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>Siemens: Siemens India Ltd (SIL) delivered standalone (including energy business) Q1FY25 revenue/EBITDA/APAT of INR 45/5.6/4.9bn, a miss/beat to our estimates by -11.3%/-16.1%/-12.2%, adjusted for INR 980mn one-time gain in the energy business</li><li>Revenue and EBITDA were impacted by slowdown in the short cycle private sector capex spending and the normalization of demand in Digital Industries business</li><li>SIL received new orders worth INR 42.6bn (+20% YoY, ex energy business), which is strong, considering the slowdown in bid/order process witnessed in 9MFY25</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.

Siemens: Siemens India Ltd (SIL) delivered standalone (including energy business) Q1FY25 revenue/EBITDA/APAT of INR 45/5.6/4.9bn, a miss/beat to our estimates by -11.3%/-16.1%/-12.2%, adjusted for INR 980mn one-time gain in the energy businessRevenue and EBITDA were impacted by slowdown in the short cycle private sector capex spending and the normalization of demand in Digital Industries businessSIL received new orders worth INR 42.6bn (+20% YoY, ex energy business), which is strong, considering the slowdown in bid/order process witnessed in 9MFY25Content 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: Siemens, Lupin, Ashok Leyland, Bharat Forge, Steel Authority of India

<ul><li>Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display</li><li>No new hybrid models were unveiled</li><li>We believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategy</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.

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on displayNo new hybrid models were unveiledWe believe the company’s intention for the expo was to spotlight the EV, although hybrids remain an integral part of their core strategyContent 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.

Autos: Bharat Mobility Expo 2025 - Key Takeways

<ul><li>The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies</li><li>The auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection point</li><li>We expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.</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 automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energiesThe auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection pointWe expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.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.

Autos: Near-term headwinds, time to be selective

<ul><li>The premiumisation trend remains in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand is expected to increase after a good monsoon and kharif sowing</li><li>However, it is pertinent to highlight that demand for 125cc and above continued to be strong</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 premiumisation trend remains in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand is expected to increase after a good monsoon and kharif sowingHowever, it is pertinent to highlight that demand for 125cc and above continued to be strongContent 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.

Autos (Q2FY25 Results Preview): 2W to Drive Growth, Soft Quarter for PVs

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>We met BHFC’s management team recently to understand the company’s growth outlook in the coming years.</li><li>Key growth drivers for BHFC would be: 1) the robust order backlog of INR54b in defense exports to be executable over the next three years, along with the prospects of the beginning of domestic defense orders soon; 2) with new order wins and multiple initiatives, JS Autocast (JSA) is likely to emerge as one of the fastest growing businesses of BHFC; 3) the aerospace segment is set to clock strong growth in the coming years; 4) PV exports are likely to moderate in FY25E, but they should pick up from FY26 onward given a healthy order backlog.</li><li>However, CVs (both domestic and exports) and domestic PVs are likely to see weak growth.</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 met BHFC’s management team recently to understand the company’s growth outlook in the coming years.Key growth drivers for BHFC would be: 1) the robust order backlog of INR54b in defense exports to be executable over the next three years, along with the prospects of the beginning of domestic defense orders soon; 2) with new order wins and multiple initiatives, JS Autocast (JSA) is likely to emerge as one of the fastest growing businesses of BHFC; 3) the aerospace segment is set to clock strong growth in the coming years; 4) PV exports are likely to moderate in FY25E, but they should pick up from FY26 onward given a healthy order backlog.However, CVs (both domestic and exports) and domestic PVs are likely to see weak 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.

Bharat Forge - Defense to Remain Growth Driver

India

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

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Bharat Forge (BHFC IN)

HSIE Results Daily: Siemens, Lupin, Ashok Leyland, Bharat Forge, Steel Authority of India

Siemens: Siemens India Ltd (SIL) delivered standalone (including energy business) Q1FY25 revenue/EBITDA/APAT of INR 45/5.6/4.9bn, a miss/beat to...

HDFC Securities

Autos: Bharat Mobility Expo 2025 - Key Takeways

Maruti Suzuki: The focus at the expo was solely on the e-Vitara, with multiple e-Vitara models on display. No new hybrid models were unveiled

HDFC Securities

Autos: Near-term headwinds, time to be selective

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies

HDFC Securities

Autos (Q2FY25 Results Preview): 2W to Drive Growth, Soft Quarter for PVs

The premiumisation trend remains in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand is expected to increase after a...

HDFC Securities

Bharat Forge - Defense to Remain Growth Driver

We estimate a CAGR of 13%/26%/54% in consolidated revenue/EBITDA/PAT over FY24-26. However, at 45.5x/34x FY25E/FY26E PER, we believe the current...

Motilal Oswal

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