Hold Asian Paints; target of Rs 1204: ICICI Direct

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ICICI Direct's research report on Asian Paints

Post demonetisation, Asian Paints (APL) recorded strong volume growth of 11% YoY in Q4FY17 supported by a recovery in demand from tier II and tier III cities. However, the realisation remains muted due to a change in the product mix and some trade discounts in January.

Outlook

We believe at the CMP the stock is discounting all near term positive with earning multiple of 48x and 41x FY18E and FY19E, respectively. We value the stock at 43x FY19E earnings and revise our target price to Rs 1204 per share.

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