ASIANPAINT
21.01.2022 - CS on Asianpaint Maintain Outperform CMP 3306 Target 3700
21.01.2022 - Jefferies on Asianpaints Maintain Underperform CMP 3306 Target 2700
21.01.2022 - Nomura on Asianpaints Maintain Outperform CMP 3306 Target 3875
BROKERAGE RADAR CREDIT SUISSE ON ASIAN PAINTS : 22.07.2021
* CreditSuisse maintains Outperform on @AsianPaints; Target at Rs 3,480/share
*Maintain Outperform, Target at Rs 3,480/share
• Very strong volumes despite COVID second wave
• Gross margins hit likely transient
• Cut FY22 EPS estimate by -8%, but increase
* FY23E EPS by -2%
MACQUARIE ON ASIAN PAINTS : 22.07.2021
* Macquarie has an Outperform rating on Asian Paints as Q1 sales performance re-emphasised resilient nature of decorative demand
* MAINTAIN OUTPERFORM TARGET: 3,500
* Q1 Sales Performance Re emphasised Resilient Nature Of Decorative Demand
• Less Worried About Near term Margin Pressure
* FY22 EPS Estimate Cut By 8% & FY23/24 EPS Raised By 3%
CLSA ON ASIAN PAINTS : 22.07.2021
* CLSA maintains Outperform call on Asian Paints with co is optimistic on demand in FY22 with better monsoon, long diwali & pent up demand
* In An Inflationary Setting, Focus On Sustaining Share Gains Eroded Gross Margin
* On A Low Base, Margin Contraction Was Limited To 20 bps YOY
* Co Is Optimistic On Demand In FY22 With Better Monsoon, Long Diwali & Pent-up Demand
* It Looks To Maintain EBIT Margin At 19-21%
* MAINTAIN OUTPERFORM TARGET: 3,275
NOMURA ON ASIAN PAINTS : 22.07.2021
* Nomura has a Neutral stance on Asian Paints as it believes margin will remain compressed in the near-term as pricing trails commodity inflation
* Strong Demand Continues Despite Second Wave
* Strong Demand Continues, Aided By Share Gains From Unorganised & Organised Players
* Margin Will Remain Compressed In The Near-term As Pricing Trails Commodity Inflation
* Medium-term Margin Will Be Range-bound Given Grasim's Foray In Paints
* MAINTAIN NEUTRAL TARGET: 3,300
HSBC ON ASIAN PAINTS : 22.07.2021
* HSBC maintains BUY call on Asian Paints, target at Rs 3,500
* Rev Growth Of 91%, Led By Volume Growth Of 106%, Was Ahead Of Expectations
• Co Is Aggressively Pursuing Volume Growth, Network Expansion
* Out-investing Rivals In Consumer Centricity & Branding, Raising An Already High Bar
* MAINTAIN BUY TARGET: 3,500
UBS ON ASIAN PAINTS : 22.07.2021
* UBS maintains Buy call on Asian Paints with a target of Rs 3,550/Sh
* Tough Quarter, Improved Outlook
* Management Guides For Gradual Price Increases Amid Sustained Inflation
* Q1 Domestic Decorative Volumes Grow 106% YoY On A Low Base
* Encouraging Growth In Home Decor Business
* MAINTAIN BUY TARGET: 3,550
GS ON ASIAN PAINTS : 22.07.2021
* GS has a Sell call on Asian Paints. It belives gross margin contraction raises questions on pricing power
* Gross Margin Contraction Raises Questions On Pricing Power
* Lower FY22-24 EPS Estimates By 2-11%
* While Q2 Is Likely To Benefit From Pent-up Demand, Remain Cautious On Margin
* MAINTAIN SELL TARGET: 1,679
MACQUARIE ON ASIAN PAINTS : 12.07.2021
* Asian Paints remains preferred pick going into results; Expect healthy recovery in June
* Expect demand to flow through in coming quarters
• Remain less concerned about inflation given price hikes taken
MACQUARIE ON ASIAN PAINTS : 16.06.2021
* Maintain Outperform, Target at Rs 3,200/share
• Announced 1.5-2% price increase across decorative segment
• Taken Rs 3/lit increase taken across entry level
• Price hikes across premium Royale and Ultima brands
* APNT has also announced another price increase across waterproofing
* Price hikes would be effective 1-July-21
MACQUARIE ON ASIAN PAINTS : 11.06.2021
* MAINTAIN OUTPERFORM TARGET: 3,200
* Macquarie maintains OUTPERFORM call on Asian Paints, target at Rs 3,200/sh
* Announced 6-8% Price Increase In The Wood Finishes Segment
* Wood Finishes Does Not Account For A Large Share Of Co's Portfolio
* It Raises Expectations Of Price Hike In Decorative Portfolio
