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Research
Asian Paints - Generate Positive Surprise, Retain HOLD - Emkay
Posted On : 2012-05-11 10:00:22( TIMEZONE : IST )
- Q4FY12 performance beats expectations - revenue grew 29.5% yoy to Rs25.5 bn and APAT grew 39.5% yoy to Rs2.6 bn; Volume growth springs back to 14-15% yoy.
- Asian Paints FY12 performance beats expectation by 4%; Delivers earnings of Rs103/Share against expectation of Rs99/Share.
- Revise earnings for FY13E by 7% to Rs120.9/Share and introduce FY14E earnings of Rs139.0/Share; Retain our HOLD rating with target price of Rs3340/Share.
