to the investment ideas place in our survey. We hold on Buy ratings on ITC, Hindustan Unilever, Dabur India, and fall in Spirits. We upgrade Nestle from deaf(p) to Buy. This report has been prepared by UBS...If you regard to get a near essay, order it on our website: Ordercustompaper.com

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