IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a>, aims to raise up to US$3.0 billion at a valuation of US$17 billion. </li>
<li>HMIL is India's second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai's production and export hub for emerging markets.</li>
<li>The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile. </li>
</ul>



Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion. 
HMIL is India's second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai's production and export hub for emerging markets.
The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile. 


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.

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.</li><li>The growth will be driven by i) Double-digit volume growth in 2Ws, ii) Mid to high single-digit growth for PVs/CVs partially, which will be offset by iii) Single-digit YoY decline in the tractor volumes respectively.</li><li>The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes undertaken over the last one year</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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.The growth will be driven by i) Double-digit volume growth in 2Ws, ii) Mid to high single-digit growth for PVs/CVs partially, which will be offset by iii) Single-digit YoY decline in the tractor volumes respectively.The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes undertaken over the last one yearContent 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.

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.</li>
<li>Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.</li>
<li>HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.</li>
</ul>


Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.
Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.
HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.


India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Gautam Adani to Launch Shipbuilding at Mundra Port Amid Global Demand Surge</li>
<li>Hyundai Faces Pressure from Tata and Mahindra Ahead of $3.5 Billion India IPO</li>
<li>Xiaomi plans to double shipments in India, targeting 700 million devices within a decade</li>
</ul>


Gautam Adani to Launch Shipbuilding at Mundra Port Amid Global Demand Surge
Hyundai Faces Pressure from Tata and Mahindra Ahead of $3.5 Billion India IPO
Xiaomi plans to double shipments in India, targeting 700 million devices within a decade


#27 India Insight: Adani to Launch Shipbuilding, Xiaomi Plans to Double Shipment, Hyundai IPO

<ul><li>Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.</li><li>The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.</li><li>The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. </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.

Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. 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.

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Hyundai Motor India IPO: The Bull Case

The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile.

Arun George

Q1FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.

Axis Direct

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

#27 India Insight: Adani to Launch Shipbuilding, Xiaomi Plans to Double Shipment, Hyundai IPO

Adani expands into shipbuilding, Hyundai faces competition in India IPO, Xiaomi aims to double device shipments in India.

Sudarshan Bhandari

Auto Monthly Volume - June 2024

The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor India IPO: The Bull Case

The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile.

Arun George

Q1FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.

Axis Direct

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

#27 India Insight: Adani to Launch Shipbuilding, Xiaomi Plans to Double Shipment, Hyundai IPO

​Adani expands into shipbuilding, Hyundai faces competition in India IPO, Xiaomi aims to double device shipments in India.

Sudarshan Bhandari

Auto Monthly Volume - June 2024

The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers...

Axis Direct

Adani expands into shipbuilding, Hyundai faces competition in India IPO, Xiaomi aims to double device shipments in India.