Hold Asian Paints; target of Rs 3180: ICICI Direct

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ICICI Direct's research report on Asian Paints

Asian Paints (APL) is India’s largest decorative paint company. The company derives ~98% revenue from the paints business while 2% business comes from the home improvement business (kitchen and bathroom fittings). Strong distribution network of 70,000 dealers, 2x more than the No. 2 player • Despite being in a capital intensive business, the company has maintained a strong balance sheet with RoCE, RoE of 30%, 25%, respectively.

Outlook

We revise our rating on the stock from BUY to HOLD. We introduce our FY25E estimates. We roll over our valuation on FY25E and value APL at 60x P/E FY25E EPS.

For all recommendations report, click here

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Asian Paints - 21 -01-2023 - icici