over FY14e-16e as we factor in the above changes. We roll forward our DCF (discounted cash flow)-based price target, which now stands at Rs 440 up from R414. Asian Paints trades at 34x—peak relative to history and its peers. Upside from here would be contingent upon earnings delivery, assuming multiples remain steady at current levels, which we believe is at risk. Maintain Underperform. Risks: (i) Faster revival in demand, and (ii) higher margin gains than expected.