Equity Research INDIA

August 30, 2020

BSE Sensex: 39467
Consumer Staples & Discretionary
ICICI Securities Limited
is the author and
distributor of this report
Deep Dive #3: Primer (long-term) opportunity for paint
companies
Sector update Deep Dive is our new series in which we will explore long-term category
opportunities. Our endeavor is to bring alive I-Sec Consumer team’s cumulative
experience of >100 years.
We recently presented Waterproofing and Adhesives in our Deep Dive 1 & 2.
Primer, an ancillary product, offers growth potential in-line with paint industry, or
Asian Paints (ADD) a tad lower. A highly synergistic product for paint companies, the ratio of primer
TP: Rs1,900 to paints’ industry size is ~1:3. While primer is ‘must-use undercoat’ for emulsions
and premium enamels, it is ‘nice-to-use undercoat’ for distempers and value-for-
Berger Paints (HOLD) money enamels. Benefits of primers are (1) it’s an undercoat for dry surfaces and
TP: Rs540 reduces volume of paint required and (2) entire surface becomes white which
makes it easier to paint. Premium primers offer benefits such as (1) protection
Kansai (HOLD) from dampness, efflorescence and alkalinity, (2) protection from fungus and (3)
TP: Rs460 fast drying which reduces time and hence, labor cost. Paint companies have
introduced differentiated primers such as (1) combination product of putty +
Akzo Nobel (BUY) primer, (2) primer with waterproofing benefits and (3) universal primer which can
TP: Rs2,350
be used on multiple surfaces.
Primers are synergistic to paints as (1) companies use same brands, (2) same
distribution network and (3) same supply chain for raw material sourcing.
Premium primers are essential as better undercoat for premium/luxury paint. Top
picks: Asian Paints (ADD) and Akzo Nobel (a long-gestation turnaround; BUY).
 Primers growth in FY2007-2020 (13% CAGR) has been in-line with paints:
Primers are undercoats. It is used before emulsions and premium enamel paints.
However, some consumers of distempers and value-for-money consumers do not
use primers. The primers growth is directly co-related with paint market and its
expected to grow in-line or a lad lower than paints.
 Usage of primers and differentiated products: Dry surfaces soak the first coat.
Hence, usage of primer as an undercoat helps to reduce cost. It also paints the
surface with white colour which is helpful before paint coats. Some primers also offer
anti-microbial properties. Premium primers offer protection from dampness,
efflorescence and alkalinity. Primers can also be divided as fast drying (it saves time
and hence, labour cost) and regular primers. Asian Paints and Kansai have
introduced combination product of ‘putty + primer’. Kansai has introduced universal
primer which can be used on most surfaces before enamel paints.
 Geographical revenue mix: The geographical breakup of primers is similar to
paints. However, as distemper and value-for-money enamels are used more in rural
India, we believe primers generate higher revenues from urban markets compared to
revenue share of paints in urban markets.
 Logical extension to paints: Paint companies are leveraging the logical extension
Research Analysts: of primers to offer better value to consumers. Premium primers are better undercoats
for premium/ luxury paints. There is also scope to differentiate in primers than
Manoj Menon primers offered by smaller /unorganized players. As primers are launched under
manoj.menon@icicisecurities.com
+91 22 6637 7209
same paint brands and also use same distribution network, we note there are
Aniruddha Joshi synergies with paint business. Primers also use same raw materials like paints such
aniruddha.joshi@icicisecurities.com as crude oil and titanium di-oxide (TiO2).
+91 22 6637 7249  Stock Calls: Primers offer healthy growth (in-line with paints) as well as return ratios
Vismaya Agarwal, CFA > Cost of capital. Investors can get exposure to primer growth story via investments
vismaya.agarwal@icicisecurities.com
+91 22 2277 7632 in paint companies. We note Asian Paints and Berger are more aggressive in primer
Karan Bhuwania market than others and are expected to gain market share in next 2-3 years. Top
karan.bhuwania@icicisecurities.com picks: Asian Paints (ADD) and Akzo Nobel (a long-gestation turnaround; BUY).
+91 22 6637 7351
Please refer to important disclosures at the end of this report
Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities

Analyzing the primer market in India

The primer market is crucial for the paint industry and is estimated to be c.30% of total
paint volumes in India. We expect it to grow in-line with paint industry. Most of the
distemper users and some enamel users do not use primers. However, primer is
crucial for all emulsion paints. As the paints provide most benefits such as shine,
waterproofing, the primers largely act as undercoats.

