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. 

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)

<div><div><div><div><div><div><div><div><ul><li>In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).</li><li>On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.</li><li>We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.</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></div></div></div></div></div></div></div></div>

In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.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), 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.

Equity Bottom-Up

<ul>
<li>We downgrade Eicher Motors to REDUCE (from ADD earlier) as a significant increase in competitive intensity has changed the business dynamics unfavourably for RE</li>
<li>Over the last two days, both Harley Davidson (in partnership with Hero MotoCorp) and Triumph (in partnership with Bajaj Auto) have launched cruiser bikes at extremely competitive and similar price points, which are marginally higher than RE’s best-selling Classic350cc (Chrome)</li>
<li>What leaves us confused is the fact that while pricing is aggressive, both players seem to have very limited capacity to start with</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 downgrade Eicher Motors to REDUCE (from ADD earlier) as a significant increase in competitive intensity has changed the business dynamics unfavourably for RE
Over the last two days, both Harley Davidson (in partnership with Hero MotoCorp) and Triumph (in partnership with Bajaj Auto) have launched cruiser bikes at extremely competitive and similar price points, which are marginally higher than RE’s best-selling Classic350cc (Chrome)
What leaves us confused is the fact that while pricing is aggressive, both players seem to have very limited capacity to start with

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: Aggressive competition could hurt growth. Downgrade to REDUCE

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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>

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

<div><div><div><div><ul><li>May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).</li><li>2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).</li><li>The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  </li></ul></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>

May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  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.

Monthly Volume Update - Automotive Industry

<ul><li>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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>

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)

Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

Eicher Motors: Aggressive competition could hurt growth. Downgrade to REDUCE

We downgrade Eicher Motors to REDUCE (from ADD earlier) as a significant increase in competitive intensity has changed the business dynamics...

HDFC Securities

India Equity Strategy - Banks Continue to Lead the Pack; Profitability Improves for Most Sectors

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 13%/9%...

HDFC Securities

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

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