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. 

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Equity Bottom-Up

<ul><li>European Operation - Weak Demand Environment but Consolidation Opportunities:</li><li>The European forging market remained subdued during Q3FY26, impacted by competitive pressures from low-cost regions and the ongoing transition toward EV platforms, with CY25 sales declining 6% in Euro terms.</li><li>However, with regional vehicle production expected to remain largely stagnant at 16-17 Mn units through 2030, management anticipates accelerated consolidation among weaker suppliers, positioning the company to gain market share as one of the region's more efficient manufacturers.</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 Operation - Weak Demand Environment but Consolidation Opportunities:The European forging market remained subdued during Q3FY26, impacted by competitive pressures from low-cost regions and the ongoing transition toward EV platforms, with CY25 sales declining 6% in Euro terms.However, with regional vehicle production expected to remain largely stagnant at 16-17 Mn units through 2030, management anticipates accelerated consolidation among weaker suppliers, positioning the company to gain market share as one of the region's more efficient manufacturers.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 - Operational Moderation Near Term

Thematic (Sector/Industry)

<ul><li>The proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass passenger vehicle market.</li><li>Nearly ~95% of domestic PV volumes are priced below Rs 25 Lc, where locally manufactured vehicles continue to enjoy a clear cost advantage.</li><li>Even under lower duty scenarios, European-built ICE vehicles are unlikely to be competitive at a meaningful scale below the Rs 30–40 Lc price band.</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.

The proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass passenger vehicle market.Nearly ~95% of domestic PV volumes are priced below Rs 25 Lc, where locally manufactured vehicles continue to enjoy a clear cost advantage.Even under lower duty scenarios, European-built ICE vehicles are unlikely to be competitive at a meaningful scale below the Rs 30–40 Lc price band.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.

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.</li><li>This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.</li><li>On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. 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.

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

<ul><li>The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.</li><li>This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.</li><li>Moreover, the basket inched up by 5.8% in the last one month.</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.

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.Moreover, the basket inched up by 5.8% in the last one month.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.

Axis Top Picks for the month of July 2024

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

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 - Operational Moderation Near Term

The European forging market remained subdued during Q3FY26, impacted by competitive pressures from low-cost regions and the ongoing transition...

Axis Direct

Auto Sector Update: India EU FTA Update

The proposed phased reduction in import duties on European ICE vehicles priced above €15,000 is unlikely to materially affect India’s mass...

Axis Direct

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.

Axis Direct

Axis Top Picks for the month of July 2024

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same...

Axis Direct

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

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