While volume growth from Health & Personal Care (HPC) would be key to driving growth in Consumer Brands, absence of major exchange rate fluctuations and lower global palm oil prices is set to benefit margins by stabilizing input costs. Degrowth in Healthcare topline coupled with increased overheads weighed down on the segment albeit finance cost pressures eased off during the quarter. We believe, Morison’s branded generics portfolio provides long term potential in catering to the country’s pharma needs. We continue to maintain a BUY recommendation, backed by a TP of LKR 96.00 on SOTP valuation.