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

<ul><li>Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.</li><li>With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.</li><li>It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. </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>

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA.With manufacturing facilities located at Mysore (Karnataka) and Jamshedpur (Jharkhand), the company manufactures drive axles, non-drive axles, front steer axles, specialty &amp; defence axles and drum &amp; disc brakes.It provides these products to the major domestic and global manufacturers of trucks &amp; buses pertaining to segments such as light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket and exports. 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.

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

<ul><li>Automotive Axles posted a disappointing set of numbers with a miss across Revenue/ EBITDA/PAT.</li><li>Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and missed our estimate.</li><li>EBITDA, too, missed our estimate and stood at Rs 78 Cr, flat QoQ but up 25% YoY. </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>

Automotive Axles posted a disappointing set of numbers with a miss across Revenue/ EBITDA/PAT.Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and missed our estimate.EBITDA, too, missed our estimate and stood at Rs 78 Cr, flat QoQ but up 25% YoY. 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.

Automotive Axles - Well-Positioned to Benefit from the CV Up-Cycle; Maintain HOLD

<ul><li>In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.</li><li>The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s export network.</li><li>With the increase in demand for higher tonnage vehicles by OEMs, the management informed that the net content per vehicle/axle has increased.</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>

In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s export network.With the increase in demand for higher tonnage vehicles by OEMs, the management informed that the net content per vehicle/axle has increased.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.

Automotive Axles - Strong Show Across Numbers

<div><div><div><div><ul><li>Industry outlook: As per the management, the CV industry is witnessing a steady recovery due to a pick-up in economic activities and better freight rates.</li></ul><div><div><div><div><ul><li>Cost inflation: Due to the unprecedented escalation in commodity prices and cost normalisation, the company’s gross margins remain impacted.</li></ul><div><div><div><div><ul><li>Exports: The company is currently exporting to Europe, North America, South America, and China.</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>

Industry outlook: As per the management, the CV industry is witnessing a steady recovery due to a pick-up in economic activities and better freight rates.Cost inflation: Due to the unprecedented escalation in commodity prices and cost normalisation, the company’s gross margins remain impacted.Exports: The company is currently exporting to Europe, North America, South America, and China.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>Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&amp;HCV)</li><li>As of FY20, rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the rest</li><li>Target Price and Valuation: We introduce FY24E. We now value the company at a revised target price of Rs 1730 i.e. 20x P/E on FY24E EPS (earlier TP Rs 1260).</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>

Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&amp;HCV)As of FY20, rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the restTarget Price and Valuation: We introduce FY24E. We now value the company at a revised target price of Rs 1730 i.e. 20x P/E on FY24E EPS (earlier TP Rs 1260).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.

Automotive Axles: Well Placed to Play on Cyclical Recovery in CV Space

India

Automotive Axles Ltd. manufactures drive axle assemblies and related auto parts.

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Automotive Axles (ATXL IN)

Pick of the Week - Automotive Axles Ltd - 25 SEP 2023

Established in 1981, Automotive Axles Limited (AAL) is a joint venture of Kalyani Group and Meritor Inc., USA. With manufacturing facilities...

Axis Direct

Automotive Axles - Well-Positioned to Benefit from the CV Up-Cycle; Maintain HOLD

Despite the total domestic Industry CV wholesale volumes growing by 12%/23% YoY/QoQ in Q4FY23, the revenue grew by only 6% QoQ (up 25% YoY) and...

Axis Direct

Automotive Axles - Strong Show Across Numbers

The management is optimistic about growing market share along with new market penetration on account of parent entities: Meritor and Cummin’s...

Axis Direct

Result Update - Automotive Axles

Automotive Axles Ltd. posted stellar results in Q4FY22 and beat our estimates. Revenue for the quarter stood at Rs 552 Cr (our estimates - Rs 434...

Axis Direct

Automotive Axles: Well Placed to Play on Cyclical Recovery in CV Space

Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&HCV)

ICICI Securities Limited

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