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>Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.</li><li>Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.</li><li>The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. </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.

Oct’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.Domestic PV sales (Exhibit-2) grew by 1-3% YoY (up 10-12% MoM), led by strong volumes in Toyota, M&amp;M, Kia, and MG, which were partly offset by weakness in MSIL and Honda while tata motors and Hyundai witnessed flat volumes.The domestic CV industry sales were flat YoY (up 9% MoM), mainly due to lower MHCV truck volumes, which were offset by high bus volumes. 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 Auto Volume Update - Automotive Industry - October 2024

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

Escorts Kubota Limited / Equity Bottom-Up

<ul><li>The recently-concluded monsoons saw ~8% increase over the long period average, lifting the outlook for the upcoming crop cycles.</li><li>Additionally, with the industry base turning favorable (de-grew 13% YoY in H2FY24 and is flattish in FY25YTD), we believe tractors would enter an upcycle from H2FY25.</li><li>Escorts is working on multiple initiatives spanning products, channel, and capacity to address opportunities in India and export markets, with Kubota’s intent to increase sourcing from India as a key mid-tolong term driver (present global component sourcing is at ~USD10-12bnpa).</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 recently-concluded monsoons saw ~8% increase over the long period average, lifting the outlook for the upcoming crop cycles.Additionally, with the industry base turning favorable (de-grew 13% YoY in H2FY24 and is flattish in FY25YTD), we believe tractors would enter an upcycle from H2FY25.Escorts is working on multiple initiatives spanning products, channel, and capacity to address opportunities in India and export markets, with Kubota’s intent to increase sourcing from India as a key mid-tolong term driver (present global component sourcing is at ~USD10-12bnpa).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.

Escorts - Upgrade to BUY on Improving Growth Prospects, Exports Potential

<ul><li>Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.</li><li>The domestic PV sales (Exhibit-2) volume stood between -2% to 2% YoY, largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda, partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/Kia.</li><li>The domestic CV industry sales degrew by ~12% YoY mainly due to lower MHCV truck and Bus volumes. </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.

Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.The domestic PV sales (Exhibit-2) volume stood between -2% to 2% YoY, largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda, partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/Kia.The domestic CV industry sales degrew by ~12% YoY mainly due to lower MHCV truck and Bus volumes. 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 Sales Volume - September 2024

<ul><li>Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM respectively.</li><li>The domestic PV sales (Exhibit-2) degrew by 1-4% YoY (up 3% MoM), largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/ Kia/ MG.</li><li>The domestic CV industry sales degrew by ~11% YoY (marginally up 3% MoM) mainly due to lower MHCV truck volumes which were partly set off by high bus volumes). </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.

Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM respectively.The domestic PV sales (Exhibit-2) degrew by 1-4% YoY (up 3% MoM), largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/ Kia/ MG.The domestic CV industry sales degrew by ~11% YoY (marginally up 3% MoM) mainly due to lower MHCV truck volumes which were partly set off by high bus volumes). 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.

<ul><li>Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.</li><li>The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.</li><li>The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. </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.

Jun’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers (OEMs) , which were partly offset by weakness in entry-level cars.The domestic 2W industry (excl HMSI) witnessed volume growth of ~11% YoY (down 3% MoM) led by rural recovery; however exports declined 4% YoY (down 9% MoM) respectively.The domestic CV industry sales degrew by ~4% YoY (up 6% MoM) mainly due to lower LCV and MHCV goods carrier volumes being partly set off by high industry volume for buses. 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

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

Monthly Auto Volume Update - Automotive Industry - October 2024

The domestic 2W industry witnessed strong volume growth of ~11% YoY and 6% MoM, while total exports were up by 23% YoY and 2% MoM, respectively.

Axis Direct

Escorts - Upgrade to BUY on Improving Growth Prospects, Exports Potential

The recently-concluded monsoons saw ~8% increase over the long period average, lifting the outlook for the upcoming crop cycles.

Emkay

Auto Monthly Sales Volume - September 2024

Sep’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~17%/20% and 2W exports were up by 19%/9%% YoY/ MoM respectively.

Axis Direct

Auto Monthly Volume August 2024

Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM...

Axis Direct

Auto Monthly Volume - June 2024

The domestic PV sales (Exhibit-2) grew by 5% YoY (down 3% MoM), largely led by strong domestic SUV volumes across Original Equipment Manufacturers...

Axis Direct

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