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 (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).</li><li>Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.</li><li>Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. </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.

Hero MotoCorp Ltd (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. 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.

Pick of the Week: Hero MotoCorp Ltd - 29 Apr 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.

<ul><li>Emkay Global Financial's research report onHero MotoCorp HMCL’s stock price has corrected 11% from the recent highs, even as newly launched Xtreme 125R in the fast-growing 125cc motorcycle category has been received well (per dealer checks), and led to reversal in market share (15.7% in Mar-24 vs. 9.7% in Dec-23; peak share of 50%).</li><li>Product action coupled with sustenance of the dom.</li><li>2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS CAGR over FY24E-26E (upgrade FY25E, FY26E EPS by ~4.5% each).</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.

Emkay Global Financial's research report onHero MotoCorp HMCL’s stock price has corrected 11% from the recent highs, even as newly launched Xtreme 125R in the fast-growing 125cc motorcycle category has been received well (per dealer checks), and led to reversal in market share (15.7% in Mar-24 vs. 9.7% in Dec-23; peak share of 50%).Product action coupled with sustenance of the dom.2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS CAGR over FY24E-26E (upgrade FY25E, FY26E EPS by ~4.5% each).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 - Upgrade to BUY on New Launch Success

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.

Thematic (Sector/Industry)

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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 premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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.

Autos: Q4 preview - Premiumisation is the way to go

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.</li><li>This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT degrew by 2.5%/3.6%/2.8%, against expectations of a 2%/7%/8% decline.</li><li>The QoQ degrowth in EBITDA and PAT was largely limited by operational outperformance led by Escorts Kubota Ltd and 2W OEMs such as Bajaj Auto, TVS Motors, and Hero Motocorp.</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 companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.This was driven by higher ASPs, sales volumes, and operating leverage. On a QoQ basis, the aggregate Revenue/EBITDA/PAT degrew by 2.5%/3.6%/2.8%, against expectations of a 2%/7%/8% decline.The QoQ degrowth in EBITDA and PAT was largely limited by operational outperformance led by Escorts Kubota Ltd and 2W OEMs such as Bajaj Auto, TVS Motors, and Hero Motocorp.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.

Top Sector Ideas - Auto and Auto Ancillaries - Q3FY24

<ul><li>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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 Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

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)

Pick of the Week: Hero MotoCorp Ltd - 29 Apr 2024

Hero MotoCorp Ltd (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).

Axis Direct

Hero MotoCorp - Upgrade to BUY on New Launch Success

2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS...

Emkay

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

Top Sector Ideas - Auto and Auto Ancillaries - Q3FY24

The companies under our coverage reported Revenue/EBITDA/PAT growth of 16.5%/38.9%/40.6% YoY against expectations of 17%/34%/33%.

Axis Direct

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

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