Initiating coverage | Paints
February 28, 2017
Akzo Nobel India
BUY
CMP
`1,496
On a colorful growth trajectory
Target Price
`1,720
Akzo Nobel India Ltd (Akzo) is one of the leading paint manufacturers in India under
Investment Period
12 Months
the brand name ‘Dulux’. Akzo has ~11% share by revenue among the top 5 players.
It manufactures and markets a wide range of coatings (contributes ~90%) and
specialty chemicals & others (~10%). Akzo has six manufacturing facilities in
Stock Info
Hyderabad, Bengaluru, Gwalior, Mohali, Raigad & Navi Mumbai.
Sector
Paints
Akzo gaining market share: Paint industry has grown at CAGR of ~12% over
Market Cap (` cr)
6,999
FY2011-16, and most of the players have reflected the same growth trend, however,
Net Debt (` cr)
(322)
Akzo stands out as a front runner, as it has grown at a pace of 20% CAGR over the
same period. This implies that the company is steadily increasing its share in the pie
Beta
0.5
and is expected to continue the growth momentum going ahead.
52 Week High / Low
1,745/1,204
Affordable Housing recovery provides a perfect blend for growth: Real Estate industry
Avg. Daily Volume
266
had been underperforming since the last few years, however, considering that the
Face Value (`)
10
government has relaxed the norms to push affordable housing under the scheme
‘Housing For All’ and given benefits to the first home buyers, we expect a recovery in
BSE Sensex
28,817
the Real Estate sector going ahead. We believe Akzo is strongly placed to ride on this
Nifty
8,899
wave, as its brand ‘Dulux’ is well positioned in the premium decorative paints segment
Reuters Code
AKZO.BO
(2nd largest after Asian Paints) and the company also has a well planned and instrumental
strategy to increase its presence in tier II & III cities through its 8,800 dealer & distributor
Bloomberg Code
[email protected]
network, where pricing provides a competitive advantage to ‘Dulux’ over peers.
New facility in Noida, JV with Atul Ltd & Powder Coating plant in Mumbai:
Considering the potential of Indian markets, Akzo is expanding its base and
Shareholding Pattern (%)
aggressively setting up new facilities. Recently it has commissioned specialty coatings
Promoters
73.0
facility and colour laboratory in Noida 600 kl.p.a capacity to service customers from
MF / Banks / Indian Fls
8.4
consumer electronics, automobile and cosmetic industries. Secondly, it has entered in
JV with Atul Ltd. to produce MCA (monochloroacetic acid) with its latest technology at
FII / NRIs / OCBs
1.8
Atul's existing infrastructure in Gujarat. Finally, to encash the incremental double digit
Indian Public / Others
16.8
demand in powder coating segment, Akzo is setting up a facility in Mumbai to serve its
customers in the Northern and Western parts of India.
Outlook & Valuation: We expect Akzo to report revenue at 11% CAGR to `3,773cr
Abs.(%)
3m 1yr 3yr
and Adj. PAT at 25% CAGR to `375cr over FY2016-19E on the back of recovery in the
Sensex
10.9
23.4
39.6
real estate sector, reduced repainting cycle, strong brand and expansion in specialty
chemical. Notably, at present, Akzo is at lower valuations as compared to its peers in
Akzo Nobel India
7.3
17.7
97.1
the industry. EV/Sales for Akzo is at 1.9x FY2019E, whereas all the peers (Asian Paints,
Berger Paints & Kansai Nerolac) are above 3x, and the company’s EV/EBITDA is in
lower teens (11.8x FY2019E), whereas peers are in 20x category. Moreover, Akzo is
3-year price chart
currently trading at 18.6x P/E on FY2019E EPS, which is below its peers. We believe
1800
that the stock provides opportunity at these levels with attractive and relatively cheaper
valuations to the peers. At CMP of
`1,496, stock trading at
21.6x/18.6x of
1600
FY2018E/FY2019E EPS respectively, which we believe is attractive. We Initiate
1400
Coverage on the stock, with a ‘BUY’ recommendation, and a Target Price of `1,720
1200
(23x on Avg FY2018 & FY2019 EPS).
