External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><ul><li>Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).</li><li>In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.</li><li>FY22 price hikes in decorative/industrial coatings stood at ~21/18%.</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>

Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.FY22 price hikes in decorative/industrial coatings stood at ~21/18%.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.

Kansai Nerolac - Results Reviews - Weakest Among Peers; Pain Seems Priced In

<div><div><div><ul><li>Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).</li><li>In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.</li><li>FY22 price hikes in decorative/industrial coatings stood at ~21/18%. Product portfolio continued to expand. Distribution grew 10% YoY in FY22.</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>

Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.FY22 price hikes in decorative/industrial coatings stood at ~21/18%. Product portfolio continued to expand. Distribution grew 10% YoY in FY22.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.

Kansai Nerolac - Weakest Among Peers; Pain Seems Priced In

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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>Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. </li>
<li>Strong distribution network of ~28,000 dealers across the country with 75-80% penetration of tinting machine</li>
<li>Target Price and Valuation: We roll over our valuation on FY24E and value Kansai at Rs 610 i.e. 40x P/E on 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>


Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. 
Strong distribution network of ~28,000 dealers across the country with 75-80% penetration of tinting machine
Target Price and Valuation: We roll over our valuation on FY24E and value Kansai at Rs 610 i.e. 40x P/E on 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.

Kansai Nerolac Paints: Lower Industrial Paints Demand Delays Recovery

<p>About the stock: Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. Currently, Kansai is the third largest decorative paint player in India.</p><ul><li>Strong distribution network of ~36,000 dealers across the country with 75-80% penetration of tinting machine</li><li>In the last two years, KNL has increased its total paint manufacturing capacity by 28% to 5.3 lakh tonnes at an investment of ~| 1100 crore</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>

About the stock: Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. Currently, Kansai is the third largest decorative paint player in India.Strong distribution network of ~36,000 dealers across the country with 75-80% penetration of tinting machineIn the last two years, KNL has increased its total paint manufacturing capacity by 28% to 5.3 lakh tonnes at an investment of ~| 1100 croreContent 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.

Kansai Nerolac Paints: Strong Performance Led by Decorative Paints

India

Kansai Nerolac Paints is a leading Indian manufacturer of a diversified range of decorative and industrial coatings. The company offers interior and exterior wall paints, wood and metal coatings, automotive coatings, powder coatings, and construction chemicals, along with professional home painting services. It is headquartered in Mumbai, Maharashtra, India, and was founded in 1920.

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Kansai Nerolac Paints (KNPL IN)

Kansai Nerolac - Results Reviews - Weakest Among Peers; Pain Seems Priced In

Kansai Nerolac’s (KNPL) standalone revenue, at 6.2% YoY (INR14.1bn, 3-year CAGR: 8%), was largely in line. In decorative segment, volume declined 7...

HDFC Securities

Kansai Nerolac - Weakest Among Peers; Pain Seems Priced In

Kansai Nerolac’s (KNPL) standalone revenue, at 6.2% YoY (INR14.1bn, 3-year CAGR: 8%), was largely in line. In decorative segment, volume declined 7...

HDFC Securities

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

Kansai Nerolac Paints: Lower Industrial Paints Demand Delays Recovery

In the last two years, KNL has increased its total paint manufacturing capacity by 28% to 5.3 lakh tonnes at an investment of ~Rs 1100 crore Q3FY22...

ICICI Securities Limited

Kansai Nerolac Paints: Strong Performance Led by Decorative Paints

Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of...

ICICI Securities Limited

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