External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>In the current fiscal, HMC’s motorcycle market share further slipped by 380 bps to 44.5%</li><li>This is despite its multiple launches in H1, which include Passion Plus, new Glamor, Xtreme160R 4V, X440, and Karizma</li><li>In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this fiscal has been no different</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.

In the current fiscal, HMC’s motorcycle market share further slipped by 380 bps to 44.5%This is despite its multiple launches in H1, which include Passion Plus, new Glamor, Xtreme160R 4V, X440, and KarizmaIn the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this fiscal has been no differentContent 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 -  Fails to Recover Back Share Despite New Launches.

Hero MotoCorp: Fails to Recover Back Share Despite New Launches.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in Q1FY23), beating our estimate by 4.5% and 85bps respectively, despite a miss on revenue.</li><li>This was mainly on account of lower other expenses.</li><li>The company stated that the underlying EBITDA margin for ICE Business stood at 14.5%, excluding the impact of EV business. </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 reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in Q1FY23), beating our estimate by 4.5% and 85bps respectively, despite a miss on revenue.This was mainly on account of lower other expenses.The company stated that the underlying EBITDA margin for ICE Business stood at 14.5%, excluding the impact of EV business. 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>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>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.

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

<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>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 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)

Hero Motocorp - EBITDA and Margin Beat

Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in...

Axis Direct

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

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Hero MotoCorp - Fails to Recover Back Share Despite New Launches.

In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this...

HDFC Securities

Hero MotoCorp: Fails to Recover Back Share Despite New Launches.

In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this...

HDFC Securities

Hero Motocorp - EBITDA and Margin Beat

Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in...

Axis Direct

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

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