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’ Q3FY24 results were ahead of our estimates on the profitability front.</li><li>Its consolidated sales grew by 5.5% YoY to Rs 9,103 Cr (Volume grew 12% YoY) owing to the shift in the festive season.</li><li>Gross/EBITDA margins improved by 504/393bps YoY to 43.6%/22.6%, driven by deflation in key raw material prices (-0.2% material deflation in Q3FY24) and better product mix. Adj. PAT increased by 35% YoY to Rs 1,448 Cr.</li></ul>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’ Q3FY24 results were ahead of our estimates on the profitability front.Its consolidated sales grew by 5.5% YoY to Rs 9,103 Cr (Volume grew 12% YoY) owing to the shift in the festive season.Gross/EBITDA margins improved by 504/393bps YoY to 43.6%/22.6%, driven by deflation in key raw material prices (-0.2% material deflation in Q3FY24) and better product mix. Adj. PAT increased by 35% YoY to Rs 1,448 Cr.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 - Competitive Intensity Will Define Future Course

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</li></ul>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.

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> announced a better-than-expected 3Q23 results this week, mainly driven by a resilient China decorative paint business. </li>
<li>The company also raised 2023 operating profit guidance, expecting around 6% higher operating profit (Y168bn from Y158bn previously).</li>
<li>At 21x forward PE, the company is attractively valued given the growth profile and strong market share position in most end-markets.  </li>
</ul>



Nippon Paint Holdings (4612 JP) announced a better-than-expected 3Q23 results this week, mainly driven by a resilient China decorative paint business. 
The company also raised 2023 operating profit guidance, expecting around 6% higher operating profit (Y168bn from Y158bn previously).
At 21x forward PE, the company is attractively valued given the growth profile and strong market share position in most end-markets.  


Nippon Paint (4612 JP):  Results Beat On Resilient China 2C Business

<ul><li>Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)</li><li>Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy</li><li>Urban markets (high-single-digit growth) continued to outpace rural centres</li></ul>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: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavyUrban markets (high-single-digit growth) continued to outpace rural centresContent 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, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

<ul><li>Asian Paints Q2FY24 results were below our estimates. Consolidated sales were flat YoY to Rs 8,479 Cr (Volume grew 6% YoY) owing to weak consumer demand.</li><li>Gross/EBITDA margins improved by 764/573bps YoY to 43.4%/20.2%, driven by deflation in key raw material prices (4% material deflation in Q2FY24).</li><li>Adj. PAT increased by 54% YoY to Rs 1,205 Cr. </li></ul>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 Q2FY24 results were below our estimates. Consolidated sales were flat YoY to Rs 8,479 Cr (Volume grew 6% YoY) owing to weak consumer demand.Gross/EBITDA margins improved by 764/573bps YoY to 43.4%/20.2%, driven by deflation in key raw material prices (4% material deflation in Q2FY24).Adj. PAT increased by 54% YoY to Rs 1,205 Cr. 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 - Missed Estimates; Maintain HOLD

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 - Competitive Intensity Will Define Future Course

sian Paints’ Q3FY24 results were ahead of our estimates on the profitability front. Its consolidated sales grew by 5.5% YoY to Rs 9,103 Cr (Volume...

Axis Direct

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

Nippon Paint (4612 JP): Results Beat On Resilient China 2C Business

Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...

Steve

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

Asian Paints - Missed Estimates; Maintain HOLD

Asian Paints Q2FY24 results were below our estimates. Consolidated sales were flat YoY to Rs 8,479 Cr (Volume grew 6% YoY) owing to weak consumer...

Axis Direct

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Asian Paints - Competitive Intensity Will Define Future Course

sian Paints’ Q3FY24 results were ahead of our estimates on the profitability front. Its consolidated sales grew by 5.5% YoY to Rs 9,103 Cr (Volume...

Axis Direct

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

Nippon Paint (4612 JP): Results Beat On Resilient China 2C Business

​Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...

Steve

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

Asian Paints - Missed Estimates; Maintain HOLD

Asian Paints Q2FY24 results were below our estimates. Consolidated sales were flat YoY to Rs 8,479 Cr (Volume grew 6% YoY) owing to weak consumer...

Axis Direct

Nippon Paint Holdings reported strong 3Q23 results, mainly driven by its resilient China decorative paint business. The company also raised its...