1000
Key Financials
800
Y/E March (` cr)
FY16
FY17E
FY18E
FY19E
Net Sales
2,740
2,955
3,309
3,773
600
% chg
8.4
7.8
12.0
14.0
Net Profit
192.2
266.7
323.4
375.3
% chg
4.7
38.8
21.3
16.0
Source: Company, Angel Research
EBITDA (%)
11.1
13.3
13.7
13.6
EPS (`)
41.2
57.2
69.3
80.4
P/E (x)
36.3
26.2
21.6
18.6
P/BV (x)
9.6
8.5
7.2
5.9
RoE (%)
26.4
32.7
33.3
31.8
RoCE (%)
10.3
12.9
14.5
14.9
Abhishek Lodhiya
EV/Sales (x)
2.6
2.4
2.1
1.9
022 - 39357800 Ext: 6811
EV/EBITDA (x)
19.9
15.8
13.5
11.9
[email protected]
Source: Company, Angel Research; Note : CMP as of February 27, 2017
Please refer to important disclosures at the end of this report
1
Initiating coverage | Akzo Nobel India
Key investment arguments
Akzo gaining market share
Industry has grown at ~12% CAGR
Paints industry is proxy to growth and consumption in the economy. The Indian
over FY2011-16, while Akzo stands out
Paints industry was around `40,300cr in FY2014-15 and is expected to reach
as front runner with 20% CAGR
`70,875cr by FY2019-20, according to India Paint Association (IPA). The industry
is divided into Decorative & Industrial Paints. The split of the Decorative Paints
market to Industrial Paints market is around 75-25 (Decorative Paints market size
in India was `30,385cr and the Industrial Paints was `9,915cr in FY2014-15).
Decorative Paints industry is mainly divided into organized players (~65%),
whereas remaining is constituted by the unorganized players. Unorganized players
predominantly serve the rural part of India where affordability is a bigger criterion
than quality & brand. Organized side of the industry is dominated by the 4-5
major players like Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel (Dulux)
& Shalimar Paints. Asian Paints is the leader in industry with ~53% market share,
while Berger Paints 19%, Kansai Nerolac 15% and Akzo Nobel clocks 11% and
remaining is shared by other organized players. Paints industry has grown at a
CAGR of ~12% over FY2011-16 and most of the players have reflected the same
trend, however, Akzo stands out as front runner, as it has grown at the pace of
20% CAGR over same period, which implies it is steadily increasing its share in the
pie. We believe Akzo will maintain its historical growth trajectory and will continue
to grow at a steady pace. We expect Akzo's revenue to grow at 11.2% CAGR to
`3,773cr over FY2016-19E, on the back of incremental volumes and price hikes.
Exhibit 1: Revenue FY11-FY16 and CAGR growth
Exhibit 2: Market Share by Revenue
16,000
25.0
2
14,000
11
20.1
20.0
12,000
10,000
15.0
8,000
13.1
12.5
12.7
10.0
15
6,000
53
4,000
5.0
2,000
0
-
Asian Paints
Berger
Kansai
Akzo
19
FY11
FY16
% CAGR (FY11-16)
Asian Paints
Berger Paints
Kansai Nerolac
Akzo Nobel Others
Source: Company, Angel Research
Source: Company, Angel Research
Affordable Housing recovery provides a perfect blend for growth
Government’s push for Affordable
The demand for Decorative Paints is derived from B2B & B2C segments; where
Housing & benefits given to the first
B2B part of business serves the real estate developers and B2C business comes
home buyer to generate demand for
either from painting the new house or repainting of the existing house. Repainting
Decorative Paints
of house creates more than 65% of demand and remaining comes from the new
property and B2B business. Repainting cycle has shrunk to 4-5years from 7-
8years, which has helped the industry volumes to grow with steady pace, but as
real estate industry has been underperforming from the last few years, B2B
business has witnessed sharp decline. New launches and absorption rates have
dropped drastically in the country, which has led to the drop in the B2B business.
February 28, 2017
2
Initiating coverage | Akzo Nobel India
However, we are expecting recovery going ahead, as the government has relaxed
the norms to push affordable housing under the scheme ‘Housing For All’ and
given benefits to the first home buyers. We believe Akzo is strongly placed to ride
on this wave, as its brand ‘Dulux’ is well positioned in the premium decorative
paints segment (2nd largest after Asian Paints) and the company also has a well
planned and instrumental strategy to increase its presence in tier II & III cities
through its
8,800 dealer & distributor network, where pricing provides a
competitive advantage to ‘Dulux’ over peers. Further, the company spends ~5% of
its total revenue towards advertising & promotion in order to increase its brand
visibility and penetration, which is a positive for the company. Currently Shraddha
Kapoor and Farhan Akthar are the brand ambassadors for ‘Dulux’.
