Asian Paints Ltd. share price target

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

Asian Paints' (APL) Q1FY16 results came ahead of our estimates (1) revenue jumped 7.8% YoY to Rs36.2 bn Vs est of Rs36.1 bn (2) Operating profit increased 28.6% YoY to Rs6.8 bn Vs est of Rs5.8 bn(3) Operating margin expanded by 310 bps YoY to 18.9% vs est of 16.2% and (4) APAT grew 34.4% YoY to Rs4.6 bn Vs est of Rs3.7bn. We have upward revised our FY16E and FY17E EPS estimates to factor in Q1FY16 performance and significant RM gains during the quarter. We have revised price target to Rs858/Share and maintain our HOLD rating.

margin expansion. Volume growth remained sluggish and concerns about growth persist. Wehavemarginallyrevisedourestimatesdownwardsbecauseoflowerrealisationbutwe have built for higher margin expansion on further decline in input costs. We maintain our...

Indian paint industry is divided into two segment organized and unorganized with organized sector accounting for 80% of total paint industry's market. Asian Paints ltd is the largest industry...

Asian Paints' Q4FY15 numbers were significantly below expectations, as volume growth slumpedforthesecondsuccessivequarter;this,anduninspiringmanagementcommentary on margins and pricing indicates that challenges are significantly higher than our and...

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

Asian Paints revenue grew a mere 6.9% YoY to Rs 35.4bn. Impacted by sluggish demand environment, volumes grew a paltry ~4% YoY in the domestic decorative business. In addition, EBITDA margin expansion of 115bps YoY (15.8%) was well below expectation. APAT grew by 16.1% to Rs 3.4bn.

Asian Paint's (APL) Q4FY15 results came below our estimates (1) revenue jumped 6.9% YoY to Rs35.4 bn Vs est of Rs36.5 bn (2) Operating profit increased 17.7% YoY to Rs5.6 bn Vs est of Rs6.2 bn(3) Operating margin expanded by 140 bps YoY to 15.8% vs est of 17% and (4) APAT grew 19.5% YoY to Rs3.4 bn Vs est of Rs3.8bn.

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000...

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...