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Vol. 1 / 11-12
April 5, 2011
CMP: 2529.65 Upside: 19.2 %
Target: 3014.0 Horizon: 9-12 M
ASIAN PAINTS LTD.
Analyst: Phone: Email: Head of Research: E-mail: Atul Kanwar +91 11 66272300 Ext: 651 email@example.com Alok Agarwala firstname.lastname@example.org
About the Company
Asian Paints Ltd. is India’s largest and Asia’s third largest paint company. This company, established in 1942 has been a market leader in the paints industry in India since 1968. Today it is almost triple the size of its nearest rival in India. Asian Paints manufactures a wide range of paints for decorative and industrial (including automotive) use. The fully integrated company is ranked among the top ten decorative coatings companies in the world. Apart from these the company also manufactures various accessories like wall primer, wood primer, putty etc. Asian Paints had acquired Berger International in order to expand its reach in the overseas market.
The Indian paint market Decorative Industrial (including automotive)
Key Data (Consolidated) Sector Face value (Rs.) 52-week high/low (Rs.) Market cap (Rs. cr.) Book value (Rs.) Price / book value PE ratio (TTM) Market cap / sales Dividend (%) Average daily volume (1 Y) Beta 1 year return (%) Shareholding Pattern
Promoter FII DII
Paint 10.0 3027.3 / 2008.0 24264.4 250.3 10.1 26.8 3.2 85 96950 0.14 25.2
21..7% 11.4% 14.6% 52.3%
Source: BSE. As on Dec 31, 2010
160 140 120 100 80 60 40 20 0
Robust demand in the Indian market As India is the second fastest growing economy in the world, with a GDP growth of about 8.5% expected in FY2011, the outlook for the paint industry remains good. The Indian paint demand that was excellent till July 2010, faltered in August and September of that year due to the continuing rains. But it has again revived since October 2010. The rural and small town demand is significantly better than that of the large towns. Volumes in the paint industry are expected to grow at a CAGR of 16% in FY2012 and Asian Paints is expected to exceed the industry growth rate. Underlying demand conditions in decorative paints continues to be robust across markets driven by economic recovery, shorter repainting cycles and continuing strong demand in tier-II and III cities. Expansion in the housing and construction sectors would drive the demand for the paint industry going forward. 1 Bajaj Capital Centre for Investment Research
This decision was taken by the company after the state government denied permission.4% 5. due to environmental concerns. Though the investment in the proposed plant was not disclosed but the management has said that they would like to set up one of the largest plants in India. 2 Bajaj Capital Centre for Investment Research . An amount of Rs 735 cr would be spent on the project in 5 years. The company is also planning to set up a manufacturing plant in northeastern parts of Andhra Pradesh with a capacity of 1 lakhs tonnes per annum. Kansai & ICI (Akzo Nobel) apart from Asian Paints. The organized section of the industry is growing faster than the unorganized sector. India paint industry: growth in volumes 18% 13% 14% 18% 16% 13% 14% 16% FY05 FY06 FY07 FY08 FY09 FY10 FY11E FY12E Source: Company Asian Paints is a giant of the Indian paint industry Asian Paints is the clear market leader in the Indian paints industry with about 32. Haryana has started. The proposed project will be classified under mega projects category. Nippon & Sherwin Williams. The company is considering this location because it is well connected with all parts of the country. constituting 35% of the total paints market. The competition in the paint industry is becoming more intense with the entry of foreign players like Jotun. The unorganized sector is a large one but is very fragmented.0% 6. to set up the plant at Patancheru on the outskirts of Hyderabad where the company has a manufacturing facility and wanted to go in for brownfield expansion.0% 32.4% market share.8% Source: Company. The plant capacity can be scaled up to 4 lakh kl per annum in future expansions. The plant has an initial capacity of 1. Huge capacity addition plans Strong volume visibility has resulted in Asian Paints continuing its streak of capacity addition.3% from FY05 to FY10. Other players in the organized sector account for only 5% of the industry market share. if the Andhra Pradesh government provides them with land. The commercial production at its new paint manufacturing facility at Rohtak. have cornered around 60% of the total market share. The project cost for setting up this capacity was Rs ~500 cr.0% 10. The Indian paint industry has grown at an average of 15. The top four players that include Berger. India’s paint industry: market share of major players Asian Paints Berger Kansai ICI (Akzo Nobel) Others Unorganized sector 35. BCCIR Asian Paints bought land in Maharashtra for a greenfield mega project with a capacity of 4 lakh tonnes per annum.8% 10.Stock Idea – Asian Paints Ltd.5 lakh kl per annum.
