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.

Equity Bottom-Up

<ul><li>Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.</li><li>Revenue (2% beat) grew by 7.4%/8% YoY/QoQ, led by higher Average Sales Price (ASP), beat by 2%, which increased by 8%/5% YoY/QoQ, while sales volumes were almost flat YoY but were up 2.7% QoQ.</li><li>ASP beat was on account of a richer product mix and a higher share of XTEC variants in the entry-level 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>

Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.Revenue (2% beat) grew by 7.4%/8% YoY/QoQ, led by higher Average Sales Price (ASP), beat by 2%, which increased by 8%/5% YoY/QoQ, while sales volumes were almost flat YoY but were up 2.7% QoQ.ASP beat was on account of a richer product mix and a higher share of XTEC variants in the entry-level 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.

Hero Motocorp - Weak Numbers with EBITDA Miss; Downgrade to HOLD

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 34.5% as of FY22.</li><li>Its suite of popular models includes Splendor, Passion, Glamour, etc.</li><li>Rural geographies form ~50% sales; 48.3% FY22 motorcycle market share • Debt-free b/s with strong return ratios; healthy &gt;50% dividend payout ratio </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>

Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 34.5% as of FY22.Its suite of popular models includes Splendor, Passion, Glamour, etc.Rural geographies form ~50% sales; 48.3% FY22 motorcycle market share • Debt-free b/s with strong return ratios; healthy &gt;50% dividend payout ratio 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.

Hero MotoCorp - Launches Electric 2-W Under Vida Brand as V1 Pro, Plus

<div><div><div><div><ul><li>Demand Outlook: The management foresees pick up in 2W demand with the onset of the festive season.</li></ul><div><div><div><ul><li>Margins: Hero has taken price hikes to counter the RM inflation. In Apr’22 it took a hike of Rs 850 and Rs 1,200 in Jul’22 which will get reflected in upcoming quarters.</li></ul><div><div><div><div><ul><li>EV launch: The company will be launching its EV product in the upcoming festive season. Effective stake in Ather Energy after accounting for dilution now stands at 35%.</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>

Demand Outlook: The management foresees pick up in 2W demand with the onset of the festive season.Margins: Hero has taken price hikes to counter the RM inflation. In Apr’22 it took a hike of Rs 850 and Rs 1,200 in Jul’22 which will get reflected in upcoming quarters.EV launch: The company will be launching its EV product in the upcoming festive season. Effective stake in Ather Energy after accounting for dilution now stands at 35%.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.

Hero Motocorp - EBITDA Miss; Growth Outlook Remains Positive

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>The company sees the overall demand sentiment improving and is experiencing some early signs of demand recovery in both Rural as well as Urban areas.</li><li>It expects double- digit growth in volume as all medium term and long term triggers are in place.</li></ul><ul><li>Demand is recovering on the back of festive and marriage season, which is going really well, and retail volume has outdone wholesale volume, leading to correction in inventory levels, which are lower than 6 weeks now.</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>

The company sees the overall demand sentiment improving and is experiencing some early signs of demand recovery in both Rural as well as Urban areas.It expects double- digit growth in volume as all medium term and long term triggers are in place.Demand is recovering on the back of festive and marriage season, which is going really well, and retail volume has outdone wholesale volume, leading to correction in inventory levels, which are lower than 6 weeks now.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.

Hero MotoCorp - Improving Rural Sentiments to Support Volume Recovery; Growth Drivers in Place

<div><div><div><div><ul><li>Operationally in-line results: Hero Moto reported revenue of Rs74.2bn, which was in line with our estimate. ASP stood at Rs62.4k/vehicle.</li></ul><div><div><div><div><ul><li>Attractive valuation amid 2W recovery and EV opportunity: We value Hero Moto at 15x FY24E EPS and assign Hero Fincorp/Ather Rs96/Rs200 per share value to arrive at a TP of Rs3,161.</li></ul><div><div><div><div><ul><li>We are baking in EPS AGR of 26% over FY22-24E, led by 14% CAGR growth in volume and 150bps margin expansion.</li></ul></div></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>

Operationally in-line results: Hero Moto reported revenue of Rs74.2bn, which was in line with our estimate. ASP stood at Rs62.4k/vehicle.Attractive valuation amid 2W recovery and EV opportunity: We value Hero Moto at 15x FY24E EPS and assign Hero Fincorp/Ather Rs96/Rs200 per share value to arrive at a TP of Rs3,161.We are baking in EPS AGR of 26% over FY22-24E, led by 14% CAGR growth in volume and 150bps margin expansion.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.

Hero MotoCorp - Attractive Valuation, 2W Upcycle & EV Transition to Drive Rerating

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Motocorp - Weak Numbers with EBITDA Miss; Downgrade to HOLD

Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.

Axis Direct

Hero MotoCorp - Launches Electric 2-W Under Vida Brand as V1 Pro, Plus

Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 34.5% as of FY22.Its suite of popular models...

ICICI Securities Limited

Hero Motocorp - EBITDA Miss; Growth Outlook Remains Positive

Hero Motocorp Ltd. (HMCL) Q1FY23 performance was broadly in line with our estimates with EBITDA coming in lower than expected.

Axis Direct

Hero MotoCorp - Improving Rural Sentiments to Support Volume Recovery; Growth Drivers in Place

The company sees the overall demand sentiment improving and is experiencing some early signs of demand recovery in both Rural as well as Urban areas.

Nirmal Bang

Hero MotoCorp - Attractive Valuation, 2W Upcycle & EV Transition to Drive Rerating

Hero MotoCorp (Hero) reported revenue of Rs74.2bn, which was in line with our estimate. Volume declined by 24% YoY while realization at Rs62.4k...

Nirmal Bang

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