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Reduce Kansai Nerolac Paints; target of Rs 360: ICICI Direct

ICICI Direct recommended reduce rating on Kansai Nerolac Paints with a target price of Rs 360 in its research report dated May 13, 2022.

May 14, 2022 / 01:53 PM IST
 
 
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ICICI Direct's research report on Kansai Nerolac Paints


Kansai is the global leader in industrial coatings (automotive). However, in the last 10 years, it has increased its decorative paint mix to 55% of its total topline. Currently, Kansai is the third largest decorative paint player in India. Strong distribution network of ~28,000 dealers across the country with 75-80% penetration of tinting machine • In the last two years, KNL has increased its total paint manufacturing capacity by 28% to 5.3 lakh tonnes at an investment of ~Rs 1100 crore.



Outlook


We change our rating on stock from HOLD to REDUCE. We value Kansai at Rs 360 i.e. 30x P/E on FY24E EPS.

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first published: May 14, 2022 01:53 pm
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