External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.</li><li>Management eyes 3-4% growth in retail sales in FY25 and assumes that inventory reduction would ease discounts in Q3FY25.</li><li>Outlook We maintain a Buy with a revised PT of Rs 12874 in expectation of the stability in operating performance, structural upward shift in product mix and hope of success in new launches including EVs.</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.

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins.Management eyes 3-4% growth in retail sales in FY25 and assumes that inventory reduction would ease discounts in Q3FY25.Outlook We maintain a Buy with a revised PT of Rs 12874 in expectation of the stability in operating performance, structural upward shift in product mix and hope of success in new launches including EVs.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.

Maruti Suzuki India Ltd - Inventory Stress to Ease Post Festive Season

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>Industry Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;</li><li>(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;</li><li>(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.</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.

Industry Outlook: Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry, with low single-digit volume growth expected for FY25E, a significant drop from the 26.7% and 8.4% YoY growth in FY23 and FY24, respectively;(2) Intensified competition in the SUV segment, with new launches focusing on SUVs and EVs;(3) Stagnation in the small car segment; and (4) Increased discounting efforts to reduce dealer inventories. We project a 5% CAGR in Maruti's volume growth for FY24–FY27E.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.

Maruti Suzuki India Ltd - EBITDA Tailwinds Diminishes Amidst PV Industry Slowdown

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.

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India </a>  is expected to close flat or slightly positive today, as low retail participation and modest expectations for gains on listing day could limit selling pressure.</li>
<li>Many retail investors skipped the IPO, influenced by 'finfluencers' who had largely advised against it based on misinterpreted valuation comparison with <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> .</li>
<li>Hyundai Motor India's meaningful discount to Maruti Suzuki on operating profit based valuation multiples suggest room for outperformance in the medium term.</li>
</ul>



Hyundai Motor India   is expected to close flat or slightly positive today, as low retail participation and modest expectations for gains on listing day could limit selling pressure.
Many retail investors skipped the IPO, influenced by 'finfluencers' who had largely advised against it based on misinterpreted valuation comparison with Maruti Suzuki India (MSIL IN) .
Hyundai Motor India's meaningful discount to Maruti Suzuki on operating profit based valuation multiples suggest room for outperformance in the medium term.


Hyundai Motor India IPO: Little Downside. Low Retail Interest-Myopia, Misguidance, Misinterpretation

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>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor (005380 KS)</a> raised INR 279bn (US$3.3bn) by selling some of its stake in <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>, valuing Hyundai India at INR 1,593bn (US$18.95bn).</li>
<li>The anchor investor book was fully subscribed. The non-institutional and retail books were undersubscribed, so institutions got more stock. And that changes the free float estimates for one global index.</li>
<li>Even with the higher float, <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> is unlikely to get Fast Entry to one global index later this month. Index inclusions should commence in February 2025.</li>
</ul>



Hyundai Motor (005380 KS) raised INR 279bn (US$3.3bn) by selling some of its stake in Hyundai Motor India (1342Z IN), valuing Hyundai India at INR 1,593bn (US$18.95bn).
The anchor investor book was fully subscribed. The non-institutional and retail books were undersubscribed, so institutions got more stock. And that changes the free float estimates for one global index.
Even with the higher float, Hyundai Motor India (1342Z IN) is unlikely to get Fast Entry to one global index later this month. Index inclusions should commence in February 2025.


Hyundai Motor India IPO: How Far to Fast Entry?

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-3267897e-5e6b-47f2-9804-92aa22202d2b" target="_blank" data-smartkarma-citation="entities:26933:1" rel="noopener">Hyundai Motor (005387 KS)</a> raised around US$3.3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.</li>
</ul>



Hyundai Motor (005387 KS) raised around US$3.3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we will talk about the trading dynamics.


Hyundai Motor India IPO Trading - Set for a Tricky Start

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)

Maruti Suzuki India Ltd - Inventory Stress to Ease Post Festive Season

EBITDA margin missed estimates on a 130 bps y-o-y contraction in gross margins. Management eyes 3-4% growth in retail sales in FY25

Sharekhan

Maruti Suzuki India Ltd - EBITDA Tailwinds Diminishes Amidst PV Industry Slowdown

Maruti faces several challenges to maintaining its market dominance, including (1) Subdued demand in the passenger vehicle (PV) industry

Axis Direct

Hyundai Motor India IPO: Little Downside. Low Retail Interest-Myopia, Misguidance, Misinterpretation

Listing day Outlook - Retail selling pressure could be muted. Institutional investors are expected to buy on any price dips, and the stock is...

Devi Subhakesan

Hyundai Motor India IPO: How Far to Fast Entry?

Hyundai India sold shares worth US$3.3bn in its IPO valuing the company at US$19bn. Grey market indicates a 3-5% higher opening today. Fast Entry...

Brian Freitas

Hyundai Motor India IPO Trading - Set for a Tricky Start

Hyundai Motor (005387 KS) raised around US$3.3bn via listing its India unit, Hyundai Motor India. In this note, we talk about the demand and...

Sumeet Singh

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