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>Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).</li><li>The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.</li><li>The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.</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.

Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)</li><li>The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)</li><li>Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of deposits</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.

ICICI Bank: ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition) and lower provisioning, offset by a slightly tepid loan growth (+16% YoY)The bank continued to witness recoveries in line with elevated gross slippages (190bps), resulting in further improvement in asset quality alongside steady PCR (~81%)Deposit growth (+19% YoY) witnessed seasonal pick-up in current accounts, resulting in a strong CASA ratio at 42.2% (+255 bps QoQ), and a 10bps QoQ spike in incremental cost of depositsContent 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.

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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 premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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.

Autos: Q4 preview - Premiumisation is the way to go

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.</li><li>The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.</li><li>The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken 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 ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken over the last one year.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>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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 Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Auto Monthly Volume April 2024

The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.

Axis Direct

HSIE Results Daily: ICICI Bank, Maruti Suzuki, SBI Life Insurance, Shriram Finance

ICICI Bank (ICICIBC) beat forecasts on the back of steady margins, better operating efficiency (lower sourcing cost and limited headcount addition)

HDFC Securities

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

Auto - Q4FY24 - Earnings Preview

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.

Axis Direct

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

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