{"id":121645,"date":"2019-06-06T20:30:16","date_gmt":"2019-06-06T20:30:16","guid":{"rendered":"https:\/\/www.bnreport.com\/buy-asian-paints-target-rs-1475-jm-financial\/"},"modified":"2019-06-06T20:30:16","modified_gmt":"2019-06-06T20:30:16","slug":"buy-asian-paints-target-rs-1475-jm-financial","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/buy-asian-paints-target-rs-1475-jm-financial\/","title":{"rendered":"Buy  Asian Paints, target Rs  1,475:   JM Financial"},"content":{"rendered":"<p>JM Financial has given a buy recommendation on Asian Paints with a target price of Rs 1,475.<\/p>\n<p>Shares of Asian Paints closed at Rs 1,427.80. The brokerage has set a one-year horizon for the stock to hit the target price.<\/p>\n<p>While the company&#039;s business did witness headwinds on input-costs during the year (crude price inflation, some mix-deterioration) plus increase in costs-base on account of the commissioning of two large greenfield facilities, it still managed to sustain its ROCE and ROE in FY19 at 21.3 per cent (post-tax) and 24.1 per cent against 21.6 per cent and 24.6 per cent in FY18, said the brokerage.<\/p>\n<p>Reported ROIC, though, is down to 27.5 per cent in FY19 against 30.1 per cent in FY18 but excluding gestating assets, the same reflects a 130bps YoY improvement to 37.2 per cent in FY19.<\/p>\n<p>&quot;Asian Paints has traditionally been extremely efficient in managing its SG&amp;A spends, in our view \u2013 overheads had grown at sub-3 per cent CAGR on per-unit-of-paints basis over FY05-12, and fell over FY15-18,&quot; said the brokerage.<\/p>\n<p>The period of FY12-15, however,see sharp SG&amp;A growth post the commissioning of the Khandala plant that upped the then existing capacity base by c.50 per cent.<\/p>\n<p>Though FY19 did see similar magnitude of increase in installed capacities (up from 1.1mn KL p.a. to 1.7mn KL post Mysuru<a href=\"https:\/\/economictimes.indiatimes.com\/markets\/stocks\/recos\/buy-asian-paints-target-rs-1475-jm-financial\/articleshow\/69677890.cms\" rel=\"noreferrer noopener\" target=\"_blank\"><strong>Read More \u2013 Source<\/strong><\/a><br \/>\n[contf]<br \/>\n[contfnew]<br \/>\n        <img decoding=\"async\" src=\"https:\/\/img.etimg.com\/photo\/60278104.cms\" \/><\/p>\n<h5><a href=\"https:\/\/economictimes.indiatimes.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">ET Markets<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JM Financial has given a buy recommendation on Asian Paints ..<\/p>\n","protected":false},"author":1,"featured_media":121646,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-121645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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