PURPOSE: To obtain a water paint which has excellent adherability, wet adherability, water resistance and durability and is stable, by mixing a synthetic resin emulsion with a paste obtd. by kneading a pigment with a (semi)drying oil- modified alkyd resin.

CONSTITUTION: 100pts.wt. (on a solid basis) synthetic resin emulsion (A) is mixed with a pigment paste (B) obtd. by kneading a pigment with 10W150pts.wt. semidrying oil-modified alkyd resin and/or drying oil-modified alkyd resin having an oil length of 20% or above, pref. 30% or above and a Gardner viscosity of Z or below and contg. no solvent, as a vehicle. When the oil length is less than 20%, the pigment paste prepared by using said resin as a vehicle can not be stably dispersed in the synthetic resin emulsion. It is necessary that the oil-modified alkyd resin contains no solvent. When a pigment paste contg. an org. solvent is dispersed in water, the pigment is liable to agglomerate and a paint giving a coating film having poor gloss is obtd.