Primer growth is directly linked to paint industry growth

We note (1) every emulsion and enamel paint requires an undercoat (i.e. primer).
However, some consumers using distempers and enamels don’t use primers and (2)
some consumers use only primer as paint by mixing color shades in primer.

Chart 1: Paint market growth - Primers have grown in-line with paints
3,50,000

3,00,000

2,50,000

2,00,000
(Rs mn)

1,50,000

1,00,000

50,000

-
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Source: Company data, I-Sec research

Chart 2: Must-use vs nice-to-use market for primers

Distempers Premium
20% emulsions
25%

Nice to use Must use

Value-for-money Value-for-money
enamels emulsions
25% 15%

Premium enamels
15%
Source: Company data, I-Sec research

Sub-segments of primer
The primers can be divided in three major segments as wall primers (interior and
exterior), wood primers and metallic primers. The interior and exterior primers can be

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
further divided in water based primers and solvent based primers. We believe the
largest segment is interior primer followed by exterior primer, metallic primer and wood
primer.
Chart 3: Bio-wash Some companies have also introduced bio-wash which is fortified with broad spectrum
launched by Kansai biocides and fungicides. It gives protection against various microbial activities.
Chart 4: Sub-segments of primers
Primer

Wall Universal Metal Wood

Interior Exterior Primer & Putty

Source: Company data, I-
Sec research
With waterproofing
VFM Premium VFM Premium
benefits
Source: Company data, I-Sec research

Primers as per benefits

Main benefit of primer is undercoat. Dry wall or wood soaks in first coat. Hence,
instead of using expensive paint, primer is used. Primer also provides white surface
which makes painting easier.

While the primer serves as undercoat for paints, we note there are other benefits too.
Premium primers serve the purpose of protection against dampness, efflorescence
and alkalinity.

Primers can also be divided as (1) Fast drying primer which reduces overall painting
time and hence, labour cost and (2) regular drying primers which are available at
relatively lower costs.

Table 1: Primers as per benefits

Primer Benefit
Premium primer Undercoat with benefit of protection against dampness, efflorescence and alkalinity
Value-for-money primer Only usage as undercoat but available at low price
Fast drying primer Dries fast and hence reduces overall time to paint, hence reduces labour cost
Regular primer Requires regular drying period
Source: Company data, I-Sec research

Primer cum putty

Paint companies such as Asian Paints and Kansai Nerolac have introduced primer
cum putty combination product which offers both the benefits. It helps to save time as
well as labour cost. This innovative product is largely used as undercoat for interior
emulsions.

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
Chart 5: Primer cum putty combination product by Asian Paints and Kansai

Source: Company data, I-Sec research

Universal primer can be used on multiple surfaces

Some paint companies have introduced universal primers which can be used on all
surfaces such as walls, wood and metals. However, it can be used only for enamel
paints.
Chart 6: Universal primer by Kansai Nerolac

Source: Company data, I-Sec research

Primer with waterproofing benefits

There are primers with waterproofing benefits too. Asian Paints has introduced
Smartcare Terrace tile primer which can be used on porous and non-porous terraces.
This primer provides strong adhesion to Smartcare Damp Proof waterproofing
products.
Chart 7: Asian Paints SmartCare Terrace Tile Primer

Source: Company data, I-Sec research

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
Presence of key companies across sub-segments
All four paint companies have presence in all types of primers. A buyer of premium
paint will also buy premium primer. However, we note a buyer of value-for-money
paints will buy value-for-money primers or may not buy primers.

Table 2: Presence of key companies across primer sub-segments

Asian Paints Berger Kansai Akzo
Interior primer    
Exterior primer    
Metal primer    
Wood primer    
Putty with primer    
Universal primer    
Primer with waterproofing    
Bio-wash    
Source: Company data, I-Sec research

Geographical revenue breakup similar to paints

Considering primers are sold along with paints, we believe the geographical breakup
of primers is similar to paints.

