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 Motorcorp Ltd. (HMCL) Q4FY22 performance was broadly in line with our estimates with EBITDA coming in lower than expected</li><li>We maintain a BUY rating on the stock given its reasonable valuations and revise our TP to Rs 3,000/share (Rs 3,150 earlier) to factor in near-term headwinds for the 2W industry</li><li>We value the stock at 15x FY24E EPS, implying a 24% upside from the CMP.</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 Motorcorp Ltd. (HMCL) Q4FY22 performance was broadly in line with our estimates with EBITDA coming in lower than expectedWe maintain a BUY rating on the stock given its reasonable valuations and revise our TP to Rs 3,000/share (Rs 3,150 earlier) to factor in near-term headwinds for the 2W industryWe value the stock at 15x FY24E EPS, implying a 24% upside from the CMP.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), 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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><div class="content-highlight"><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></div>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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.

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

<ul><li>Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.</li><li>The company reported net revenues of Rs 7,883 Cr (our estimate: Rs 7,598 Cr), declining by 7% QoQ</li><li>We value the stock at 15x FY24E EPS, implying a 16% upside from the CMP.</li></ul><div class="content-highlight"><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></div>

Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.The company reported net revenues of Rs 7,883 Cr (our estimate: Rs 7,598 Cr), declining by 7% QoQWe value the stock at 15x FY24E EPS, implying a 16% upside from the CMP.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: Superior Realization and Richer Mix Deliver Margin Beat

<ul><li>Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 37% as of FY21.</li><li>Its suite of popular models includes Splendor, Passion, Glamour, etc.</li><li>HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels in February 2017. We retain HOLD rating amid slower than anticipated volume recovery</li></ul><div class="content-highlight"><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></div>

Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 37% as of FY21.Its suite of popular models includes Splendor, Passion, Glamour, etc.HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels in February 2017. We retain HOLD rating amid slower than anticipated volume recoveryContent 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: Steady Performance, EV Launch Awaited

<ul><li>Hero Motorcorp Ltd. (HMCL) Q2FY22 performance was better than expected and came ahead of our estimates</li><li>HMCL has been witnessing weak demand trends since Mar’21 due to Covid-19 led headwinds in 2Ws especially at entry-level motorcycles</li><li>We maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W industry. </li></ul><div class="content-highlight"><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></div>

Hero Motorcorp Ltd. (HMCL) Q2FY22 performance was better than expected and came ahead of our estimatesHMCL has been witnessing weak demand trends since Mar’21 due to Covid-19 led headwinds in 2Ws especially at entry-level motorcyclesWe maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W industry. 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: Higher Realization; LEAP-2 Savings Drive Margin Beat

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: EBITDA Miss; Growth Outlook Remains Positive

We maintain a BUY rating on the stock given its reasonable valuations and revise our TP to Rs 3,000/share (Rs 3,150 earlier) to factor in...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Hero Motocorp: Superior Realization and Richer Mix Deliver Margin Beat

Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.. We value the stock at 15x FY24E EPS,...

Axis Direct

Hero MotoCorp: Steady Performance, EV Launch Awaited

What should investors do? HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels...

ICICI Securities Limited

Hero Motocorp: Higher Realization; LEAP-2 Savings Drive Margin Beat

We maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W...

Axis Direct

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