Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Several catalysts on the horizon support the case for a re-rating of <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>. </li>
<li>The recent launch of the 450cc platform is positioned as a significant launch pad, propelling EIM's aspirations to establish global leadership in the middleweight segment.</li>
<li>We anticipate EIM to deliver higher-than-anticipated revenue growth with the possibility of a multiple re-rating for the company.</li>
</ul>


Several catalysts on the horizon support the case for a re-rating of Eicher Motors (EIM IN). 
The recent launch of the 450cc platform is positioned as a significant launch pad, propelling EIM's aspirations to establish global leadership in the middleweight segment.
We anticipate EIM to deliver higher-than-anticipated revenue growth with the possibility of a multiple re-rating for the company.


2024 High Conviction | Eicher Motors (EIM IN) | Himalayan Ambitions

<ul>
<li>Our dealer checks across a couple of <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> dealerships indicate a strengthening competitive position for Royal Enfield. </li>
<li>After the initial hype, customers are now shifting back to Royal Enfield. </li>
<li>As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.</li>
</ul>


Our dealer checks across a couple of Eicher Motors (EIM IN) and Bajaj Auto Ltd (BJAUT IN) dealerships indicate a strengthening competitive position for Royal Enfield. 
After the initial hype, customers are now shifting back to Royal Enfield. 
As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.


Eicher Motors (EIM IN) | Competitive Position Strengthening

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>  &amp; <a href="https://www.smartkarma.com/entities/harley-davidson-inc" target="_blank" data-smartkarma-citation="entities:4386:1" rel="noopener">Harley Davidson (HOG US)</a> launched their collaborative creation, the Harley-Davidson X440, in India.</li>
<li>While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.</li>
<li>For HOG, there is more to lose than to gain from this development. Additionally, <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> moat around the brand and a strong riding culture is likely underrated.</li>
</ul>



Hero Motocorp (HMCL IN)  &amp; Harley Davidson (HOG US) launched their collaborative creation, the Harley-Davidson X440, in India.
While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.
For HOG, there is more to lose than to gain from this development. Additionally, Eicher Motors (EIM IN) moat around the brand and a strong riding culture is likely underrated.


Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

SBI Cards & Payment Services / Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs during the September 2024 index rebal event.</li>
<li>More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs during the September 2024 index rebal event.
More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.


Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial - SHORT SBI Cards

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.</li>
<li>There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for the NIFTY 50 and NIFTY Next 50 indices in the September 2024 rebalance.
There could be at least one change for NIFTY 50 and separately, there could be up to five changes for NIFTY Next 50.


Quiddity Leaderboard NIFTY Sep 24: Multiple Names Eligible for NIFTY 50 Addition

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)

2024 High Conviction | Eicher Motors (EIM IN) | Himalayan Ambitions

Eicher Motors (EIM IN) has several catalysts on the horizon that could lead to a re-rating, including the launch of a new platform and potential...

Pranav Bhavsar