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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Thematic (Sector/Industry)

<ul><li>The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.</li><li>Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levels</li><li>OUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWL</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 auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levelsOUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWLContent 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 Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

Cross Asset Strategy

<ul><li>Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.</li><li>However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.</li><li>OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech Mahindra</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.

Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech MahindraContent 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.

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

<ul>
<li>FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership</li>
<li>In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability</li>
<li>The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last 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.


FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership
In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability
The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last 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.

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

Equity Bottom-Up

<ul><li>Ashok Leyland’s Q2FY24 numbers stood slightly below ours and consensus estimates.</li><li>Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on account of lower ASP.</li><li>ASPs declined by 2.4% QoQ, despite MHCV's share in total sales staying almost flat QoQ at 64%. </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.

Ashok Leyland’s Q2FY24 numbers stood slightly below ours and consensus estimates.Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on account of lower ASP.ASPs declined by 2.4% QoQ, despite MHCV's share in total sales staying almost flat QoQ at 64%. 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.

Ashok Leyland  - Decent Q2FY24; Multiple Levers to Grow EBITDA Margins

<ul><li>We interacted with the Pan India dealers of Ashok Leyland, and the overall dealer network is positive on the CV cycle, with the MHCV demand outlook still holding up while the slowdown in the LCV segment persists.</li><li>AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in the Southern region.</li><li>AL had a lower market share of ~25% in North and Eastern regions and 30%+ in the Central region against the Southern region where it enjoyed 43% MS in FY23. </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 interacted with the Pan India dealers of Ashok Leyland, and the overall dealer network is positive on the CV cycle, with the MHCV demand outlook still holding up while the slowdown in the LCV segment persists.AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in the Southern region.AL had a lower market share of ~25% in North and Eastern regions and 30%+ in the Central region against the Southern region where it enjoyed 43% MS in FY23. 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.

Ashok Leyland - Channel Check Suggests MHCV Demand Holding Up

India

Ashok Leyland is an Indian multinational automotive manufacturer and a flagship company of the Hinduja Group. It is the second-largest manufacturer of commercial vehicles in India and the fourth-largest manufacturer of buses globally, offering a comprehensive range of trucks, buses, light commercial vehicles, power solution systems, and defense vehicles. The company was founded in 1948 and is headquartered in Chennai, Tamil Nadu, India.

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Ashok Leyland (AL IN)

Auto Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle...

Axis Direct

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech...

Axis Direct

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Ashok Leyland - Decent Q2FY24; Multiple Levers to Grow EBITDA Margins

Ashok Leyland’s Q2FY24 numbers stood slightly below ours and consensus estimates. Revenue grew by 17%/18% YoY/QoQ, a 2.4% miss vs. our estimate on...

Axis Direct

Ashok Leyland - Channel Check Suggests MHCV Demand Holding Up

AL’s growth strategy is to penetrate the traditionally weak North and East regions, grow in the Central region and defend its market leadership in...

Axis Direct

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