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. 

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Equity Bottom-Up

<ul><li>Hero MotoCorp Ltd (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).</li><li>Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.</li><li>Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. </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 Ltd (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. 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.

Pick of the Week: Hero MotoCorp Ltd - 29 Apr 2024

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report onHero MotoCorp HMCL’s stock price has corrected 11% from the recent highs, even as newly launched Xtreme 125R in the fast-growing 125cc motorcycle category has been received well (per dealer checks), and led to reversal in market share (15.7% in Mar-24 vs. 9.7% in Dec-23; peak share of 50%).</li><li>Product action coupled with sustenance of the dom.</li><li>2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS CAGR over FY24E-26E (upgrade FY25E, FY26E EPS by ~4.5% each).</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.

Emkay Global Financial's research report onHero MotoCorp HMCL’s stock price has corrected 11% from the recent highs, even as newly launched Xtreme 125R in the fast-growing 125cc motorcycle category has been received well (per dealer checks), and led to reversal in market share (15.7% in Mar-24 vs. 9.7% in Dec-23; peak share of 50%).Product action coupled with sustenance of the dom.2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS CAGR over FY24E-26E (upgrade FY25E, FY26E EPS by ~4.5% each).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 - Upgrade to BUY on New Launch Success

<ul><li>Hero MotoCorp’s Revenue/EBITDA stood largely in line with our estimates, while PAT stood ahead by 7%, led by higher-than-expected other income.</li><li>Revenue grew by 4%/8% YoY/QoQ to Rs 9,445 Cr, largely in line with our estimate.</li><li>EBITDA grew by 28%/10% YoY/QoQ (inline) to Rs 1,328 Cr, while EBITDA margins reached the 14% mark, up 262/30bps YoY/QoQ, led by lower RM costs (GMs at 31%, up 337bps YoY), price hikes and better sales 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.

Hero MotoCorp’s Revenue/EBITDA stood largely in line with our estimates, while PAT stood ahead by 7%, led by higher-than-expected other income.Revenue grew by 4%/8% YoY/QoQ to Rs 9,445 Cr, largely in line with our estimate.EBITDA grew by 28%/10% YoY/QoQ (inline) to Rs 1,328 Cr, while EBITDA margins reached the 14% mark, up 262/30bps YoY/QoQ, led by lower RM costs (GMs at 31%, up 337bps YoY), price hikes and better sales 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.

Hero MotoCorp - Products Lineup in Place; Market Share Gains Impending

<ul>
<li>Hero Moto Corp Ltd (HMCL) is the dominant player in the Indian 2W industry, boasting a market share of approximately 34.6% as of March 2022.</li>
<li>Motorcycles constitute the majority of its revenue, contributing around 94% of total volumes, while scooters contribute 6%.</li>
<li>With a focus on the domestic market, Hero derives about 94% of its volumes from India. </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 Moto Corp Ltd (HMCL) is the dominant player in the Indian 2W industry, boasting a market share of approximately 34.6% as of March 2022.
Motorcycles constitute the majority of its revenue, contributing around 94% of total volumes, while scooters contribute 6%.
With a focus on the domestic market, Hero derives about 94% of its volumes from India. 

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.

Pick of the Week - Hero Motocorp Ltd - 01 JAN 2024

<ul><li>Market share gain through new launches, recovery in rural demand, and the performance of the EV portfolio remain critical for valuation rerating.</li><li>Our TP implies a 10% upside from the CMP and as a result, we revise our rating from HOLD to BUY.</li><li>Hero MotoCorp’s Revenue/EBITDA stood largely in line with our estimates, while PAT stood ahead by 7%, led by higher-than-expected other income. </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.

Market share gain through new launches, recovery in rural demand, and the performance of the EV portfolio remain critical for valuation rerating.Our TP implies a 10% upside from the CMP and as a result, we revise our rating from HOLD to BUY.Hero MotoCorp’s Revenue/EBITDA stood largely in line with our estimates, while PAT stood ahead by 7%, led by higher-than-expected other income. 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 EBITDA Margins; Recovery in Market Share Remains Critical

India

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

Hero Motocorp (HMCL IN)

Pick of the Week: Hero MotoCorp Ltd - 29 Apr 2024

Hero MotoCorp Ltd (HEROMOTOCO) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).

Axis Direct

Hero MotoCorp - Upgrade to BUY on New Launch Success

2W growth story (Apr-24 MTD retails up ~26%) and positive initial outlook for monsoons (key rural demand trigger) prompt us to build-in 12% EPS...

Emkay

Pick of the Week - Hero Motocorp Ltd - 01 JAN 2024

Hero Moto Corp Ltd (HMCL) is the dominant player in the Indian 2W industry, boasting a market share of approximately 34.6% as of March 2022.

Axis Direct