Exhibit 3: Advertising spend (%) of Revenue
6.0
5.6
5.5
5.1
5.0
5.0
5.0
5.0
4.8
4.7
4.5
4.3
4.0
FY12
FY13
FY14
FY15
FY16
FY17E FY18E FY19E
Source: Company, Angel Research
New facility in Noida, JV with Atul Ltd & Powder Coating plant in
Mumbai
Considering the potential of Indian markets, Akzo is expanding its base and
aggressively setting up new facilities. Recently, it has commissioned specialty
coatings facility and colour laboratory in Noida 600 kl.p.a capacity to service
customers from consumer electronics, automobile and cosmetic industries.
Company has invested `3cr of investment towards its Noida plant, thus catering to
the localization drive undertaken by many large players. Akzo has already
commissioned its first phase and is likely to complete its second phase by the end
of FY2017, which would provide further scope for expansion. According to the
Indian Brand Equity Foundation (IBEF), India is expected to be the fifth largest
market for consumer durables by
2025 and is also expected to reach at
US$400bn by 2020, and notably north India is the hub for this sector. The
company’s rational behind expanding in Noida is to serve this market better and
benefit from the incremental demand. Secondly, the size of the beauty, cosmetic
and grooming market is growing fast as well, and is expected to reach US$20bn,
which can be a further demand booster for the company’s product line.
Akzo has entered in JV with Atul Ltd. to install a world scale monocholoroacetic
acid (MCA) plant at Atul’s facility in Gujarat. It will use chlorine and hydrogen
manufactured by Atul to produce MCA (taking advantage of the Atul’s existing
February 28, 2017
3
Initiating coverage | Akzo Nobel India
infrastructure) and utilize Akzo Nobel’s latest eco friendly hydrogenation
technology for best results. Noida facility will serve the Indian MCA market along
with the captive requirement of Atul Ltd.
Finally, in order to encash the incremental double digit demand in powder coating
segment, Akzo has broken ground on its new powder coatings plant in Mumbai,
India. The investment of 63.5cr will allow the company to increase capacity in the
region, which forms an important part of its organic growth plans. The new facility
will complement Akzo’s existing plant in Bangalore, which is focused on supplying
to the Southern and Eastern parts of the country, whereas upcoming facility will
focus on the customers in the Northern and Western regions. The Mumbai facility
will also produce several new product lines for the Indian market, including
bonded metallic powders and localized products for markets such as pipe and re-
bar coatings. Revenue from new Mumbai facility will start contributing to the top-
line from the 2HFY2018.
Along with the Greenfield expansion Akzo also took a Brownfield route to further
boost the top-line. Akzo India acquired Indian industrial coatings business at
~`11cr comprising of Functional Materials & Solutions segment which caters to
wind energy segment & construction industry. Addition of BASF’s folio will
strengthen its position in the industrial coating and deepen its product offering to
the present clientele, which will reflect in the top-line going forward.
We believe these new facilities and recent acquisition will certainly contribute to the
company’s revenue in coming years.
Operating margins recovering from the bottom
Akzo’s operating margin had taken a dip in FY2012 and remained in the range of
7.8%-8.8% untill FY2014 due to the amalgamation of 3 fellow subsidiaries with
Akzo operating in the country. Secondly Crude & Titanium dioxide prices were at
their highest levels during the same period. Margins witnessed decent recovery of
240bps from the bottom (FY2014) in FY2015 and will continue to inch up as input
cost is fairly stable.
Exhibit 4: EBITDA Margin (%)
14
13.7
13.6
13.3
12
11.1
10
10.3
8.8
8
8.4
7.9
6
FY12
FY13
FY14
FY15
FY16
FY17E FY18E FY19E
Source: Company, Angel Research
February 28, 2017
4
Initiating coverage | Akzo Nobel India
Exhibit 5: Titanium Dioxide Price (`/kg)
350
300
250
200
150
100
50
0
Source: Angel Research, Bloomberg
Exhibit 6: Brent Crude Prices (US$/b)
160
140
120
100
80
60
40
20
0
Source: Angel Research, Bloomberg
We believe there is further scope for Akzo’s operating margin to improve by
200-250bps from here, on the back of stable input price and the tight cost control
by the management on expenditures.
