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

<div><div><div><div><ul><li>Demand Outlook: The management remains positive on MHCV demand going ahead led by (1) Recovery in core economic sectors such as Construction &amp; Mining, Steel, Cement, and Infrastructure spending</li></ul><div><div><div><div><ul><li>Margins: The management highlighted that it has taken a 2% price hike in Jan’22 and an additional 2-2.5% hike in Apr’22 to offset the impact of elevated steel prices.</li></ul><div><div><div><div><ul><li>Hinduja Leyland Finance (HLFL): Around 35% of HLFL’s portfolio comprises CVs while the balance is divided between 2W, 3W, and OHV, among others.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Demand Outlook: The management remains positive on MHCV demand going ahead led by (1) Recovery in core economic sectors such as Construction &amp; Mining, Steel, Cement, and Infrastructure spendingMargins: The management highlighted that it has taken a 2% price hike in Jan’22 and an additional 2-2.5% hike in Apr’22 to offset the impact of elevated steel prices.Hinduja Leyland Finance (HLFL): Around 35% of HLFL’s portfolio comprises CVs while the balance is divided between 2W, 3W, and OHV, among others.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), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue ahead of estimate; margins beat on better operating leverage: AL reported revenue of Rs87.4bn, ahead of our estimate by 6%, led by strong volume growth and higher realisations.</li></ul><div><div><div><div><ul><li>Gross margin was flattish at 21.8% QoQ, in line with our estimate.</li></ul><div><div><div><div><ul><li>EBITDA margin at ~9% (+170bps NBIE est.) was up 480bps QoQ on account of higher operating leverage, which was partially offset by RM inflation</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Revenue ahead of estimate; margins beat on better operating leverage: AL reported revenue of Rs87.4bn, ahead of our estimate by 6%, led by strong volume growth and higher realisations.Gross margin was flattish at 21.8% QoQ, in line with our estimate.EBITDA margin at ~9% (+170bps NBIE est.) was up 480bps QoQ on account of higher operating leverage, which was partially offset by RM inflationContent 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 - Market Share Gains Amid Healthy Growth to Drive Re-Rating

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</li>
</ul>
<p><em>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.</em></p>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><div class="content-highlight"><em>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.</em></div>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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.

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

<ul><li>Ashok Leyland Ltd (AL) reported a subdued performance that stood below our estimates</li><li>We tweak our estimates downwards to factor in near-term headwinds and lower volumes.</li><li>We maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 160 (Rs 175 earlier), implying an upside of 29% from CMP.</li></ul><div class="content-highlight"><em>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.</em></div>

Ashok Leyland Ltd (AL) reported a subdued performance that stood below our estimatesWe tweak our estimates downwards to factor in near-term headwinds and lower volumes.We maintain our BUY rating on the stock and value it at 18x FY24E EPS to arrive at a TP to Rs 160 (Rs 175 earlier), implying an upside of 29% from CMP.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: Commodity Headwinds Weigh on Performance; Growth Drivers Intact

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ashok Leyland (AL IN)

Result Update - Ashok Leyland

Ashok Leyland Ltd (AL) reported a robust Q4FY22 performance, beating our as well as street estimates, primarily on account of healthy recovery in...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Ashok Leyland: Commodity Headwinds Weigh on Performance; Growth Drivers Intact

We tweak our estimates downwards to factor in near-term headwinds and lower volumes. We maintain our BUY rating on the stock and value it at 18x...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Result Update - Ashok Leyland

Ashok Leyland Ltd (AL) reported a robust Q4FY22 performance, beating our as well as street estimates, primarily on account of healthy recovery in...

Axis Direct

Ashok Leyland - Market Share Gains Amid Healthy Growth to Drive Re-Rating

Ashok Leyland (AL) reported revenue of Rs87.4bn, ahead of our estimate by 6%, as price hikes and product mix improvement led to better realisations.

Nirmal Bang

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Ashok Leyland: Commodity Headwinds Weigh on Performance; Growth Drivers Intact

We tweak our estimates downwards to factor in near-term headwinds and lower volumes. We maintain our BUY rating on the stock and value it at 18x...

Axis Direct