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

<p>The company took a price hike of 4% in Q2FY22 and has further guided to take price hikes to offset higher input prices. What should investors do? Strong brand, market leadership position and a robust balance sheet condition justifies APL's premium valuation. APL has been a consistent...</p><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>

The company took a price hike of 4% in Q2FY22 and has further guided to take price hikes to offset higher input prices. What should investors do? Strong brand, market leadership position and a robust balance sheet condition justifies APL's premium valuation. APL has been a consistent...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: Higher Raw Material Prices Dent Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE 21%), driven by broad-based performance across segments. Given that Havells has a large product range, healthy mix of B-C and B-B, and pan-India presence, it has managed to capitalise on the improving demand scenario. We believe that, in this kind of inflation, leading players will continue to tap the share gain opportunity. The miss in margin does not reflect any weakness in the business; we believe it is more temporary in nature.</p>
<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>

Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE 21%), driven by broad-based performance across segments. Given that Havells has a large product range, healthy mix of B-C and B-B, and pan-India presence, it has managed to capitalise on the improving demand scenario. We believe that, in this kind of inflation, leading players will continue to tap the share gain opportunity. The miss in margin does not reflect any weakness in the business; we believe it is more temporary in nature.
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.

HSIE Results Daily: Asian Paints, Havells India

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

Motilal Oswal

<p>Despite sales being significantly affected in May'21 due to the nationwide lockdown, sales were able to rebound sharply in Jun'21, abetted by significant benefits on account of pent up demand. This led to a significant beat on sales, EBITDA, and PAT v/s our expectations, despite materially higher than expected gross and EBITDA margin pressure.</p><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>

Despite sales being significantly affected in May'21 due to the nationwide lockdown, sales were able to rebound sharply in Jun'21, abetted by significant benefits on account of pent up demand. This led to a significant beat on sales, EBITDA, and PAT v/s our expectations, despite materially higher than expected gross and EBITDA margin pressure.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.

Stronger than expected recovery; demand outlook healthy

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

Asian Paints: Higher Raw Material Prices Dent Margins

The company took a price hike of 4% in Q2FY22 and has further guided to take price hikes to offset higher input prices. Strong brand, market...

ICICI Securities Limited

HSIE Results Daily: Asian Paints, Havells India

Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE...

HDFC Securities

Stronger than expected recovery; demand outlook healthy

Despite sales being significantly affected in May'21 due to the nationwide lockdown, sales were able to rebound sharply in Jun'21, abetted by...

Motilal Oswal

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