February 28, 2017
5
Initiating coverage | Akzo Nobel India
Outlook & Valuation
Considering the recovery in the affordable housing segment, reduced repainting
cycle and expansion plan of the Akzo, we believe that the company’s revenue
would grow at 11% CAGR to `3,773cr over the period of FY2016-19E and will
steadily increase its market share in the Premium Decorative Paints segment. As
Akzo’s operating margin is improving, we expect that profitability would also
simultaneously witness an upward trend and Adj. PAT will grow at 25% CAGR to
`375cr over the period of FY2016-19E.
Notably, at present, Akzo is at lower valuations compared to its peers in the
industry. EV/Sales for Akzo is at 1.9x FY19E, whereas all the peers (Asian Paints,
Berger Paints & Kansai Nerolac) are above 3x, and the company’s EV/EBITDA is in
lower teens (11.8x FY19E), whereas peers is in 20x category. Moreover, Akzo is
currently trading at 18.6x P/E on FY19E EPS, which is below its peers. We believe
the stock provides opportunity at these levels with attractive and relatively cheaper
valuations to the peers. At CMP of `1,496, stock trading at 21.6x/18.6x of
FY18E/FY19E EPS respectively which we believe is attractive. We Initiate Coverage
on the stock, with a ‘BUY’ recommendation and Target Price of `1,720 (23x on
Avg FY18&FY19 EPS).
Peer Analysis
Exhibit 7: Peer Analysis
Market Cap
EPS
P/E
EV/EBITDA
EV/Sales
ROE (%)
(` Cr.) FY17E
FY18E FY19E
FY17E FY18E FY19E
FY17E FY18E FY19E
FY17E FY18E FY19E
FY17E FY18E FY19E
Akzo Nobel
6,980
57.2
69.3
80.4
26.2
21.6
18.6
15.8
13.5
11.9
2.4
2.1
1.9
32.7
33.3
31.8
Asian Paints
96,375
21.8
25.9
27.9
46.2
38.9
36.1
33.5
28.4
23.8
6.7
5.7
4.5
34.4
34.9
35.6
Berger Paints
22,512
4.7
5.6
6.3
49.7
41.2
36.5
25.5
21.3
22.5
3.7
3.1
3.4
27.9
28.4
32.9
Kansai Nerolac
19,269
8.6
10.4
11.4
42.7
35.3
32.2
26.9
22.5 20.57
4.4
3.8
3.5
17.0
17.6
23.3
Source: Angel Research, Bloomberg
Downside risks to our estimates
Sharp increase in Crude and Titanium dioxide poses a risk to the operating
margins, even though some of its incremental input cost will be passed on to
the consumers.
Prolonged pain in the housing segment is a risk to the company’s incremental
revenue, as it contributes nearly 30-35% of top-line.
February 28, 2017
6
Initiating coverage | Akzo Nobel India
Company Background
Akzo Nobel India Ltd (Akzo) is a leading paint manufacturer in India with ~11%
market share by revenue among the top 5 players. It manufactures and markets a
wide range of coatings and specialty chemicals. It has been present in India for
over 100 years and is the fourth largest player in the Paints industry. Over 1,900
people work at Akzo Nobel India in its six production facilities, two state-of-the-art
research laboratories and 88 warehouses. Akzo’s 8,800 strong dealer/partners
network aggressively pushes sales, while the strong MNC backing of Akzo Nobel
NV ensures quality products and technical expertise. Akzo has plants at Bangalore,
Hyderabad, Mohali, Thane, Gwalior and Raigad. It is broadly into 9 different
coating segments including the decorative and the performance (Industrial
coatings). Some of the other important verticals include powder coatings, coil
coatings, protective coatings, wood coatings, etc. Coating business contributes
~90% of Akzo’s revenue, while the remaining 10% comes from specialty chemical
& others. The company’s decorative segment portfolio is skewed towards premium priced
products (‘Dulux’ brand). In the premium Decorative Paints segment, the company enjoys
a market share of around ~22% as compared to its overall market share of ~11%.
