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Asian Paints Ltd Research Report - 12th May 2016

FMCG | Published on May 12th 2016


Asian Paints posted a healthy performance for 4QFY2016, both on the top-line as well as the bottom-line front. For the quarter, the company’s top-line grew by 12.3% yoy to Rs3,971cr while the reported PAT grew 19.3% yoy to Rs409cr. Key highlights: For 4QFY2016, Asian Paints’ consolidated top-line posted a growth of 12.3% yoy to Rs3,971cr on the back of double-digit growth in domestic decorative paints. The company witnessed demand improvement in industrial paints and powder coatings. On the international front, Oman, and Bahrain did not perform well as subdued oil prices hurt their economies while UAE too was short on performance. On the operating profit front, the company reported a growth of 26.2% yoy on the back of healthy sales growth and lower material prices. The operating profit margin was up by 195bp yoy to 17.7% helped by easing material prices. During the quarter, the company reported an adjusted net profit of 19.3% yoy to Rs409cr. Outlook and valuation: We expect Asian Paints to post a ~13% and ~9% CAGR in its top-line and bottom-line respectively, over FY2016-18E. At the current market price, the stock is trading at 42.1x its FY2018E earnings. We maintain our Neutral view on the stock.

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CMP 927
Target Price
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)110,643.47
MCAP NSE (Rs in Cr)110,643.47
P/E (x)58.72
EPS (Rs.)19.64
BV (Rs.)51.74
Div Yield (%)0.65
FV (Rs.)1.00
P/BV (x)19.74
EV/Sales (x)6.64
EV/EBITDA (x)37.70

Shareholding Pattern (%)

Public & Others13.0
Grand Total100.0

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