External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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 visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.</li><li>It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.</li><li>Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. </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>

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. 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), 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.

<ul><li>Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.</li><li>Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).</li><li>The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. </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>

Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. 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.

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<div><div><div><ul><li>Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.</li></ul><div><div><div><ul><li>Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.</li></ul></div></div></div></div></div></div><div><div><div><ul><li>Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.</li></ul></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>

Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.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.

Apollo Tyres (Initiating Coverage): Sharp Focus on Boosting Returns. ADD

<p>CEAT's revenue grew ~9% YoY (-2% QoQ) to INR24.1b, but EBITDA fell 59% YoY (39% QoQ) in 3QFY22 to INR1.3b (INR2.1b est.). It incurred a first quarterly loss in a decade at INR148m (v/s PAT of INR1.4b in 3QFY21). Its 9MFY22 revenue grew 27% YoY but EBITDA/PAT declined 28%/83.5% YoY. Volumes fell 5.5% YoY (3% QoQ), impacted by a decline in replacement (14% YoY) and OEM (7% YoY) but offset by strong exports (+27% YoY).</p><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>

CEAT's revenue grew ~9% YoY (-2% QoQ) to INR24.1b, but EBITDA fell 59% YoY (39% QoQ) in 3QFY22 to INR1.3b (INR2.1b est.). It incurred a first quarterly loss in a decade at INR148m (v/s PAT of INR1.4b in 3QFY21). Its 9MFY22 revenue grew 27% YoY but EBITDA/PAT declined 28%/83.5% YoY. Volumes fell 5.5% YoY (3% QoQ), impacted by a decline in replacement (14% YoY) and OEM (7% YoY) but offset by strong exports (+27% 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.

High cost inflation, adverse mix induce first loss in a decade

India

CEAT Limited is an Indian multinational tire manufacturing company and the flagship company of the RPG Group. It produces high-performance tires for a wide range of vehicles, including cars, two-wheelers, trucks, buses, light commercial vehicles, and off-highway vehicles, and has a global presence in over 110 countries. The company was established in 1924 in Turin, Italy, and is headquartered in Mumbai, India.

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CEAT (CEAT IN)

Ceat - Focus on Mix Improvement

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks & buses tyres.

Prabhudas Lilladhar

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and...

Motilal Oswal

Apollo Tyres (Initiating Coverage): Sharp Focus on Boosting Returns. ADD

Over the last few years, Apollo has invested in R&D, brand building, and expanding its distribution network. This has in turn led to market share...

HDFC Securities

High cost inflation, adverse mix induce first loss in a decade

CEAT's revenue grew ~9% YoY (-2% QoQ) to INR24.1b, but EBITDA fell 59% YoY (39% QoQ) in 3QFY22 to INR1.3b (INR2.1b est.). It incurred a first...

Motilal Oswal

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Ceat - Focus on Mix Improvement

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks & buses tyres.

Prabhudas Lilladhar

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and...

Motilal Oswal

Apollo Tyres (Initiating Coverage): Sharp Focus on Boosting Returns. ADD

Over the last few years, Apollo has invested in R&D, brand building, and expanding its distribution network. This has in turn led to market share...

HDFC Securities

High cost inflation, adverse mix induce first loss in a decade

CEAT&#x27;s revenue grew ~9% YoY (-2% QoQ) to INR24.1b, but EBITDA fell 59% YoY (39% QoQ) in 3QFY22 to INR1.3b (INR2.1b est.). It incurred a first...

Motilal Oswal

CEAT's revenue grew ~9% YoY (-2% QoQ) to INR24.1b, but EBITDA fell 59% YoY (39% QoQ) in 3QFY22 to INR1.3b (INR2.1b est.). It incurred a first...