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 Q2FY23 print was disappointment across all fronts, mainly on margins front which was below ours and consensus estimates.</li><li>Consol revenue grew by ~20% YoY (19% on a 3-year CAGR) to Rs 8,458 Cr, led by 10% volume and price growth each.</li><li>The management highlighted extended monsoon impacted the projects and institutional sales (15-20% of sales) mainly in south and west region while growth remained intact in rural / T3/ T4 centers as it grew faster than urban/metros centers, which led to higher saliance of low margins economy emulsions and putty sales, while there was downtrading in luxury, premium and economy emulsions.</li></ul><p><em>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.</em></p>

Asian Paints Q2FY23 print was disappointment across all fronts, mainly on margins front which was below ours and consensus estimates.Consol revenue grew by ~20% YoY (19% on a 3-year CAGR) to Rs 8,458 Cr, led by 10% volume and price growth each.The management highlighted extended monsoon impacted the projects and institutional sales (15-20% of sales) mainly in south and west region while growth remained intact in rural / T3/ T4 centers as it grew faster than urban/metros centers, which led to higher saliance of low margins economy emulsions and putty sales, while there was downtrading in luxury, premium and economy emulsions.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 - Near Term Challenges Persist

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.

<div><div><div><ul><li>Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.</li><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.</li><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin.</li></ul><ul style="list-style-type: none;"><li><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></li></ul></div></div></div><p><em>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.</em></p>

Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin. 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.

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

<ul><li>Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and price mix.</li><li>However, the near-term challenge still persists and we would wait to see if the visibility of the near term performance sustains before we change our rating to BUY</li><li>We continue to maintain our HOLD rating with an unchanged TP of Rs 3,200 (57x FY24E EPS).</li></ul><p><em>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.</em></p>

Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and price mix.However, the near-term challenge still persists and we would wait to see if the visibility of the near term performance sustains before we change our rating to BUYWe continue to maintain our HOLD rating with an unchanged TP of Rs 3,200 (57x FY24E EPS).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: Surprise on Margin Front; Maintain BUY

<ul><li>Asian Paints delivered topline for Q3FY22 a shade above our and street estimates</li><li>However, on profitability front it was a mixed bag performacne with Gross Margins continuing to witnesse inflationary headwinds</li><li>We revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.</li></ul><div class="content-highlight"><em>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.</em></div>

Asian Paints delivered topline for Q3FY22 a shade above our and street estimatesHowever, on profitability front it was a mixed bag performacne with Gross Margins continuing to witnesse inflationary headwindsWe revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.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: Near Term Volume Sustenance Key Amid RM Inflationary Pressure

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Asian Paints (APL) is India’s largest decorative paint company. The company derives ~98% revenue from the paints business</li><li>Strong distribution network of 70,000 dealers, 2x more than the No. 2 player</li><li>We revise our target price to Rs 3870/share and value APL at 66x P/E FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

Asian Paints (APL) is India’s largest decorative paint company. The company derives ~98% revenue from the paints businessStrong distribution network of 70,000 dealers, 2x more than the No. 2 playerWe revise our target price to Rs 3870/share and value APL at 66x P/E FY24E EPSContent 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: Strong Volume Growth Continues

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 - Near Term Challenges Persist

Asian Paints Q2FY23 print was disappointment across all fronts, mainly on margins front which was below ours and consensus estimates.

Axis Direct

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

Asian Paints’ (APNT) Q4 performance was broadly in line. Sales growth, at 18.7% (three year CAGR: 17%), marginally exceeded expectations (+3% vs...

HDFC Securities

Asian Paints: Surprise on Margin Front; Maintain BUY

Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and...

Axis Direct

Asian Paints: Near Term Volume Sustenance Key Amid RM Inflationary Pressure

We revise our rating to HOLD (BUY earlier) with a revised TP of Rs. 3,200 (Rs. 3,300 earlier) we continue to value the stock at 57x FY24E EPS.

Axis Direct

Asian Paints: Strong Volume Growth Continues

Despite being in a capital intensive business, the company has maintained a strong balance sheet with RoCE, RoE of 31%, 27%, respectively Q3FY22...

ICICI Securities Limited

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