ICICI Direct’s research report on Asian Paints
Asian Paints (APL) recorded muted volume growth of ~ 2 % YoY in Q 1 FY1 8 due to a sharp decline in primary sales in May 2017 and June 2017 . This was on account of de - stocking of inventory at dealer level before implementation of GST.Additionally, the company has taken price hike of ~3% YoY to partly offset the higher raw material cost. Further, industrial paint demand (automotive , powder coating) stayed intact in the auto OEM and industrial liquid paint segment.
Outlook
We maintain our HOLD rating on the stock with a revised targ et price of | 1181 per share (valuing 44xFY19E earnings).
For all recommendations report, click here
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