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)

<div><div><div><div><div><div><div><div><ul><li>In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).</li><li>On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.</li><li>We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.</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></div></div></div></div>

In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.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.

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.

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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>

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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: Banks continue to lead the pack; profitability improves for most sectors

Equity Bottom-Up

<ul><li>Our exhaustive channel checks across six of Hero MotoCorp’s (HMC) key states indicate that the 125cc segment is slowly emerging as a customer favourite, and as a result, contribution of 100cc has declined to 51% of motorcycles in FY23, from 58% in FY19</li><li>This shift in mix doesn’t bode well for HMC, given: (1) 100cc has always been its forte and contributes to 78% of its volumes (2) HMC has lost significant market share in 125cc segment to 21%, from 55% in FY19</li><li>This shift in mix has also led to HMC losing 510bps share in motorcycles since FY20 to 46.9%</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>

Our exhaustive channel checks across six of Hero MotoCorp’s (HMC) key states indicate that the 125cc segment is slowly emerging as a customer favourite, and as a result, contribution of 100cc has declined to 51% of motorcycles in FY23, from 58% in FY19This shift in mix doesn’t bode well for HMC, given: (1) 100cc has always been its forte and contributes to 78% of its volumes (2) HMC has lost significant market share in 125cc segment to 21%, from 55% in FY19This shift in mix has also led to HMC losing 510bps share in motorcycles since FY20 to 46.9%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.

Hero MotoCorp: Challenges Galore! Downgrade to REDUCE

<div><div><div><div><ul><li>May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).</li><li>2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).</li><li>The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  </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>

May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  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 Volume Update - Automotive Industry

<ul><li>The company’s revenue (largely inline) was up 12%/3% YoY/QoQ on account of a 5% YoY increase in ASP (price hike and higher spares mix), and a 7%/2.5% YoY/QoQ growth in volumes (low base in Q4FY22).</li><li>ASP increased 1% QoQ led by price hikes in Jan’23 on account of input cost pass-through and to comply with regulatory norms.</li><li>EBITDA beat ours/consensus estimates by 9%/10% respectively and was up 31%/17%% YoY/QoQ while EBITDA margin at 13% (vs. 12%/11% in Q3FY23/Q4FY22) beat ours/consensus estimate of 12%.</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’s revenue (largely inline) was up 12%/3% YoY/QoQ on account of a 5% YoY increase in ASP (price hike and higher spares mix), and a 7%/2.5% YoY/QoQ growth in volumes (low base in Q4FY22).ASP increased 1% QoQ led by price hikes in Jan’23 on account of input cost pass-through and to comply with regulatory norms.EBITDA beat ours/consensus estimates by 9%/10% respectively and was up 31%/17%% YoY/QoQ while EBITDA margin at 13% (vs. 12%/11% in Q3FY23/Q4FY22) beat ours/consensus estimate of 12%.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 - Strong Q4; Increasing Focus on Market Share Recovery

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)

Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

Hero MotoCorp: Challenges Galore! Downgrade to REDUCE

This shift in mix doesn’t bode well for HMC, given: (1) 100cc has always been its forte and contributes to 78% of its volumes

HDFC Securities

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

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Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

Hero MotoCorp: Challenges Galore! Downgrade to REDUCE

This shift in mix doesn’t bode well for HMC, given: (1) 100cc has always been its forte and contributes to 78% of its volumes

HDFC Securities

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

Hero Motocorp - Strong Q4; Increasing Focus on Market Share Recovery

The company’s revenue (largely inline) was up 12%/3% YoY/QoQ on account of a 5% YoY increase in ASP (price hike and higher spares mix) and a 7%...

Axis Direct