External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.</li><li>However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.</li><li>CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive India Ltd - Q4CY23 Misses Estimates; Robust Growth Story Remains Intact

<ul><li>CIEAUTO posted consolidated revenue of ~Rs 2,279 Cr in Q3CY23 (up 2.2% YoY but down 1.8% QoQ).</li><li>It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU and the US market.</li><li>(ii) In India (flat YoY but up ~7% QoQ) on account of slowdown in Tractor/2W segments and underperformance compared to &lt;6ton (PV+LCV) production volumes on a YoY/QoQ basis.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIEAUTO posted consolidated revenue of ~Rs 2,279 Cr in Q3CY23 (up 2.2% YoY but down 1.8% QoQ).It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU and the US market.(ii) In India (flat YoY but up ~7% QoQ) on account of slowdown in Tractor/2W segments and underperformance compared to &lt;6ton (PV+LCV) production volumes on a YoY/QoQ basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive India Ltd - Buoyant Indian Operations & Gradual Recovery In EU Expected.

<ul><li>European Operations: MCIE’s business from continuing operations in Europe grew by a robust 29% YoY to Rs 3,165 Cr (despite the light vehicle industry (&lt;6Tons) declining by 1.3%YoY and flat growth in MHCV segment in CY22).</li><li>The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.</li><li>Transition to EV: EVs have become mainstream in both Europe and India.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

European Operations: MCIE’s business from continuing operations in Europe grew by a robust 29% YoY to Rs 3,165 Cr (despite the light vehicle industry (&lt;6Tons) declining by 1.3%YoY and flat growth in MHCV segment in CY22).The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.Transition to EV: EVs have become mainstream in both Europe and India.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive Ltd - Demand-Led Capacity Expansion to Drive Growth

<ul><li>We initiated our coverage of the company on April 12, 2023.</li><li>MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).</li><li>Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We initiated our coverage of the company on April 12, 2023.MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CIE Automotive - Announced Sale of CIE Automotive's German Forging Operations

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

TVS Supply Chain Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.


TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

India

CIE Automotive India is a multi-technology automotive components supplier that manufactures and sells a wide range of products including forgings, stampings, aluminum castings, gears, magnetic products, and composites. These components are supplied to original equipment manufacturers (OEMs) and other customers for various automotive segments, such as passenger vehicles, commercial vehicles, two-wheelers, and tractors. The company is headquartered in Mumbai, India, with an operational headquarters in Pune, and was incorporated in 1999.

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CIE Automotive India (CIEINDIA IN)

CIE Automotive India Ltd - Q4CY23 Misses Estimates; Robust Growth Story Remains Intact

CIEAUTO reported a weak set of numbers. Q4CY23 consolidated Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below...

Axis Direct

CIE Automotive India Ltd - Buoyant Indian Operations & Gradual Recovery In EU Expected.

It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU...

Axis Direct

CIE Automotive Ltd - Demand-Led Capacity Expansion to Drive Growth

The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.

Axis Direct

CIE Automotive - Announced Sale of CIE Automotive's German Forging Operations

MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5%...

Axis Direct

TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.

Ethan Aw

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