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>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</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>

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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 (Q2FY23 Results Preview): Margins likely to bottom out

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.

Equity Bottom-Up

<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

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>In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.</li><li>The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.</li><li>This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end 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>

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive demand.The domestic wholesale volumes for SUVs in Passenger Vehicles (PV) (Maruti) and Premium motorcycles in 2W (Eicher) exhibited strong traction.This was on account of the improvement in the supply-chain bottlenecks as well as due to shifting consumer preferences towards premium, feature-leaden, and technologically advanced product categories from the low-end 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.

Auto Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

<div><div><div><div><ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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></div></div></div></div>

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

Q2fy23 Preview - Non-Commodities Likely to Do Better

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> has been outperforming the Nifty 50 over the last 6M</li>
<li>Our flash checks done in the south suggests the outperformance may not last long</li>
<li>Failure of a model, high competitive intensity, and changing preferences can again lead to high inventory levels leading to a possible correction in wholesales post-festive season. </li>
</ul>



Hero Motocorp (HMCL IN) has been outperforming the Nifty 50 over the last 6M
Our flash checks done in the south suggests the outperformance may not last long
Failure of a model, high competitive intensity, and changing preferences can again lead to high inventory levels leading to a possible correction in wholesales post-festive season. 


Hero Motocorp (HMCL IN) | Brace for Disappointment

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 (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

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

Auto Q2fy23preview - Volume Growth & Operating Leverage to Drive Ebitda Growth

In Q2FY23, wholesale volumes across PV/CV/2W (other than tractors) segments stood robust QoQ, led by inventory channel filling ahead of the festive...

Axis Direct

Q2fy23 Preview - Non-Commodities Likely to Do Better

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

Hero Motocorp (HMCL IN) | Brace for Disappointment

Our flash channel checks with dealers in the south suggest HMCL's outperformance may not last long. Performance this festive season is extremely...

Pranav Bhavsar

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