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.

Equity Bottom-Up

<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

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.

<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

External broker reports(aggregated public sources), Chola Securities

Chola Wealth Direct

<p>Background: CEAT is one among the top four tire manufacturers in India and is a part of the RPG group. The company has a total manufacturing capacity of 0.1mn + tyres/day with plants situated in Nashik, Bhandup (Mumbai),Ambernath, Halol, Nagpur and Sri Lanka. The company manufactures all tires: Truck &amp; Bus (33%), 2W/3W (30%), Passenger vehicles (13%), LCV (8%), Farm (9%), and Specialty (7%). In terms of market, replacement contributed 71% of the sales while OEM and exports make up 17% and 13% of the sales, respectively in 3QFY21.</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>

Background: CEAT is one among the top four tire manufacturers in India and is a part of the RPG group. The company has a total manufacturing capacity of 0.1mn + tyres/day with plants situated in Nashik, Bhandup (Mumbai),Ambernath, Halol, Nagpur and Sri Lanka. The company manufactures all tires: Truck &amp; Bus (33%), 2W/3W (30%), Passenger vehicles (13%), LCV (8%), Farm (9%), and Specialty (7%). In terms of market, replacement contributed 71% of the sales while OEM and exports make up 17% and 13% of the sales, respectively in 3QFY21.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 Ltd: Performance Drifts Amid Rising RM Cost & Weak Volumes

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

<p>At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook</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>

At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlookContent 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 (SELL): Endeavouring to gain market share in non-core segments

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)

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

Ceat Ltd: Performance Drifts Amid Rising RM Cost & Weak Volumes

Background: CEAT is one among the top four tire manufacturers in India and is a part of the RPG group. The company has a total manufacturing...

Chola Wealth Direct

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52-week Range

Market Cap (USDm)

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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 Ltd: Performance Drifts Amid Rising RM Cost & Weak Volumes

Background: CEAT is one among the top four tire manufacturers in India and is a part of the RPG group. The company has a total manufacturing...

Chola Wealth Direct

Ceat (SELL): Endeavouring to gain market share in non-core segments

At its annual investor event, CEAT outlined plans for market share gains and capacity adds underpinned by an upbeat long-term demand outlook

BOB Capital Markets Ltd.

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...