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Gladiator Stocks - Kansai Nerolac Paints - ICICI Direct

Posted On: 2021-07-22 07:06:48 (Time Zone: UTC)


Technical View

The paint sector has endured its outperformance in CY-21. However, within the space Kansai Nerolac Paints have relatively underperformed its peers. The current breakout from five months base formation (Rs. 610-520) above 10 weeks EMA coincided with long term falling trend line breakout area, makes us confident that stock will accelerate upward momentum and witness catch up activity in coming months. Thereby offering fresh entry opportunity to ride next leg of up move

Key point to highlight since June 2020 is that, on multiple occasions stock managed to hold 10 weeks EMA and subsequently buying demand emerged, indicating robust price structure

Fundamental View

- Kansai is one of the global leaders in industrial and automotive coatings. The company has achieved it through various technological tie-ups and maintaining healthy relations with various OEMs in the automotive industry. The company also provides innovative solutions to its industrial clientele leveraging its technical expertise and thereby maintaining its market leader position in this segment. Strong support from the parent company also helps Kansai to develop cutting edge technology solutions

- Over the past few years, Kansai has increased its contribution from the decorative paints segment from about 50% to ~55%. The company has ~12% market share in this segment and is the third largest decorative player. The management expects the market share to increase aided by new product additions and strengthening of their distribution network. Kansai has a strong dealer network of ~29000 dealers across the country and expects to add more dealers in the coming years. Kansai also spends higher on advertisement expenses when compared to peers at 5.1% compared to 4.2% for Asian Paints and 3.3% for Berger Paints. This helps it to increase its reach and build a strong brand recall

For details, click on the link below: Link to the report

Shares of KANSAI NEROLAC PAINTS LTD. was last trading in BSE at Rs. 618.1 as compared to the previous close of Rs. 600.9. The total number of shares traded during the day was 52855 in over 3902 trades.

The stock hit an intraday high of Rs. 622.5 and intraday low of 597.6. The net turnover during the day was Rs. 32346702.


Source: Equity Bulls

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