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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin contraction to 12.8%.</li><li>While the PV industry’s demand remains moderate, we expect HMI to post steady growth given its favorable SUV mix and strong export opportunities going forward.</li><li>Outlook We broadly retain our FY25E/26E EPS.</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>

Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin contraction to 12.8%.While the PV industry’s demand remains moderate, we expect HMI to post steady growth given its favorable SUV mix and strong export opportunities going forward.Outlook We broadly retain our FY25E/26E EPS.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.

Hyundai Motor - Weak Demand & High Discounts Dent 2Q Performance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.</li>
<li>The recently-listed <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a> could see some index inflows during the March 2025 rebal. <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> and <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial (JIOFIN IN)</a> could also get involved.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.
The recently-listed Hyundai Motor India (1342Z IN) could see some index inflows during the March 2025 rebal. Zomato (ZOMATO IN) and Jio Financial (JIOFIN IN) could also get involved.


Quiddity Leaderboard NIFTY Mar 25: Thoughts on Hyundai Motor, Zomato, and Jiofin

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a>'s  49% subsidiary, JSW MG Motor India, reported that its newly launched MG Windsor EV become the best-selling passenger electric vehicle in India for October.</li>
<li>The MG Windsor EV is driving strong sales in the New Energy Vehicle (NEV) segment, thanks to its innovative Battery-as-a-Service (BaaS) option, which significantly reduces the upfront cost for buyers.</li>
<li>By offering BaaS, JSW MG Motor makes switching to EVs more appealing, as the program decouples the battery cost from the vehicle, enabling a direct comparison with comparable ICE models.</li>
</ul>



SAIC Motor (600104 CH)'s  49% subsidiary, JSW MG Motor India, reported that its newly launched MG Windsor EV become the best-selling passenger electric vehicle in India for October.
The MG Windsor EV is driving strong sales in the New Energy Vehicle (NEV) segment, thanks to its innovative Battery-as-a-Service (BaaS) option, which significantly reduces the upfront cost for buyers.
By offering BaaS, JSW MG Motor makes switching to EVs more appealing, as the program decouples the battery cost from the vehicle, enabling a direct comparison with comparable ICE models.


SAIC Motor (600104 CH): India Sub JSW MG Motor Drives EV Surge with Battery-As-A-Service

<ul>
<li>LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.</li>
<li>The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.</li>
<li>With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.</li>
</ul>


LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.
The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.
With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.


LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

India

Hyundai Motor India Limited (HMIL) is the Indian subsidiary of the South Korean automobile manufacturer Hyundai Motor Company. It manufactures and sells a wide range of four-wheeler passenger vehicles, including sedans, hatchbacks, sports-utility vehicles (SUVs), and electric vehicles (EVs), along with related parts such as transmissions and engines. The company also provides after-sales activities and engineering services. Hyundai Motor India was founded on May 6, 1996, and is headquartered in Gurugram, Haryana, India, with a registered office in Kancheepuram, Tamil Nadu, India.

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Hyundai Motor India (HYUNDAI IN)

Hyundai Motor - Weak Demand & High Discounts Dent 2Q Performance

Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin...

Motilal Oswal

Quiddity Leaderboard NIFTY Mar 25: Thoughts on Hyundai Motor, Zomato, and Jiofin

There are no changes for NIFTY 50 but there could be five changes for NIFTY Next 50 according to current rankings. Only 54% of the reference period...

Janaghan Jeyakumar, CFA

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

SAIC Motor (600104 CH): India Sub JSW MG Motor Drives EV Surge with Battery-As-A-Service

BaaS can be a game changer in EV adoption. By separating the cost of battery from the vehicle itself, it allows buyers to focus on the true cost...

Devi Subhakesan

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

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52-week Range

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Hyundai Motor - Weak Demand & High Discounts Dent 2Q Performance

Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin...

Motilal Oswal

Quiddity Leaderboard NIFTY Mar 25: Thoughts on Hyundai Motor, Zomato, and Jiofin

There are no changes for NIFTY 50 but there could be five changes for NIFTY Next 50 according to current rankings. Only 54% of the reference period...

Janaghan Jeyakumar, CFA

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

SAIC Motor (600104 CH): India Sub JSW MG Motor Drives EV Surge with Battery-As-A-Service

BaaS can be a game changer in EV adoption. By separating the cost of battery from the vehicle itself, it allows buyers to focus on the true cost...

Devi Subhakesan

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

​LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...