paint companies end up paying a fortune when prices rise Shift to enamels & emulsion would lead to significant growth Growth is expected in future. 4. It boasts of 90 depots across the country. the share of distemper is expected to come down.2% on August 1.9% in December 2010. while that of enamels and emulsion is expected to go up.9% -1. Extensive distribution network Asian Paints has a very large distribution network in India. Price hike To pass on the rise in raw material costs.6% 1. In-house manufacturing of raw material Most paint companies are hit by the fact that they do not make raw materials themselves.e. 2.8% -5. Broadly. 3 Bajaj Capital Centre for Investment Research . and 2. in the paints industry through an increase in enamels and emulsion use. Asian Paints is the price leader and other players in the industry follow with a lag.500 of Kansai Nerolac. Asian Paints has gone in for multiple price increase. This would lead to better realizations and higher margins for the company.2% 2. Phthalic Anhydride (PAN) is manufactured from orthoxylene. 1. which goes into the production of paints along with titanium dioxide. The paint industry in the past has been able to raise prices in line with the rise in inflation without having a significant impact on volumes. It has over 27. Asian Paints is the only paint company in India that manufactures PAN. But going ahead.4% 2.2% 2.000 retailers as compared to 6. Since PAN prices generally outpace international orthoxylene prices by ~50%.Stock Idea – Asian Paints Ltd.6% on July 1.5% 1.1% -2. At present 19% of the revenue in the industry is realized through the distemper segment. The company has affected four price hikes in FY2011 i. For example. Revenue breakdown of Indian paint industry (FY10) Enamels Distemper Interior Emulsion 2% 12% 17% 50% 19% Exterior Emulsion Wood Finish Source: Company Almost half of the revenues earned by the Indian paint industry are through enamels. The price hike has been the highest in the past 10 years.3% Source: Company Asian Paints benefits by selling Phthalic Anhydride (PAN) in the open market. Asian Paints may look at further hike in prices if raw material prices continue to move up. Asian Paints: price hikes over the years 4.15% on May 1. The other industry players have to import this stock.0% -2. price hikes by all players have been similar.
Stock Idea – Asian Paints Ltd. The company along with its subsidiaries has operations in 17 countries across the world with 23 paint manufacturing facilities. Industrial coating accounts for ~25% of the ~Rs 17. As part of this arrangement. South East Asia. Tonga & Vanuatu Source: Company In 9MFY11. Oman. Nepal & Sri Lanka Singapore Fiji. to accelerate growth of the non-decorative coatings businesses in India. Asian Paints and PPG will enhance their existing non-decorative coatings presence in India by expanding their current 50-50 joint venture relationship . Middle East & Caribbean through its five corporate brands viz.e.1% Source: Company International operations: countries Region Middle East Caribbean Countries Egypt. Apco Coatings and Taubmans. Samoa.Asian PPG Industries Ltd (APPG) and also establish a second 50-50 joint venture. It is the largest paint company in eleven countries. Solomon Islands. The JV's would leverage PPG's technology and global customer relationships while continuing to build on Asian Paints' customer base.9% 15. Berger International. Geographically diversified The Asian Paints group operates in five regions across the world i.7 cr or ~13% of Asian Paints’ sales. manufacturing footprint. The arrangement is subject to regulatory approval and is expected to be completed during CY2011. The modalities are being worked on. SCIB Paints. ICI and Jotun Paints apart from Asian Paints Industrial