Asian Paints reported Q2FY20 numbers were significantly below our estimates because of slower revenue growth and significant increase in cost structure. While the company continued to deliver double digit volume growth, but adverse product mix, higher discounting and promotional expenses resulted in slower operating profit growth. Earnings were higher because of lower taxes. We incorporate slower revenue growth and lower tax structure resulting in earnings upgrade of 7%/8% for FY20/21E. We value the company at 50x FY21E earnings to arrive at our target price of Rs 1,725. We maintain our hold recommendation on the stock. The key takeaways of the results and conference call are as follows:...