Chart 8: Geographical revenue breakup of primers is similar to paints

East
South 23%
28%

West
25%
North
24%

Source: Company data, I-Sec research

‘Necessary/ essential’ product, low cost is important

Our channel checks indicate the trade margin in primers is c.5% (similar to paints). We
note there are negligible promotions in primers as it is considered as a commodity.
However, it is a ‘necessary/ essential product’ and hence, important for consumers.

We note paint companies have launched primers under their key brands, instead of
selling primers as pure commodities. The consumers are encouraged to buy premium
primers when they are using premium/ luxury paints.

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
Chart 9: Berger has basic primers as well as premium branded primers

Source: Company data, I-Sec research

Key raw materials used in primers

The major raw materials used in primers are crude oil as well as crude oil derivatives.
We do not expect any material cost pressure in the short term on primers given lower
crude oil prices and strong pricing power of the incumbent players.

Chart 10: Crude oil Chart 11: HDPE (packaging material)

8,000 Crude oil (Rs/bbl) HDPE (Rs/Kg)
140
7,000
120
6,000
100
5,000
80
4,000

3,000 60

2,000 40

1,000 20

- -
Aug-10

Aug-16
Aug-11

Aug-12

Aug-13

Aug-14

Aug-15

Aug-17

Aug-18

Aug-19

Aug-20
Feb-11

Feb-12

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18

Feb-19

Feb-20

Jul-20
Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19
Jan-13

Jan-15
Jan-11

Jan-12

Jan-14

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20
Chart 12: Titanium Di-oxide prices Chart 13: Packaging material - Tin prices
350 Titanium Dioxide (Rs/Kg) Tin (Rs/Kg)
1,600
300 1,400
250 1,200

200 1,000
800
150
600
100
400
50 200
- -
Aug-15
Aug-10

Aug-11
Feb-12
Aug-12

Aug-13

Aug-14

Aug-16

Aug-17

Aug-18

Aug-19

Aug-20
Feb-11

Feb-13

Feb-14

Feb-15

Feb-16

Feb-17

Feb-18

Feb-19

Feb-20

Jun-10

Jun-12

Jun-14

Jun-16

Jun-18

Jun-20
Feb-13

Feb-17
Oct-09

Feb-11
Oct-11

Oct-13

Feb-15
Oct-15

Oct-17

Feb-19
Oct-19

Source: Bloomberg, I-Sec research

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
Revenues of paint companies from primer business
While all paint companies have introduced primers, we note companies such as Asian
Paints and Berger have increased the efforts to gain market share in primers from
smaller / unorganized players. We believe paint companies generate 25-30% of
volumes from primers. However, we believe the revenue contribution is relatively lower
as primers have lower realization than paints.

Portfolio of paint companies

Asian Paints

Asian Paints, market leader in paints has strong product portfolio even in primers.
Apart from basic primers, it has introduced primers with waterproofing benefits, putty
and primer mix and bio-wash products. It has also introduced premium primers for
luxury coats.

Table 3: Primers by Asian Paints

Segment Variant Comments
Decoprime advanced interior wall
Undercoat for interior paints
Interior primer primer
Decoprime interior wall primer Effective primer for luxury paints
Wood primer TruCare wood primer Primer for wooden surfaces
Exterior Decoprime advanced exterior wall
Undercoat for exterior paints
primer primer
Putty primer Combination product of primer + putty. Economical for
Trucare Primer putty mix
mix consumers
Biowash SmartCare Bio block Anti-fungal product
Utsav metal primer For ferrous metal surfaces
Metallic Decoprime premium metal primer Provides anti-corrosion properties
primer Trucare yellow metal primer Provides excellent adhesion of paints to surfaces
Trucare red oxide metal primer For ferrous metal surfaces
Grey 1 pack Epoxy primer For steel surfaces (Interior & exterior)
Source: Company data, I-Sec research

Kansai Nerolac

Kansai Nerolac has large product range of primers. It has introduced basic as well as
premium primers. It has also introduced putty and primer mix and has also introduced
universal primer which can be used on most surfaces before the enamel paints.

