Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.</li>
<li>In December2024, sales showed varied performance across major players. <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> saw slight YoY decline,while <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> &amp;<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> experienced growth in exports.</li>
<li>A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.</li>
</ul>


The 9M FY2025 sales volume of commercial vehicle(CV) companies have been soft due to the elections, uneven monsoon and slow capital expenditure.
In December2024, sales showed varied performance across major players. Tata Motors Ltd (TTMT IN) saw slight YoY decline,while Ashok Leyland (AL IN) &amp;Eicher Motors (EIM IN) experienced growth in exports.
A recovery in sales is expected in Q4 FY2025 due to improved freight movement, resumption of construction and mining activities, and renewed government spending on infrastructural projects.


Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

<ul>
<li>The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.</li>
<li>Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN) </a>led with 30% YoY growth. <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> reported 18% YoY growth.<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> showed modest performance with 1.4% YoY growth.</li>
</ul>


The Passenger vehicle (PV) segment (cars, utility vehicles, vans) recorded strong wholesale volume in December 2024.
Growth was driven by low dealer inventory post the Diwali festive season , low base last year and year end discounts by manufacturers.

Maruti Suzuki India (MSIL IN) led with 30% YoY growth. Mahindra &amp; Mahindra (MM IN) reported 18% YoY growth.Tata Motors Ltd (TTMT IN) showed modest performance with 1.4% YoY growth.


Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

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

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
In this note, we talk about the not-so-positive aspects of the deal.


LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

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

Event-Driven

<ul>
<li>The lock-up on the second half of the anchor investor allocation for <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a> ends after market close today and the shares will be available for sale tomorrow.</li>
<li>The lock-up expiry further increases free float for the stock and there will be multiple index inclusions over the next few months.</li>
<li>The largest index inclusion will be in February, followed by smaller inclusions in March and June. In total, passives will mop up around 16% of the float.</li>
</ul>


The lock-up on the second half of the anchor investor allocation for Hyundai Motor India (HYUNDAI IN) ends after market close today and the shares will be available for sale tomorrow.
The lock-up expiry further increases free float for the stock and there will be multiple index inclusions over the next few months.
The largest index inclusion will be in February, followed by smaller inclusions in March and June. In total, passives will mop up around 16% of the float.


Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near

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.

<ul><li>The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies</li><li>The auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection point</li><li>We expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.</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>

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energiesThe auto component players are also making investments to adjust their product portfolios to cater to the energy transition and be future-ready for when the penetration of greener energy vehicles reaches an inflection pointWe expect the domestic auto component industry to consolidate during this transition, with imports likely to be higher than usual, as auto component players in global regions where the energy transition has already seen meaningful penetration have the necessary technology in place and are already producing components at scale.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: Near-term headwinds, time to be selective

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria,CFA

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...

Sreemant Dudhoria,CFA

LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about the not-so...

Sumeet Singh

Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near

Hyundai Motor India has a lock-up expiry tomorrow - that is unlikely to lead to big selling but will increase free float. There will be multiple...

Brian Freitas

Autos: Near-term headwinds, time to be selective

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Sales Overview of Listed Indian Commercial Vehicle Companies

​Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Sreemant Dudhoria,CFA

Monthly Sales Overview of Listed Indian Passenger Vehicle Companies

​Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...

Sreemant Dudhoria,CFA

LG Electronics India Pre-IPO - The Negatives - Not All Categories Have Been Growing

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India. In this note, we talk about the not-so...

Sumeet Singh

Hyundai Motor (HYUNDAI IN): Anchor Lock-Up Expiry Increases Float; Index Inclusions Near

Hyundai Motor India has a lock-up expiry tomorrow - that is unlikely to lead to big selling but will increase free float. There will be multiple...

Brian Freitas

Autos: Near-term headwinds, time to be selective

The automotive sector is going through an interesting phase, with a once-in-a-century kind of transition towards greener energies

HDFC Securities

Commercial vehicle sales in FY2025 have been impacted by elections, monsoons, and slow capex, but a Q4 recovery is expected with improved freight...

Strong wholesales in PV segment in Dec 24 driven by low dealer inventory and year-end discounts. Maruti Suzuki, Mahindra & Mahindra and Tata...