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Company Update: Kansai Nerolac Paints Ltd - BUY - TP Rs.600 - Kotak

Posted On: 2018-04-09 10:13:41

- We recently interacted with the management of Kansai Nerolac Paints (KNPL) to understand the developments in the company and in the sector. KNPL has been experiencing double digit volume YoY growth across segments since the last 12 quarters surpassing the performance of Asian Paints and Berger. The strong out-performance is on the back of: 1) Strong volume growth witnessed by the paint sector; 2) New and innovative product launches by the company; 3) Strong distribution network of the company (20000+ dealers and 102 depots);4) Heavy promotion through multiple media platforms and 5) Sales aggression exhibited by the company. Management (and we agree) expect the growth momentum to continue in medium term as well with increasing disposable income, healthy GDP growth, strong automotive demand and private / public sector capex in the country. Recommend BUY with an unchanged TP of Rs 600 at 44x FY20E earnings.

Shares of KANSAI NEROLAC PAINTS LTD. was last trading in BSE at Rs.503 as compared to the previous close of Rs. 500.85. The total number of shares traded during the day was 5875 in over 332 trades.

The stock hit an intraday high of Rs. 509.3 and intraday low of 497.8. The net turnover during the day was Rs. 2955100.


Source: Equity Bulls

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