Core Moats Remain Intact despite Near-term Overhang Asian Paints (APNT) has delivered flattish performance in 3QFY17 with its consolidated net sales and PAT growing 2.8% & 1.5% to Rs38.9bn & Rs4.9bn, respectively while EBITDA remained flat at Rs7.3bn. Owing to demonetisation the decorative business in India reported low single-digit growth in 3QFY17. Following modest performance in 3QFY17, we have downwardly revised our earnings estimates by 5% and expect...