Coating Ltd. Second JV with PPG industries Asian Paints approved plans to enhance its fourteen year relationship with PPG Industries Inc.000 cr paints segment and has a high presence of unorganized players. (APICL). Asian Paints. Bahrain & UAE Barbados. International operations accounted for Rs 756. USA. The second joint venture will service the industrial containers and light industrial coatings markets.4% 7. Asian Paints and PPG have agreed that Asian Paints will take the lead in the second venture and PPG will take the lead in APPG in order to utilize their respective strengths to best capture the growth in infrastructure development and the economic boom in India. Major organized players in this segment include Kansai Nerolac. The two joint ventures together will serve all customers for non-decorative products in the Indian market. South Asia.0% 53. Jamaica. South Pacific. distribution channels and local relationships. International operations: regional sales contribution (FY2010) Middle East Caribbean South Asia South East Asia South Pacific Middle East accounts for the majority of Asian Paints’ international sales 7.6% 16. APPG currently services the Indian transportation coatings markets and this change will expand its scope to additionally service the marine and consumer packaging markets. a 100% subsidiary of Asian Paints. servicing consumers in 65 countries. Trinidad & Tobago Bangladesh. South Asia South East Asia South Pacific 4 Bajaj Capital Centre for Investment Research .
7 cr for the corresponding quarter of the previous year. compared to Rs 4804.0% 10. 2009.2% 192. the group has posted a APAT attributable to shareholders of Rs 220.0 200.0% 10.0 0.0%.0% 20.3% at Rs 1754.1% 15.0 500.2% 222. compared to Rs 1277.4 188.8% 5.0 0.2 cr in 9MFY10.2 7.0% 10.0 200.0 100.6 cr.0% 364. 2010 at Rs 206.0% 30.6% 268.8 31.0% 29.9 1620.6 40.4 198.0% Q4FY10 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 APAT (Rs cr) APAT margins Operating margins 10.0% 0.3% 1810.0% Consensus Forecast 94.5 17.6 cr for the quarter ended December 31.0 50. Consensus EPS forecast Financial Year FY 2011 FY 2012 Net sales performance (consolidated) 2500.6 cr for the quarter ended December 31.5% 1723.3 20.0 20.0% 0.8 16.0 1000.9% 1830.3 17.0% The net sales performance of Asian Paints dipped YoY in Q2FY11 due to prolonged monsoon and delayed festival season.1% 214.3 cr for the quarter ended December 31.0 2000.2 12.0% % increase (YoY) 1422. On consolidated basis. Its net sales surged by 37.0 10.5% 2099.6 25.0% 291.0% 5.4 12.2 17.0% 15.4 113.2 23.5% Asian Paints is expected to sustain operating margins at 16-18% levels going forward.6% in its APAT for the quarter ended December 31.4 19. Financial Performance Decent Q3FY11 results On a standalone basis. net sales of the company jumped by 19.Stock Idea – Asian Paints Ltd.0 250.8% 334.6 cr as compared to Rs 178.5% to Rs 5740. 2010 as compared to Rs 198. 2010 from Rs 1620. the company posted a growth of 15.2 25. For 9MFY11.0 Q4FY10 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Net sales (Rs cr) Operating profit performance (consolidated) 500.1 12.0 100.9 1876.2% 1460.6% 20.7 cr for the similar quarter of the previous year due to a robust decorative paints segment.2% 176.0 300.9 20.6% to Rs 2099. Its consolidated net sales has increased 29.0 1500.2 cr. 332.0% 5.7% Q4FY10 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Operating profit (Rs cr) APAT performance (consolidated) 300.9 13.0 0.0 cr for the December quarter of 2009.0% 15.7% 365.7 11.3% 410. rising by 11.7% 356. but the sales staged a smart recovery in Q3FY11.5 20.0 150. aided by strong pricing power and superior product mix (higher proportion of emulsions).0 400.3% 25.0% 0.0 102.0 22.9% 220. 5 Bajaj Capital Centre for Investment Research .
