External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>The auto sector has outperformed the Nifty Index by about 14% over the last six months on the back of the expectation of rural revival and continued margin benefit from weak input costs</li><li>In this scenario, given valuations are no longer in a comfortable zone, we believe companies with a strong product pipeline or healthy order backlog would be able to outperform the market in the coming quarters.</li><li><p>Our top picks for the sector are Maruti Suzuki, Mahindra &amp; Mahindra and TVS Motors. In auto ancillaries, our top pick is Bharat Forge.</p></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>

The auto sector has outperformed the Nifty Index by about 14% over the last six months on the back of the expectation of rural revival and continued margin benefit from weak input costsIn this scenario, given valuations are no longer in a comfortable zone, we believe companies with a strong product pipeline or healthy order backlog would be able to outperform the market in the coming quarters.Our top picks for the sector are Maruti Suzuki, Mahindra &amp; Mahindra and TVS Motors. In auto ancillaries, our top pick is Bharat Forge.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 Preview Q1FY24 - Growth Tapers but Margins Will Remain Strong

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<div><div><div><div><div><div><div><div><ul><li>In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).</li><li>On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.</li><li>We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.</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></div></div></div></div></div></div></div></div>

In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.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.

<div><div><div><div><ul><li>May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).</li><li>2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).</li><li>The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  </li></ul></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>

May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  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.

Monthly Volume Update - Automotive Industry

<ul><li>Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss</li><li>Domestic revenue grew 21% YoY while exports grew by 25%</li><li>The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)</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>

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal missDomestic revenue grew 21% YoY while exports grew by 25%The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)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.

HSIE Results Daily: Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

<ul><li>Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance</li><li>However, the margin saw a marginal miss. Domestic revenue grew 21% YoY while exports grew by 25%</li><li>The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)</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>

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performanceHowever, the margin saw a marginal miss. Domestic revenue grew 21% YoY while exports grew by 25%The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)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.

HSIE Results Daily - Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

India

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

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Bajaj Auto Ltd (BJAUT IN)

Auto Preview Q1FY24 - Growth Tapers but Margins Will Remain Strong

The auto sector has outperformed the Nifty Index by about 14% over the last six months on the back of the expectation of rural revival and...

HDFC Securities

Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

HSIE Results Daily: Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss

HDFC Securities

HSIE Results Daily - Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss. Domestic...

HDFC Securities

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