External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.</li><li>In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.</li><li>CV demand momentum continues to be healthy in Q2. </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.

Given that the festive season this time has been pushed by a month into November, Q2 volume growth appears lower YoY.In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs.CV demand momentum continues to be healthy in Q2. 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.

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

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>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</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.

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,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.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Our dealer checks across a couple of <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> dealerships indicate a strengthening competitive position for Royal Enfield. </li>
<li>After the initial hype, customers are now shifting back to Royal Enfield. </li>
<li>As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.</li>
</ul>


Our dealer checks across a couple of Eicher Motors (EIM IN) and Bajaj Auto Ltd (BJAUT IN) dealerships indicate a strengthening competitive position for Royal Enfield. 
After the initial hype, customers are now shifting back to Royal Enfield. 
As competition ramps up production, we continue to believe that the market will expand, and there will be no fight for market share.


Eicher Motors (EIM IN) | Competitive Position Strengthening

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Cheng Shin Rubber Ind Co., Ltd. / Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> rebalance was implemented last week and there were interesting moves at the close on implementation day.</li>
<li>The focus this week will be on pre-positioning for a global index rebalance where the review period commences next week.</li>
<li>Units outstanding on <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets-223f5da3-7054-4e4f-bc55-b7f0852c2581" target="_blank" data-smartkarma-citation="entities:31998:1" rel="noopener">iShares Emerging Markets (EMXC US)</a> are at a new high while there continue to be redemptions in <a href="https://www.smartkarma.com/entities/ishares-msci-emerging-markets" target="_blank" data-smartkarma-citation="entities:438:1" rel="noopener">iShares Emerging Markets (EEM US)</a>. </li>
</ul>


The Philippines Stock Exchange PSEi Index (PCOMP INDEX) rebalance was implemented last week and there were interesting moves at the close on implementation day.
The focus this week will be on pre-positioning for a global index rebalance where the review period commences next week.
Units outstanding on iShares Emerging Markets (EMXC US) are at a new high while there continue to be redemptions in iShares Emerging Markets (EEM US). 


Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

<ul><li>Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.</li><li>Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.</li><li>2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. </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.

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. 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.

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)

Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Eicher Motors (EIM IN) | Competitive Position Strengthening

After the hype about competition, RE's competitive position is strengthening. The premium motorcycle market is expected to expand without a fight...

Pranav Bhavsar

Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Auto Monthly Volume Sep 2023

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.

Axis Direct

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Autos (Q2FY24 Results Preview) - 4Ws to See Margin Boost QoQ

In PVs, while UV demand has held up extremely well, car demand has further decelerated, driving a rich mix for most OEMs. CV demand momentum...

HDFC Securities

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Eicher Motors (EIM IN) | Competitive Position Strengthening

​After the hype about competition, RE's competitive position is strengthening. The premium motorcycle market is expected to expand without a fight...

Pranav Bhavsar

Index Rebalance & ETF Flow Recap: Taiwan Div+, Nifty50, Cainiao IPO, Delta Electronics

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Auto Monthly Volume Sep 2023

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.

Axis Direct

After the hype about competition, RE's competitive position is strengthening. The premium motorcycle market is expected to expand without a fight...