Automotive business grew in line with the market.0% 2.0% 5.0% 10.7% 16.3% South Asia outperformed.1% 75771 78946 4.Stock Idea – Asian Paints Ltd. Middle East Asia South Pacific 6 Bajaj Capital Centre for Investment Research . But the Caribbean and Middle East business was sluggish.0% FY08 FY09 FY10 12.9 401.8 56.6 142.8% 282602 316871 12.3% 7.8% 241903 17.0% Robust performance was seen in the Decorative paint business though the Industrial paint business did not match that performance.7 174.0% 15.1% 187221 1.7 409.0% 10. International operations Demand conditions for International business was challenging in some areas. Sales realization/kilo litre (Rs) Growth (YoY) Review of Business Segments (Q3FY11) Decorative Business In Q3FY11 the performance was mostly good in all parts of the country. International operations: net sales (Rs cr) Region Caribbean 9MFY11 123.1% 80634 84512 4.8% 20. Net Sales & operating income growth was flat in the period April – Dec 2010 compared to 9 months of the previous year.4% FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 220284 9.1% 11.9 52.8% 97963 3. There was growth in South Pacific too.3% -1.0% -2.0% 6. However.4 Growth -4. the APAT margins have shown a dip due to high raw material costs and higher depreciation.2% Growth (YoY) 90147 98972 9.0% 4.8% 87240 3. The demand for Enamel was higher than anticipated.4% -1.1% 411369 16. Though the APAT has remained steady for the past few quarters.0% 0.9% 22. Paints products: volume growth 500000 400000 300000 12.2% 2. The demand for interior and exterior emulsions was particularly good. Industrial business Demand condition for Industrial paints was challenging.3 9MFY10 129.0% 354370 200000 184622 100000 0 Production (million tonnes) Paints products: sales realization growth 120000 100000 80000 60000 40000 20000 0 FY03 FY04 FY05 FY06 FY07 -0. South Asia has shown a decent growth.0% 8.0% 0.
Strengths Paint industry majors .8 96.4 20.3 120.0 76. Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Note: March 2011 figures are for the closing on the 25th day of that month.1 0. These raw materials are of a wide variety.0 P/BV 2.4 4. PBIDTM (%). raw materials account for 60% of net sales in the paints industry.7 Crude prices have been in an upswing and this is raising the cost burden of the industry players.9 23. Peer Analysis Major paint companies: strengths Company Asian Paints ICI (Akzo Nobel) Berger Paints Kansai Nerolac Nippon Market leader in the paints industry Strong in premium end paints/emulsion Focused on enamels and lower end paints Leader in Industrial paints.6 91.4 20.1 RONW (%) 16.4 31. 1 in China.0 24260.4 13.0 4232.4 P/E 19. 7 Bajaj Capital Centre for Investment Research .1 165. P/BV & Mkt Cap figures are for March 25. Rising cost and erratic availability of raw material mark the Indian paint industry. Key Concerns Rising price of raw material The paint industry is raw material intensive.9 23.6 8.7 Mkt Cap 2676.5 APATM (%) 8. Net Sales. with half the sales coming from auto industry Largest paint manufacturer in the world with premium technology.0 5372.Stock Idea – Asian Paints Ltd. Crude derivatives account for about 30-35% of Asian Paint’s raw material costs.5 774.0 14.5 PBIDTM (%) 12.3 104.0 4.7 77.2 2912.4 D/E 0.6 P/E. Asian Paints has better margins than its peers. PAT. APATM (%) & RONW% statistics are for FY10.6 11. Brent crude prices (US$) 115.comparison (standalone financials in Rs cr) Company Akzo Nobel Berger Paints Kansai Nerolac Asian Paints Net Sales 1041.5 1822.9 85.2 58.7 1686.0 0.8 82.7 PAT 159. On an average.1 0.2 22. No.6 6.6 11. It also scores over the other paint companies in terms of a high RONW%. 2011.
