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)

<ul><li>In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.</li><li>The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.</li><li>This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end segment.</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>

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end segment.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 Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

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

Endurance Technologies Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>While Endurance is fundamentally a strong company, its performance is likely to remain impacted in the coming years on the back of multiple macro headwinds, which include: (1) slowdown in demand for 2W OEMs, both in domestic and exports; (2) demand concerns emerging in PV segment in Europe on the back of recessionary trends in the region (Europe auto growth outlook reduced to -4% for 2022 from flat earlier); (3) rapid EV transition in Europe, which could emerge as a risk.</li><li>Further, the sharp rise in energy costs in Europe is likely to more than offset the benefit from reducing input costs, at least in the near term.</li><li>Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces. </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>

While Endurance is fundamentally a strong company, its performance is likely to remain impacted in the coming years on the back of multiple macro headwinds, which include: (1) slowdown in demand for 2W OEMs, both in domestic and exports; (2) demand concerns emerging in PV segment in Europe on the back of recessionary trends in the region (Europe auto growth outlook reduced to -4% for 2022 from flat earlier); (3) rapid EV transition in Europe, which could emerge as a risk.Further, the sharp rise in energy costs in Europe is likely to more than offset the benefit from reducing input costs, at least in the near term.Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces. 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.

Endurance Technologies - Enduring Multiple Macro Headwinds

<div><div><div><div><ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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>

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

Q2fy23 Preview - Non-Commodities Likely to Do Better

<div><div><div><div><ul><li>Healthy Order Book: In this quarter ENDU has won new orders worth Rs 404 Cr (FY22 Rs 742 Cr) from Honda, Hero Motocorp, Tata Motors, Ather Energy, Hero Electric, M&amp;M, Bounce in Q1FY23.</li></ul><div><div><div><ul><li>Domestic business: The standalone revenue in Q1FY23 grew 40% YoY (low base), which is broadly inline with the growth in the 2W industry (up 37% YoY, Scooters grew 87% YoY and Motorcycles up 24% YoY).</li></ul><div><div><div><div><ul><li>EU business: Europe's business accounted for 24% of total consolidated revenue. Weak PV sales (down 16.4% YoY) led to de-growth in topline by 7% YoY (2% in Euro terms).</li></ul></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>

Healthy Order Book: In this quarter ENDU has won new orders worth Rs 404 Cr (FY22 Rs 742 Cr) from Honda, Hero Motocorp, Tata Motors, Ather Energy, Hero Electric, M&amp;M, Bounce in Q1FY23.Domestic business: The standalone revenue in Q1FY23 grew 40% YoY (low base), which is broadly inline with the growth in the 2W industry (up 37% YoY, Scooters grew 87% YoY and Motorcycles up 24% YoY).EU business: Europe's business accounted for 24% of total consolidated revenue. Weak PV sales (down 16.4% YoY) led to de-growth in topline by 7% YoY (2% in Euro terms).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.

Endurance Technologies Ltd - New Order Wins & Expected Margin Improvement to Drive Growth

<div><div><div><div><ul><li>Domestic business: The standalone revenue declined 3% YoY, impacted by weak 2W industry demand especially in the entry-level segment while production of premium motorcycles was impacted by the shortage of ABS ECUs</li></ul><div><div><div><div><ul><li>EU business: Europe's business reported a strong beat on both topline and margin despite multiple headwinds (weak PV production, RM pressures, and elevated energy costs, among others.).</li></ul></div><div><div><div><div><ul><li>Healthy Order Wins: During FY22, the company won new orders worth Rs 742 Cr from the top domestic OEMs such as HMSI, HMCL, RE, Ather and others (this is excluding order wins from Bajaj Auto) while receiving RFQ of Rs 2,034 Cr. It includes EV orders worth Rs 160 Cr (including Rs 53 Cr for 2W brakes from Ather and Rs 70 Cr for suspension and brakes from Polarity).</li></ul></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>

Domestic business: The standalone revenue declined 3% YoY, impacted by weak 2W industry demand especially in the entry-level segment while production of premium motorcycles was impacted by the shortage of ABS ECUsEU business: Europe's business reported a strong beat on both topline and margin despite multiple headwinds (weak PV production, RM pressures, and elevated energy costs, among others.).Healthy Order Wins: During FY22, the company won new orders worth Rs 742 Cr from the top domestic OEMs such as HMSI, HMCL, RE, Ather and others (this is excluding order wins from Bajaj Auto) while receiving RFQ of Rs 2,034 Cr. It includes EV orders worth Rs 160 Cr (including Rs 53 Cr for 2W brakes from Ather and Rs 70 Cr for suspension and brakes from Polarity).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.

India

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

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Endurance Technologies Ltd (ENDU IN)

Auto Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive...

Axis Direct

Endurance Technologies - Enduring Multiple Macro Headwinds

Our earnings estimates are about 20% below consensus as we believe consensus is yet to factor in the full impact of multiple challenges that it faces.

HDFC Securities

Q2fy23 Preview - Non-Commodities Likely to Do Better

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

Endurance Technologies Ltd - New Order Wins & Expected Margin Improvement to Drive Growth

The Company is focusing on a richer product mix with a growing mix of new higher margin products like front forks, paper-based clutches, fully...

Axis Direct

Result Update - Endurance Tech

Endurance Technologies Ltd. (ENDU) reported a strong Q4FY22 performance, ahead of our estimates, primarily led by strong aftermarket sales

Axis Direct

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