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>International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.</li><li>The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.</li><li>LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. </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.

International Market: Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest-ever quarterly export revenue.The company outpaced industry growth in its top 30 emerging markets, which collectively grew ~14% with Bajaj growing at 1.5x, indicating market share gains.LATAM posted its best-ever quarter, led by Colombia and Mexico, while the Brazil subsidiary crossed 8,000 units in Q2 and is now profitable, supported by localised manufacturing. 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.

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Thematic (Sector/Industry)

<ul><li>Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.</li><li>The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).</li><li>Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.</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.

Over Apr’26-Jul’26, cumulative 2W domestic sales grew by 19% YoY to 48.7 Lc units, supported by strong performances from Eicher Motor (+33%), HMSI (+21%) and Hero (+16%). Exports showed improved traction across global markets, led by Hero MotoCorp &amp; HMSI, while TVS Motor and Bajaj Auto are yet to report.The domestic PV industry posted a ~27% YoY growth to ~17.3 Lc units, driven by strong performance from Tata Motors (+49%), Maruti Suzuki (+33%), Kia India (+17%), M&amp;M (+16%), Toyota Kirloskar (+15%), JSW MG Motor (+13%) and Hyundai (+10%).Domestic CV volumes increased 20% YTD to 2.77 Lc units, reflecting strong performance supported by an early replacement cycle and positive freight demand.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.

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea (1585 HK)</a> result was not great, and its share price suffered as a result. However, <a href="https://www.smartkarma.com/entities/aima-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:40125:1" rel="noopener">AIMA Technology Group (603529 CH)</a> results were much worse than Yadea. </li>
<li>The industry is going through consolidation, so whichever company has a stronger war chest should be better off.  </li>
<li>Yadea's valuation is near a historical low, but it has great support from the 6% dividend yield. Expect the share price to diverge from Aima Tech.  </li>
</ul>



Yadea (1585 HK) result was not great, and its share price suffered as a result. However, AIMA Technology Group (603529 CH) results were much worse than Yadea. 
The industry is going through consolidation, so whichever company has a stronger war chest should be better off.  
Yadea's valuation is near a historical low, but it has great support from the 6% dividend yield. Expect the share price to diverge from Aima Tech.  


Yadea (1585) Vs Aima (603529): Spread Should Widen

<ul><li>Strong Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.</li><li>Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractor industry, along with the premiumization trend.</li><li>Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% QoQ, 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.

Strong Q4FY26 Outperformance Across Auto OEMs: Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.Revenue growth was largely driven by mid-single-digit industry growth across 2Ws/PVs/CVs and mid-teens volume growth in the tractor industry, along with the premiumization trend.Revenue/EBITDA both increased by 5.8% and 7.9% QoQ against our estimates of 3.4%/4.7% QoQ, 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.

<ul><li>Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor (+31%), TVS Motor (+16%), and Bajaj Auto (+10%).</li><li>Exports showed improved traction across global markets, led by Hero MotoCorp, TVS Motor and Bajaj Auto. On a YTD basis, 3W domestic wholesales rose 32% YoY to 1.41 Lc units, led by M&amp;M (+85%), followed by TVS Motor (+47%) and Bajaj (+16%).</li><li>The domestic PV industry posted a ~23% YoY growth to ~9.01 Lc units, driven by strong performance from Tata Motors (+36%), Maruti Suzuki (+33%), Toyota Kirloskar (+20%), Hyundai (+13%), Kia India (+12%), M&amp;M (+9%), while JSW MG Motor declined 1% 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.

Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor (+31%), TVS Motor (+16%), and Bajaj Auto (+10%).Exports showed improved traction across global markets, led by Hero MotoCorp, TVS Motor and Bajaj Auto. On a YTD basis, 3W domestic wholesales rose 32% YoY to 1.41 Lc units, led by M&amp;M (+85%), followed by TVS Motor (+47%) and Bajaj (+16%).The domestic PV industry posted a ~23% YoY growth to ~9.01 Lc units, driven by strong performance from Tata Motors (+36%), Maruti Suzuki (+33%), Toyota Kirloskar (+20%), Hyundai (+13%), Kia India (+12%), M&amp;M (+9%), while JSW MG Motor declined 1% 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.

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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

Bajaj Auto Ltd (BJAUT IN)

Bajaj Auto Ltd - Exports Upswing, 3W Leadership, & Captive Finance Flywheel in Motion

Bajaj Auto delivered a strong performance in international markets in Q2, with export volumes up 24% YoY to over 550,000 units, marking the highest...

Axis Direct

Domestic Auto Demand Remains Strong; Global Uncertainty Warrants Caution

In the long term, we prefer Eicher Motors in 2W, M&M (non-coverage) as a play in the PV/LCV/Tractor segment, followed by Maruti in PVs.

Axis Direct

Yadea (1585) Vs Aima (603529): Spread Should Widen

The EV 2 wheeler industry is consolidating in China, as a result, Yadea and AIMA tech share prices move in tandem. It should not be the case as...

Henry Soediarko

Top Conviction Ideas - “Automobile”

Revenue/EBITDA in Q4FY26 grew by 27.6%/32.7% YoY, respectively, against our expectations of ~24.8%/28.6% YoY for Auto OEMs under our coverage.

Axis Direct

Auto Monthly Sales Volume - May 2026

Over Apr’26-May’26, cumulative 2W domestic sales grew by 22% YoY to 36.5 Lc units, supported by strong performances from Hero (+38%), Eicher Motor...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)