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    Berger and Asian Paints: Resilience to the fore, but valuations richly coated

    Both companies enjoy strong fundamentals, but we maintain caution on the sector due to elevated valuations and lingering uncertainty over changes in consumer behaviour.

    Sachin Pal
    June 25, 2020 / 04:36 PM IST
    Berger and Asian Paints: Resilience to the fore, but valuations richly coated

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Paint manufacturers – Asian Paints (CMP: 1,652; Market cap: 158,474  crores) and Berger Paints (CMP: 505; Market cap: 49,085  crores) logged a decent performance in the fourth quarter in difficult market conditions. Easing cost pressures aided their operational performance but the economic slowdown and the nationwide lockdown exerted pressure on volumes. Asian Paints result highlights Asian Paints’ domestic decorative volumes grew in low-single digits (estimated at 2-3 percent) despite loss of business in the last 15 days of March. However,...

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