Table 4: Primers by Kansai Nerolac

Segment Variant
Interior primer Cement primer
Wood primer Wonderwood
Universal primer Goody universal primer
Exterior primer
Exterior primer Nerolac Excel
Italian white primer
Biowash Nerowash
Metallic primer Red oxide primer
Source: Company data, I-Sec research
Comments
Value-for-money primer
Wood primer as well as sealer
Can be used on most surfaces
Water based exterior primer
Premium exterior primer
Premium primer
Anti-fungal solution
Tobe used on metallic surfaces

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities

Berger Paints

Berger too has large product portfolio of primers. It has product portfolio of value-for-
money as well as premium primers. It has also introduced bio-wash, an anti-fungal
undercoat.

Table 5: Primers by Berger Paints

Segment Variant Comments
BP Cement primer (WT) Prepared with 100% Acrylic binder and micro fined pigments
Manufactured with special synthetic alkyd binder and micro fined
BP Cement primer (ST)
pigments
Interior
Oil modified alkyd based primer with micro fine pigments and
primer BP White primer (ST)
extenders.
Uses special type of acrylic binder and micro fined pigments along
BP White primer (WT)
with extenders and additives.
Wood Prepared with acrylic binder and micro fined pigments along with
Parrot
primer extenders and additives.
BP Exterior cement
Reduces porosity of walls and efflorescence
primer
Exterior Weathercoat exterior
Provides extra whiteness and with opacity
primer primer
It provides triple protection. Fights against dampness, efflorescence
Seal-O-Prime
and alkalinity.
Biowash Weathercoat biowash Protects walls from microbial activity
BP Zinc yellow primer Withstands high degree of corrosion. Ideal for saline weather.
Metallic
Butterfly A/C metal
primer Quick drying metallic primer.
primer
Red oxide primer Oil modified primer for ferrous metal surfaces
WT= Water thinnable, ST= Solvent thinnable
Source: Company data, I-Sec research

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Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities

Valuation summary
Table 6: Key financials of paint companies
CMP TP Upside PE (x) EV/EBITDA (x) ADTV Market Cap
Company (Rs) (Rs) (%) Rating FY21E FY22E FY21E FY22E (US$ mn) (Rs bn) (US$ bn)
Akzo Nobel 2,139 2,350 10 BUY 46 37 31 23 0.5 96 1.3
Asian Paints 1,958 1,900 (3) ADD 70 55 44 36 60.2 1,919 25.6
Berger Paints 564 540 (4) HOLD 95 77 57 49 12.1 551 7.4
Kansai Nerolac 488 460 (6) HOLD 57 43 35 27 1.8 253 3.4

EV/ sales (x) P/B (x) P/CEPS (x) RoE (%) RoCE (%) CAGR (FY20-22E) (%)
Company FY21E FY22E FY21E FY22E FY21E FY22E FY21E FY22E FY21E FY22E Revenues EBITDA PAT
Akzo Nobel 4.1 3.4 7 7 34 28 16 18 16 18 1 1 5
Asian Paints 9.2 7.5 17 14 54 44 25 28 22 25 12 12 12
Berger Paints 9.7 8.1 18 16 71 59 20 22 17 19 4 4 4
Kansai Nerolac 5.6 4.5 7 6 42 33 12 14 11 14 5 10 9
Source: Company, I-Sec research

Price chats
Akzo Nobel Asian Paints
2,700 2,200
2,500 2,000
2,300 1,800
2,100 1,600
(Rs)

(Rs)
1,900 1,400
1,700 1,200
1,500 1,000
800
1,300
600
Aug-18

Aug-19
Aug-17

Aug-20
Feb-19

Feb-20
Feb-18

Aug-17

Aug-18
Feb-19
Aug-19

Aug-20
Feb-18

Feb-20
Berger Paints Kansai Nerolac
700 600
600 550
500 500
450
400
(Rs)

(Rs)

400
300
350
200 300
100 250
Aug-19
Aug-17

Aug-18

Aug-20
Feb-18

Feb-19

Feb-20

Aug-17
Feb-18

Aug-19
Aug-18

Aug-20
Feb-19

Feb-20

Source: Bloomberg

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 Consumer Staples & Discretionary sector, August 30, 2020 ICICI Securities
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New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

ANALYST CERTIFICATION
I/We, Manoj Menon, MBA, CMA; Aniruddha Joshi, CA, Vismaya Agarwal, CFA, B. Tech, PGDM; Karan Bhuwania, MBA; authors and the names subscribed to this
report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no
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