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 Q4FY23 print was strong across all fronts, especially on the margins. Its consolidated revenue grew 11% YoY to Rs 8,787 Cr.</li><li>Volume grew by 16% YoY (~14% for FY23), led by the economy and waterproofing range, premium and luxury (grew double- digit) recovered after two-quarters of subdued performance.</li><li>Gross/EBITDA margins improved 380/293bps YoY (up 393/256 bps QoQ) to 42.5%/21.2% owing to deflation in key raw material prices (-4% material deflation in Q4FY23).</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 Q4FY23 print was strong across all fronts, especially on the margins. Its consolidated revenue grew 11% YoY to Rs 8,787 Cr.Volume grew by 16% YoY (~14% for FY23), led by the economy and waterproofing range, premium and luxury (grew double- digit) recovered after two-quarters of subdued performance.Gross/EBITDA margins improved 380/293bps YoY (up 393/256 bps QoQ) to 42.5%/21.2% owing to deflation in key raw material prices (-4% material deflation in Q4FY23).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 - Robust Operating Performance; Maintain BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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.

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

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

Motilal Oswal

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. 

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 (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.</li><li>Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.</li><li>Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.</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) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.Consequently, EBITDA/ PBT/PAT missed our estimates by 10-11%.Management indicated that after a weak Oct’22, partly caused by high base, demand recovered YoY in Nov’22 before reaching double-digit sales growth in Dec’22.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) - Muted Sales Growth Leads to Earning Miss

<ul><li>Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)</li><li>Three-year revenue and volume CAGRs stand at 11% and 3.5%</li><li>Home care remained the showstopper, revenue/EBIT grew by 32/23% YoY</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.

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)Three-year revenue and volume CAGRs stand at 11% and 3.5%Home care remained the showstopper, revenue/EBIT grew by 32/23% YoYContent 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.

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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.

Consumer Discretionary - Healthy Quarter!

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 - Robust Operating Performance; Maintain BUY

Asian Paints Q4FY23 print was strong across all fronts, especially on the margins. Its consolidated revenue grew 11% YoY to Rs 8,787 Cr.

Axis Direct

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

Asian Paints (APNT) - Muted Sales Growth Leads to Earning Miss

Asian Paints (APNT) reported flat volume YoY (est. 5% growth) and weakerthan-expected product mix in its 3QFY23 results.

Motilal Oswal

HSIE Results Daily: Hindustan Unilever, Asian Paints, Havells India

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

Consumer Discretionary - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

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