We recommend a “BUY” on the stock with an investment horizon of 9-12 months and target price of Rs. it is the maximum in the festive season . These two JV’s would provide the entire spectrum of paints for the industrial sector. With the Indian economy expanding at a fast rate and the housing & infrastructure sectors expected to attract big investments.This bodes well for Asian Paints.5 FY09 Q1FY10 Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Source: Company The crisis in Egypt and Bahrain would impact Asian Paints’ business marginally.5 91. Prices of raw materials like titanium dioxide. Slowdown in the economy The well being of the paint industry is dependent on the growth of the economy.4 cr. For Asian paints. The company also has huge expansion plans.7 94.65. 3014. with almost one-third of the total market share. There is a demand supply gap in case of Titanium Dioxide. The company is fully capable of negating the increase in price of raw materials.000 retailers. the paint industry volumes are expected to grow at a healthy 16% in FY12. Input cost index 103. We expect the company to register an EPS of Rs 115. 8 Bajaj Capital Centre for Investment Research The demand in the paint industry is seasonal to some extent.4 translating into a TTM PE of 26.0 92.5% to the net sales of Asian Paints. There is no greenfield capacity on the anvil and it would almost take a couple of years before a brownfield additional capacity starts operating. A is also geographically well diversified servicing customers in 65 countries across the globe. While the demand dips in the monsoon season. Asian Paints has a market capitalization of Rs 24264. it plans to set up mega projects in Maharashtra and Andhra Pradesh.1.4 91. it may rise in the future. Valuation Asian Paints is by far the largest paint company in India. After commencing operations at its new facility in Haryana recently. These two countries together contribute ~4.9 for FY12 on the basis of strong volume growth and pricing power. But on account of higher competition and advertisement rate inflation. The stock is an attractive buy considering the growth prospects of the industry as well as the company. and is trading at a share price of Rs. the market leader of the industry.9 100.Stock Idea – Asian Paints Ltd. The input costs have shown a northward trend since Q1FY10 but the surge has been particularly harsh in CY2010. 75% of the decorative paints demand comes from repainting and repainting demand depends on how well the Indian economy is doing.5% of its net sales. Advertisement and promotion spends expected to rise going forward The competition in the paint industry has intensified with new players entering the Indian market This has resulted in an increase in advertisement spend of some companies in this sector.7 104. . Asian Paints is also planning to start its second joint venture with PPG Industries of USA in CY2011. Titanium dioxide accounts for 20-25% of the total input cost. It also ranks among the top ten decorative coating companies in the world. solvent and crude related inputs have increased sharply. This was amply demonstrated when it raised prices four times in CY2010. Asian Paints boasts of an extensive distribution network comprising of 27. Bahrain has one manufacturing unit and contributes 10-12% of the company’s middle-east sales. This makes the stock currently trade at 21.8. Egypt has two manufacturing facilities and accounts for 50-53% of the company’s middle-east revenues.8x FY12. the advertising and promotion spend has been ~4.4 98. 2529. Any slowdown in the real estate and the industrial growth impacts the volumes of the paints industry negatively. The price to book value stands at 10. by increasing the price of its products. 94. The consolidated TTM EPS is Rs.
