Berger Paints Progress… Maintain ACCUMULATE ::Emkay

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Berger Paints

Progress… Maintain ACCUMULATE

ACCUMULATE

CMP: Rs108                                        Target Price: Rs109

---

n     Standalone volume disappoints, but gross margins expand and Ebidta margins intact at 10.4%... swinging positive surprise… APAT at Rs430 mn + 17% yoy, above expectation

n     Domestic volume growth in the decorative paints segment moderates to 8-10% for the quarter, but market shares retained

n     Seasonally strong quarter for Bollix, SA… Subsidiaries churns APAT growth of 68% yoy, Even Consol APAT at Rs493 mn up 21.7% yoy, stays ahead of expectations

n     Retain our FY12E and FY13E EPS of Rs 5.1/share and Rs 6.2/share, respectively. Maintain ACCUMULATE rating with target price of Rs 109/share