ICICI Direct has given Buy recommendation for Asian Paints recommended buy rating on the stock with a target price of Rs 3870 in its research rep with a target price of Rs. 3870 in its research report issued on Jan 21, 2022

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 31%, 27%, respectively.

Outlook

We maintain our BUY rating on the stock. We revise our target price to Rs 3870/share and value APL at 66x P/E FY24E EPS.

More Info on Trent

At 17:30 Asian Paints was quoting at Rs 3,112.60, down Rs 4.65, or 0.15 percent.

It has touched an intraday high of Rs 3,170.00 and an intraday low of Rs 3,103.55.

It was trading with volumes of 44,351 shares, compared to its thirty day average of 51,990 shares, a decrease of -14.69 percent.

In the previous trading session, the share closed down 0.92 percent or Rs 29.05 at Rs 3,117.25.

The share touched its 52-week high Rs 3,588.05 and 52-week low Rs 2,261.45 on 10 January, 2022 and 26 February, 2021, respectively.

Currently, it is trading 13.25 percent below its 52-week high and 37.64 percent above its 52-week low.

Market capitalisation stands at Rs 298,559.90 crore.

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