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’s 2W domestic market share declined to 31.2% in Q3FY23 (Q3FY22 was at 34.3%) as its Motorcycle market share fell to 43.3% in Q3FY23 from 47% in the last year.</li><li>The 125cc segment share fell to 14.5% from 22% in Q2FY23 and 25% in Q3FY23.</li><li>The management’s focus is on the 125cc segment and it will upgrade the variants to premium XTEC which has received good traction.</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’s 2W domestic market share declined to 31.2% in Q3FY23 (Q3FY22 was at 34.3%) as its Motorcycle market share fell to 43.3% in Q3FY23 from 47% in the last year.The 125cc segment share fell to 14.5% from 22% in Q2FY23 and 25% in Q3FY23.The management’s focus is on the 125cc segment and it will upgrade the variants to premium XTEC which has received good traction.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 - Inline Q3; Sustenance of Market Share to Remain Critical

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>HMCL’s 2QFY22 performance was broadly in-line, as QoQ volume recovery and commodity costs benefits supported margin recovery.</li><li>The company has recorded a 20% retail sales growth over the 32-day festive season and the demand momentum is expected to continue, led by the season.</li><li>We lower our FY23/FY24 EPS estimates by 3%/2% as we tweak our volumes, realization, and margin estimates.</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>

HMCL’s 2QFY22 performance was broadly in-line, as QoQ volume recovery and commodity costs benefits supported margin recovery.The company has recorded a 20% retail sales growth over the 32-day festive season and the demand momentum is expected to continue, led by the season.We lower our FY23/FY24 EPS estimates by 3%/2% as we tweak our volumes, realization, and margin estimates.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 - Festive Spirits to Drive Demand Recovery

<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

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hero Motocorp (HMCL IN)

Hero MotoCorp - Festive Spirits to Drive Demand Recovery

HMCL’s 2QFY22 performance was broadly in-line, as QoQ volume recovery and commodity costs benefits supported margin recovery.

Motilal Oswal

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hero Motocorp - Inline Q3; Sustenance of Market Share to Remain Critical

Hero’s 2W domestic market share declined to 31.2% in Q3FY23 (Q3FY22 was at 34.3%) as its Motorcycle market share fell to 43.3% in Q3FY23 from 47%...

Axis Direct

Hero MotoCorp - Festive Spirits to Drive Demand Recovery

HMCL’s 2QFY22 performance was broadly in-line, as QoQ volume recovery and commodity costs benefits supported margin recovery.

Motilal Oswal

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