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>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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.

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

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>The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.</li><li>Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.</li><li>The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% YoY.</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 domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% YoY.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.

Automotive Industry - Strong Momentum in PV & CV Sales

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</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.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.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.

Reality Check: Festive checks—positive trend

<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>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 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>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 (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

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)

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Automotive Industry - Strong Momentum in PV & CV Sales

The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.

Axis Direct

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)