External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Asian Paints delivered topline for Q3FY22 a shade above our and street estimates</li><li>However, on profitability front it was a mixed bag performacne with Gross Margins continuing to witnesse inflationary headwinds</li><li>We revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.</li></ul><div class="content-highlight"><em>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.</em></div>

Asian Paints delivered topline for Q3FY22 a shade above our and street estimatesHowever, on profitability front it was a mixed bag performacne with Gross Margins continuing to witnesse inflationary headwindsWe revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.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: Near Term Volume Sustenance Key Amid RM Inflationary Pressure

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Asian Paints (APL) is India’s largest decorative paint company. The company derives ~98% revenue from the paints business</li><li>Strong distribution network of 70,000 dealers, 2x more than the No. 2 player</li><li>We revise our target price to Rs 3870/share and value APL at 66x P/E FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

Asian Paints (APL) is India’s largest decorative paint company. The company derives ~98% revenue from the paints businessStrong distribution network of 70,000 dealers, 2x more than the No. 2 playerWe revise our target price to Rs 3870/share and value APL at 66x P/E FY24E EPSContent 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: Strong Volume Growth Continues

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Strong volume growth in Tier 1/2 locations aided revenue surprise, while RM inflation hurt profitability in Q3.</li>
<li>Impact of price hikes and demand revival in Tier 3/4 locations could be the possible catalysts to monitor going into Q4 </li>
<li>Valuations apart,  <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> market share gaining ability, strategic positioning and possibility of revenue surprise suggest the trade is best BULLISH and not BEARISH on APNT.</li>
</ul>


Strong volume growth in Tier 1/2 locations aided revenue surprise, while RM inflation hurt profitability in Q3.
Impact of price hikes and demand revival in Tier 3/4 locations could be the possible catalysts to monitor going into Q4 
Valuations apart,  Asian Paints (APNT IN) market share gaining ability, strategic positioning and possibility of revenue surprise suggest the trade is best BULLISH and not BEARISH on APNT.


Asian Paints (APNT IN) | Q3 | Leveraging Leadership Position

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>When Wuthelam took control of Asia's largest coatings business, <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a>, in August 2020, I was bearish. It was great for the Goh family but minorities lost.</li>
<li>At the time, I said "Float is low", and "There are cross-holders who don't need to be there. This would be a very good sell for them. "</li>
<li>17 months later, 6 financial institutions will now sell their cross-holdings. There is float impact and some immediate index impact. </li>
</ul>


When Wuthelam took control of Asia's largest coatings business, Nippon Paint Holdings (4612 JP), in August 2020, I was bearish. It was great for the Goh family but minorities lost.
At the time, I said "Float is low", and "There are cross-holders who don't need to be there. This would be a very good sell for them. "
17 months later, 6 financial institutions will now sell their cross-holdings. There is float impact and some immediate index impact. 


Nippon Paint (4612) - A BIG Secondary Which Is a Tough Sell, with Variable Index Implications

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> / <a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> / <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> (Retail) / <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> / <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> / <a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> </p>
<p>We have separated the quotes to highlight<em><strong> Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Asian Paints (APNT IN) / PVR Ltd (PVRL IN) / Reliance Industries (RIL IN) (Retail) / Titan Co Ltd (TTAN IN) / Page Industries (PAG IN) / InterGlobe Aviation Ltd (INDIGO IN) 
We have separated the quotes to highlight Business Environment &amp; Key Drivers, Pricing and Premiumisation, Competition, Margins &amp; Commodity Inflation and Outlook.

The Narrative | Q2 FY22 | India Consumer - Asian Paints, PVR, Reliance Retail, Titan, Page, Indigo

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: Near Term Volume Sustenance Key Amid RM Inflationary Pressure

We revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.

Axis Direct

Asian Paints: Strong Volume Growth Continues

Despite being in a capital intensive business, the company has maintained a strong balance sheet with RoCE, RoE of 31%, 27%, respectively Q3FY22...

ICICI Securities Limited