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. 

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Equity Bottom-Up

<ul><li>Given its dominant position in the &gt;250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in India</li><li>It targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customers</li><li>Also, given the sharp price increase in RE over the last few years, it now targets to secure a balance between growth and profitability</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>

Given its dominant position in the &gt;250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in IndiaIt targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customersAlso, given the sharp price increase in RE over the last few years, it now targets to secure a balance between growth and profitabilityContent 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.

Eicher Motors: New Launches and Exports to Be Growth Drivers. Maintain ADD

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><ul><li><strong>Demand Outlook in RE</strong>: The Management believes that the newly launched Hunter 350 at attractive pricing will aid volume growth in future, attracting price sensitive customers who like RE brand and also those who want a bike with ease in maneuverability.</li></ul><div><div><div><div><ul><li><strong>Margin Outlook</strong>: With softening commodity prices and ease in chip supply, margins are likely to improve and the management believes no further price hikes shall be required in the near term.</li></ul><div><div><div><div><ul><li><strong>VECV Business</strong>: VECV’s total volumes stood at 17.5K units up 3x YoY on a low base, but dropped by 13% QoQ in Q1FY23.</li></ul></div></div></div></div></div></div></div></div></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>

Demand Outlook in RE: The Management believes that the newly launched Hunter 350 at attractive pricing will aid volume growth in future, attracting price sensitive customers who like RE brand and also those who want a bike with ease in maneuverability.Margin Outlook: With softening commodity prices and ease in chip supply, margins are likely to improve and the management believes no further price hikes shall be required in the near term.VECV Business: VECV’s total volumes stood at 17.5K units up 3x YoY on a low base, but dropped by 13% QoQ in Q1FY23.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.

Eicher Motors - Fairly Valued, Rerating Needs Volume Growth Outperformance

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue and margins in line - displaying good improvement: Standalone revenue came in at Rs31.9bn, up ~9% YoY, which was in line with our estimate, led by ASP growth and an optimum product mix.</li></ul><div><div><div><div><ul><li>Valuation turns favorable: We value RE (standalone) at 24x FY24E EPS and VECV at 12x EV/EBITDA on FY24E to arrive at a TP of Rs2,939.</li></ul><div><div><div><div><ul><li>We expect demand to remain strong and drive volume growth going ahead in both domestic as well as export markets, leading to 21% volume growth.</li></ul></div></div></div></div></div></div></div></div></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>

Revenue and margins in line - displaying good improvement: Standalone revenue came in at Rs31.9bn, up ~9% YoY, which was in line with our estimate, led by ASP growth and an optimum product mix.Valuation turns favorable: We value RE (standalone) at 24x FY24E EPS and VECV at 12x EV/EBITDA on FY24E to arrive at a TP of Rs2,939.We expect demand to remain strong and drive volume growth going ahead in both domestic as well as export markets, leading to 21% 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.

Eicher Motors - New Launches and Exports to Drive Volume Growth; BUY

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<li>Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).</li>
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<li>Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.</li>
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<li>Emami: Emami posted a slight beat on revenue and in-line EBITDA growth.</li>
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<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>





Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).





Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.





Emami: Emami posted a slight beat on revenue and in-line EBITDA 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: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><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>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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.

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

India

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles. It is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles, and operates a joint venture with Volvo Group for Eicher branded trucks and buses. The company is headquartered in New Delhi, India, and was founded in 1948.

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Eicher Motors (EIM IN)

Eicher Motors: New Launches and Exports to Be Growth Drivers. Maintain ADD

Given its dominant position in the >250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in India

HDFC Securities

Eicher Motors - Fairly Valued, Rerating Needs Volume Growth Outperformance

Eicher Motors Ltd (Eicher) Q1FY23 performance was broadly in line with our estimates with outperformance on the margin front

Axis Direct

Eicher Motors - New Launches and Exports to Drive Volume Growth; BUY

Eicher Motors’ 4QFY22 standalone revenue came in line with our expectation, led by 4% increase in ASP sequentially due to price hike and a better...

Nirmal Bang

HSIE Results Daily: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility

HDFC Securities

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

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