Akzo’s Decorative Paints business-line manufactures the ‘Dulux’ brand of paints for
interior and exterior decoration and protection as well as products for surface
preparation and wood care. The emphasis is on quality, aesthetics and high
performance in terms of longevity, washability and stain resistance, anti-colour
fading, water proofing, quicker & easier applicability, faster drying time, low VOC
and odour, and so on.
Akzo Nobel India’s Performance Coatings business-line provides some of the most
advanced packaging coatings and inks in the market, protecting everything from
food and drinks cans to aerosols and metal closures. Performance coatings have
diverse functions and have four applications viz. Industrial Coatings, Powder
Coatings, Automotive & Aerospace Coatings, Marine & Protective Coatings.
The Specialty Chemicals business in India deals in more than 30 products grouped
under organic peroxides, metal alkyls and polymer additives to pharmaceutical
companies, polymer producers, composite and rubber industry.
As a part of its growth strategy, in May 2012, Akzo merged three Indian
subsidiaries of Akzo Nobel NV - Akzo Nobel Coatings India, Akzo Nobel Car
Refinishes India, and Akzo Nobel Chemicals (India) - by issuing additional share
of 11.1mn in accordance with the share swap ratio of the scheme. The merger
brought the company’s operations in India under a single umbrella. Before
merger, Akzo operated in two segments of coating industry - decorative and auto
refinish, but after the merger, its operation has increased to 11 segments.
Exhibit 8: Akzo’s Product Portfolio
Premium Range
Mid - Range
Economy
Exterior
DSS Colour Bright
Dulux Promise Maxilite Acrylic Distemper,
Weathershield Max
Dulux Guardian
ICI Magik
ICI Acrylic Distemper
Weathersheild
Velvet Touch ‘Pearl Glo’
Maxilite
Plastic super smooth
Promise
Velvet Touch ‘Trends’ Rainbow Emulsion
WeatherShield Ultra Clean
Dulux satin Finish
WeatherShield Tex
Dulux super Gloss
Source: Company, Angel Research
February 28, 2017
7
Initiating coverage | Akzo Nobel India
Profit & Loss Statement
Y/E March (` cr)
FY15
FY16
FY17E
FY18E
FY19E
Total operating income
2,527
2,740
2,955
3,309
3,773
% chg
4.5
8.4
7.8
12.0
14.0
Total Expenditure
2,266
2,435
2,562
2,857
3,261
Raw Material
1,406
1,469
1,545
1,731
1,992
Personnel
206
231
243
261
290
Others Expenses
654
736
774
865
978
EBITDA
261
305
393
453
512
% chg
36.2
16.6
28.9
15.1
13.2
(% of Net Sales)
11.5
12.5
15.3
15.8
15.7
Depreciation& Amortisation
53
53
54
57
63
EBIT
209
251
339
395
449
% chg
40.9
20.4
34.9
16.6
13.5
(% of Net Sales)
9.2
10.3
13.2
13.8
13.8
Interest & other Charges
2
1
1
2
2
Other Income
65
40
43
65
74
(% of PBT)
23.9
13.8
11.4
14.2
14.3
Recurring PBT
272
290
381
459
521
% chg
33.9
6.5
31.4
20.4
13.6
Tax
89
98
114
135
146
(% of PBT)
32.6
33.7
30.0
29.5
28.0
PAT (reported)
184
192
267
323
375
Extraordinary Items
3
10
-
-
-
PAT after MI (reported)
186
202
266
323
375
ADJ. PAT
183
192
266
323
375
% chg
22.3
4.7
38.8
21.3
16.0
(% of Net Sales)
7.3
7.0
9.0
9.8
9.9
Fully Diluted EPS (`)
39.3
41.2
57.2
69.3
80.4
% chg
(5.3)
4.7
38.8
21.3
16.0
February 28, 2017
8
Initiating coverage | Akzo Nobel India
Balance Sheet
Y/E March (` cr)
FY15
FY16
FY17E
