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Buy Asian Paints; Target Of Rs 2475: Sharekhan

Sharekhan is bullish on Asian Paints has recommended buy rating on the stock with a target price of Rs 2475 in its research report dated October 22, 2020.

Oct 27, 2020 / 04:01 PM IST
 
 
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Sharekhan's research repor on Asian Paints


Asian Paints Limited (APL) registered healthy performance. Revenue grew by 6%; OPM improving by 474 bps to 23.6% and strong growth of 36% at PBT level. Volume growth in the domestic decorative business stood at 11%, ahead of our and street expectation of 7%-8%. The stock is currently trading at 59.2x/49.3x its FY2022/23E EPS. Leadership position in the domestic decorative paint industry, sturdy balance sheet, and good dividend pay-out will keep valuations at premium level. We have fine-tuned our earnings estimates to factor better-than-expected performance.


Outlook


We retain our Buy recommendation with a revised PT of Rs. 2,475.


For all recommendations report, click here


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Broker Research
first published: Oct 27, 2020 04:01 pm

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