The price of crude derivatives and titanium dioxide. 9 Bajaj Capital Centre for Investment Research . • Rising cost of raw materials: The input costs for Asian Paints and the other players in the industry are rising. In addition to this it has plans for greenfield expansion of 4 lakh tonnes in Maharashtra and 1 lakh tonnes per annum in AP. • Growth in the tier II and III towns: The paint demand in these towns is growing at a faster rate than the tier I cities. though fragmented holds a ~35% share of the Indian paint industry and gives tough competition to established players. SWOT Analysis Strengths • Market leader: Asian Paints is the largest paint company in India with a market share of 32. • Hiccups in international business: The middle east business is being hampered by strife in Egypt & Bahrain. Nippon and Sherwin Williams are now competiting with Asian Paints in the domestic Indian markets.4%. • Shorter repainting cycles: The growing affluence of the Indian people is resulting in shorter repainting cycles benefiting the paint industry. • Manufactures PAN: The company manufactures Phthalic Anhydride (PAN). • Capacity expansion plans: The company has already commenced its Rohtak operations recently that has a capacity of 1. two key inputs has seen a sharp upswing. Threats • Competition from the world majors: Major world players like Jotun. to become a true multinational. It intends to raise product prices again if the raw material prices keep going northwards.The Caribbean sales also dipped in Q3FY11. Weaknesses • Industrial business performing below par: The industrial business of the company has performed below expectations.5 lakh kl per annum.Stock Idea – Asian Paints Ltd. The automotive business has performed in line with expectations.000 retailers. • International presence restricted to small pockets: Asian Paints need to spread its business to big centres worldwide.3% in the past six years and the growth is expected to be 16% in FY12. Both the joint ventures would cover the entire gamut of the non-decorative paint business. Asian Paints is planning to have a second joint venture with PPG industries. Opportunities • Fast growing Indian economy: The fast growing Indian economy and a growth in the realty and construction industries presents a big opportunity for Asian Paints. • Unstable political situation in middle east: This region accounts for over 50% of company's international sales. • Wide distribution network: Comprising of 90 depots and 27. • Steady growth in industry volumes: The paint industry has shown an average volume growth of 15. Asian Paints would leverage PPG's technology and customer relationships around the globe. But Asia & South Pacific business has been doing well. though the decorative business has done very well. • Expected decrease in the use of distemper in future: Increase in enamels & emulsion use would have a positive impact on company's margins. It is also the 3rd largest in Asia and among the top 10 decorative paint companies in the world. • Competition from the unorganized sector: The unorganized sector. • Slowdown in the economic growth: The paint industry fortunes are positively co-related to the growth of the economy. a key raw material. Subject to regulatory approvals. • Pricing power: Asian paints has had four price hikes in CY2010.
5 2.8 1084.4 36.7 200503 95.9 542.6 4.3 36.2 1377.9 11.1 21.1 284.6 717.3 106.9 32.4 31.6 139.4 90.8 -2.8 -133.8 2795.3 7208.3 15.0 17.9 759.9 777.7 401.3 10.9 60.6 29.2 -109. Cr.9 -41.7 -73.5 5831.3 198.0 10. Cr.9 95.4 19.6 9.2 411.5 105.2 955.5 6.9 20.6 5803.0 571.8 2673.9 19.8 -4. 201003 95.6 785.2 125.4 18.4 59.2 57.4 1257.6 211.7 92.1 0.9 3960.6 3.7 7.4 3.9 3209.5 10.2 11.6 275.8 5079.0 1754.8 28.4 171.0 -331.0 -299.2 229.7 414.0 -41.7 4590.5 -110.7 6.9 1203.0 20.6 105.2 714.1 3445.4 5719.0 87.7 4.0 41.9 200803 95.0 1939.9 1302.2 13.6 454.0 270.8 83.5 295.8 179.3 17.0 460.9 1710.2 QoQ (%) 15.3 29.3 2779.6 92.1 13.5 Q2FY11 1810.8 130.8 598.2 806.8 61.6 2119.3 5.3 33.0 27.2 514.6 0.7 0.9 24.3 200903 95.0 420.2 214.0 657.Stock Idea – Asian Paints Ltd.3 4.2 4.2 YoY (%) 29.0 13.2 114.9 28. Financials Income Statement (Quarterly) Consolidated Particulars Net Sales Total Income Total Expenditure PBIDT PBIDT Margin % Interest Depreciation Tax APAT APATM (%) Rs.4 395.9 347.1 723.9 -270.9 Rs.7 32.7 4.4 200603 95.2 -125.0 5802.7 11.0 40.0 1636.0 61.9 175.4 131.5 261.8 11.5 1058.7 1479.5 34.4 5 yr CAGR % 21.9 567.3 907.3 36.4 68.8 142.7 239.9 360.4 35. Q3FY11 2099.6 0.8 27.4 