External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

<ul><li>Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue.</li><li>Decorative volumes dipped 0.5% YoY, a sharp deceleration after clocking 7% growth in 1QFY25.</li><li>Weak industry demand, extended monsoon, price cuts, and competition led to weak growth. Decorative industry saw a 3%-4% decline in 2Q.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue.Decorative volumes dipped 0.5% YoY, a sharp deceleration after clocking 7% growth in 1QFY25.Weak industry demand, extended monsoon, price cuts, and competition led to weak growth. Decorative industry saw a 3%-4% decline in 2Q.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Miss on All Fronts; Industry Challenges Persist

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Underwhelming quarter amid sluggish demand: Asian Paints' results fell short of both our and street estimates due to subdued consumer sentiment, prolonged monsoons, and weaker performance in urban markets.</li><li>Consolidated sales declined by 5.3%, impacted by prior price cuts, weak performance in the decorative segment (with a volume decline of 0.5% YoY and revenue down by 6.7%), and increased competition offering steep discounts.</li><li>The Industrial Business, however, posted single-digit value growth, driven by the General Industrial, Protective Coatings, and Refinish segments. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Underwhelming quarter amid sluggish demand: Asian Paints' results fell short of both our and street estimates due to subdued consumer sentiment, prolonged monsoons, and weaker performance in urban markets.Consolidated sales declined by 5.3%, impacted by prior price cuts, weak performance in the decorative segment (with a volume decline of 0.5% YoY and revenue down by 6.7%), and increased competition offering steep discounts.The Industrial Business, however, posted single-digit value growth, driven by the General Industrial, Protective Coatings, and Refinish segments. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints Ltd - Demand Remains Sluggish; Maintain HOLD

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>APNT maintained double-digit volume growth guidance for FY25, having overcome major headwinds in Q1, green shoots in rural markets, improved monsoon conditions, increase in infra activities post elections and hopes of positive festive season impact.</li><li>The domestic outlook remains positive across decorative, auto, and industrial segments, while IBD faces uncertainty due to geopolitical issues.</li><li>The Home décor segment is sustaining growth while economy paints are likely to benefit from recently launched Neo Bharat.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APNT maintained double-digit volume growth guidance for FY25, having overcome major headwinds in Q1, green shoots in rural markets, improved monsoon conditions, increase in infra activities post elections and hopes of positive festive season impact.The domestic outlook remains positive across decorative, auto, and industrial segments, while IBD faces uncertainty due to geopolitical issues.The Home décor segment is sustaining growth while economy paints are likely to benefit from recently launched Neo Bharat.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints (APNT IN) - Market Dynamics yet to Play Out; Reduce

<ul><li>Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY25, buoyed by the long festive season and rural recovery</li><li>2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials</li><li>4) Expansion of manufacturing footprint by more than 30- 40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY25, buoyed by the long festive season and rural recovery2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials4) Expansion of manufacturing footprint by more than 30- 40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints - Demand Remains Sluggish; Maintain HOLD

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Prudent capacity expansion plan, sustained innovation, backward integration and improving customer experience will help APL navigate through the tough times of heightened competition in the near term.</li><li>OPM to remain flat over the next two years.</li><li>Contribution from new launches came in at 11% in FY2024 (it added 24/16 products in decorative/industrial paints in FY2024).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prudent capacity expansion plan, sustained innovation, backward integration and improving customer experience will help APL navigate through the tough times of heightened competition in the near term.OPM to remain flat over the next two years.Contribution from new launches came in at 11% in FY2024 (it added 24/16 products in decorative/industrial paints in FY2024).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints Ltd - Upgrade to Buy; Risk Reward Favourable

India

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

Asian Paints - Miss on All Fronts; Industry Challenges Persist

Asian Paints (APNT) registered weak 2Q performance with a 5%/7% YoY decline in consolidated/standalone revenue. Decorative volumes dipped 0.5% YoY

Motilal Oswal

Asian Paints Ltd - Demand Remains Sluggish; Maintain HOLD

Asian Paints' results fell short of both our and street estimates due to subdued consumer sentiment, prolonged monsoons, and weaker performance in...

Axis Direct