FY18E
FY19E
SOURCES OF FUNDS
Equity Share Capital
47
47
47
47
47
Reserves& Surplus
873
682
770
925
1,133
Shareholders Funds
920
729
816
972
1,179
Deferred Tax Liability
11
14
14
14
13
Total Liabilities
931
743
831
986
1,192
APPLICATION OF FUNDS
Gross Block
581
583
630
626
618
Less: Acc. Depreciation
53
53
54
57
63
Net Block
528
530
576
568
555
Investments
394
546
569
630
726
Current Assets
876
943
989
1,160
1,430
Inventories
365
359
381
432
519
Sundry Debtors
278
318
329
388
474
Cash
60
55
59
96
159
Loans & Advances
159
186
192
213
243
Other Assets
14
25
27
31
35
Current liabilities
868
1,276
1,302
1,373
1,518
Net Current Assets
8
(333)
(314)
(213)
(88)
Total Assets
931
743
831
986
1,192
Cashflow Statement
Y/E March (` cr)
FY15
FY16
FY17E
FY18E
FY19E
Profit before tax
275
300
381
459
521
Depreciation
53
54
54
57
63
Change in Working Capital
(35)
65
(14)
(65)
(63)
Interest / Dividend (Net)
2
1
1
2
2
Direct taxes paid
(73)
(113)
(114)
(135)
(146)
Others
(66)
(42)
(11)
0
0
Cash Flow from Operations
155
264
297
318
378
(Inc.)/ Dec. in Fixed Assets
(51)
(39)
(100)
(50)
(50)
(Inc.)/ Dec. in Investments
287
(128)
(23)
(61)
(96)
Others
3
11
0
0
0
Cash Flow from Investing
239
(157)
(123)
(111)
(146)
Issue of Equity
0
0
0
0
0
Dividend Paid (Incl. Tax)
(409)
(112)
(168)
(168)
(168)
Interest / Dividend (Net)
(2)
(1)
(1)
(2)
(2)
Cash Flow from Financing
(406)
(113)
(169)
(170)
(170)
Inc./(Dec.) in Cash
(12)
(5)
4
37
62
Opening Cash balances
72
60
55
59
96
Closing Cash balances
60
55
59
96
159
February 28, 2017
9
Initiating coverage | Akzo Nobel India
Key Ratios
Y/E March
FY15
FY16
FY17E
FY18E
FY19E
Valuation Ratio (x)
P/E (on FDEPS)
38.0
36.3
26.2
21.6
18.6
P/CEPS
29.2
27.3
21.8
18.3
15.9
P/BV
7.6
9.6
8.5
7.2
5.9
Dividend yield (%)
2.7
9.4
4.0
4.0
4.0
EV/Sales
2.8
2.6
2.4
2.1
1.9
EV/EBITDA
21.4
19.9
15.8
13.5
11.9
EV / Total Assets
3.6
3.6
3.3
3.1
2.8
Per Share Data (`)
EPS (Basic)
39.3
41.2
57.2
69.3
80.4
EPS (fully diluted)
39.3
41.2
57.2
69.3
80.4
Cash EPS
51.2
54.8
68.7
81.6
94.0
DPS
20.0
70.0
30.0
30.0
30.0
Book Value
197.0
156.2
175.0
208.3
252.7
Dupont Analysis
EBIT margin
9.2
10.3
13.2
13.8
13.8
Tax retention ratio
0.7
0.7
0.7
0.7
0.7
Asset turnover (x)
1.3
1.4
1.4
1.5
1.5
Operating ROE
20.0
26.4
32.7
33.3
31.8
Returns (%)
ROCE
9.7
10.3
12.9
14.5
14.9
ROE
20.0
26.4
32.7
33.3
31.8
Turnover ratios (x)
Asset Turnover (Gross Block)
1.3
1.4
1.4
1.5
1.5
Inventory / Sales (days)
47
45
45
46
48
Receivables (days)
20
21
20
21
23
Payables (days)
60
74
70
65
65
WC cycle (ex-cash) (days)
8
(8)
(4)
2
5
Solvency ratios (x)
Net debt to equity
-
-
-
-
-
Interest Coverage (EBIT / Int.)
139.2
199.5
240.8
249.4
248.4
February 28, 2017
10
Initiating coverage | Akzo Nobel India
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
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Disclosure of Interest Statement
Akzo Nobel India
1. Financial interest of research analyst or Angel or his Associate or his relative
No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives
No
3. Served as an officer, director or employee of the company covered under Research
No
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Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
February 28, 2017
11