12.1 45.7 364.2 407.9 15.7 11.0 306.5 5740.9 2419.6 12.2 95.6 28.0 Financials (Annual):Consolidated 9MFY11 Share Capital Networth Capital Employed Debt CWIP Inventory Sundry Debtors Cash & Bank Balance Revenues Total Income Total Expenditure PBIDT Interest Depreciation APAT Cash Flow from Operating Activities Cash Flow from Investing Activities Cash Flow from Financing Activities Free Cash Flows Dividend % EPS (Rs.6 84.1 769.6 13.3 0.5 73.6 54.9 982.7 -334.8 1835.6 87.4 3835.3 110.0 200703 95.4 7.5 74.3 473.4 60.0 19.9 Q3FY10 1620.) Debt-Equity Ratio RoNW % Fixed Asset Turnover Ratio PBIDT Margin % APAT Margin % 18.9 210.4 3166.7 6.9 19.1 1086.2 14.8 6965.8 8.2 1511.3 356.2 30.9 4687.6 0.7 488.9 252.7 0.6 10 Bajaj Capital Centre for Investment Research .9 220.3 4717.8 308.1 -230.0 26.6 -26.0 334.0 170.6 2.1 6.9 646.5 3970.3 45.
Bajaj House. or any other use is prohibited. or use by. Bajaj Capital Centre for Investment Research Bajaj Capital Ltd 97. or related to.com 11 Bajaj Capital Centre for Investment Research . or other services for. where such distribution. any person or entity who is a citizen or resident of or located in any locality. personal finance etc. We do not represent that information contained herein is accurate or complete and it should not be relied upon as such. 2. retransmission. state. any of its affiliates or any third party involved in. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. regulation or which would subject BCL and affiliates to any registration or licensing requirement within such jurisdiction. Without limiting any of the foregoing. BCL and affiliates may from time to time solicit from. publication. may from time to time purchase or sell or may be materially interested in any of the securities mentioned or related securities.Stock Idea – Asian Paints Ltd. Any review. This Document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed and may contain confidential and/or privileged material and is not for any type of circulation. 651 Email: bccir@bajajcapital. Disclosure of interest: 1. Nehru Place New Delhi 110019 Tel 4169 3000. Ext. The information contained herein is from publicly available data or other sources believed to be reliable. The investment discussed or views expressed may not be suitable for all investors. not all customers may receive this report at the same time. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved). Our research analysts and sales persons provide important input into our investment banking and advisory activities. The user assumes the entire risk of any use made of this information. a unit of Bajaj Capital Limited (BCL). 4169 2900. any company mentioned herein. BCL will not treat recipients as customers by virtue of their receiving this report. BCL and its affiliates do not hold paid up capital of the company. Disclaimer: This document has been prepared by Bajaj Capital Centre for Investment Research (BCCIR). © Copyright in this document vests exclusively with BCL. The Analyst and his/her dependent family members do not hold any long or short position in the shares of the company covered as on the date of publication of research on the subject company. in no event shall BCL. investment advisory and brokerage services in stocks. As with any investment in securities. BCL & affiliates may have used the information set forth herein before publication and may have positions in. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. the share price of a particular company can go up or down depending on the forces and factors affecting the capital markets. Equity and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the investment will be achieved. availability or use would be contrary to law. debt. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. mutual funds. computing or compiling the information have any liability for any damages of any kind. or perform investment banking. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of BCL and affiliates. This report is not directed or intended for distribution to. Affiliates of BCL may have issued other reports that are inconsistent with and reach to a different conclusion from the information presented in this report. real estate. BCL and its subsidiaries and associated companies form an integrated unit imparting investment banking. Though disseminated to all the customers simultaneously. country or other jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors.
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