External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Thematic (Sector/Industry)

<ul><li>The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.</li><li>Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levels</li><li>OUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWL</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 auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle exhibiting strong traction, supported by improvement in the supply-chain situation.Commercial Vehicle (CV) segment, too, reported a robust recovery in demand, aided by improving fleet operators’ profitability and higher fleet utilization levelsOUR TOP POSITIVE PLAYS ARE: Auto OEMs: Ashok Leyland, Eicher Motors, TVS Motors; Auto Ancillaries: Minda Industries, SSWLContent 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 Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

Cross Asset Strategy

<ul><li>Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.</li><li>However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.</li><li>OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech Mahindra</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.

Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech MahindraContent 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.

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

<ul>
<li>FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership</li>
<li>In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability</li>
<li>The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year</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.


FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership
In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability
The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year

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 Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

Equity Bottom-Up

<ul><li>Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.</li><li>Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.</li><li>We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.</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.

Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new competition.Standalone EBITDA grew by just 4.5% YoY despite strong 17% volume growth, reflecting higher promotional spend, product shift towards lower ASP variants and competitive pricing.We estimate EBITDA CAGR of 8–9% over FY25–28E, which trails historical performance and consensus expectations.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 - Focus on Volume Growth & Overall EBITDA Improvement

<ul><li>Product Portfolio Expansion and Strategic Foray into Urban Electric Mobility: In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine, along with the Bear 650 and Classic 650, which extend the company’s mid-capacity offerings.</li><li>The introduction of the Goan Classic 350 and the updated 2024 Classic 350 with a Factory Custom Programme highlights RE’s increased emphasis on personalisation.</li><li>The Scram 440 further strengthens its presence in the ADV crossover segment. The company also unveiled Flying Flea, a dedicated EV brand, at EICMA 2024. </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.

Product Portfolio Expansion and Strategic Foray into Urban Electric Mobility: In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine, along with the Bear 650 and Classic 650, which extend the company’s mid-capacity offerings.The introduction of the Goan Classic 350 and the updated 2024 Classic 350 with a Factory Custom Programme highlights RE’s increased emphasis on personalisation.The Scram 440 further strengthens its presence in the ADV crossover segment. The company also unveiled Flying Flea, a dedicated EV brand, at EICMA 2024. 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 Ltd - Current Valuations Largely Factor in the Positives

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)

Auto Q4FY22 Preview: A Mixed Bag Quarter with a Sequential Volume Recovery

The auto volumes reported during the quarter stood patchy with certain segments such as the Passenger Vehicle (PV) and premium motorcycle...

Axis Direct

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech...

Axis Direct

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Eicher Motors - Focus on Volume Growth & Overall EBITDA Improvement

Focus On Volume Over Margins: Management is focused on growing overall EBITDA rather than preserving margins as a strategy to weed out new...

Axis Direct

Eicher Motors Ltd - Current Valuations Largely Factor in the Positives

In FY25, Royal Enfield expanded its product portfolio with six new motorcycle launches —the Guerrilla 450, built on the new Sherpa 450 engine,...

Axis Direct

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