External broker reports(aggregated public sources), HDFC Securities

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<ul><li>Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rate</li><li>On the back of new launches, MSIL’s order backlog has increased to record high levels of 412k units</li><li>Its commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four months</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.

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rateOn the back of new launches, MSIL’s order backlog has increased to record high levels of 412k unitsIts commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four monthsContent 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: Maruti Suzuki, CDSL, V-Guard Industries

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Maruti Suzuki reported above Consensus 2Q driven by strong volumes and improved margins</li>
<li>Earnings bode well for Suzuki's 2Q earnings on Nov 8. Also, Maruti indicated significant easing of semi-driven supply constraints. Positive readacross for Suzuki. </li>
<li>Suzuki's ex-Maruti operations are now cheaper than ever at under 2.5x PER. We see upside to earnings vs. Consensus and keep our bullish stance on the stock.</li>
</ul>


Maruti Suzuki reported above Consensus 2Q driven by strong volumes and improved margins
Earnings bode well for Suzuki's 2Q earnings on Nov 8. Also, Maruti indicated significant easing of semi-driven supply constraints. Positive readacross for Suzuki. 
Suzuki's ex-Maruti operations are now cheaper than ever at under 2.5x PER. We see upside to earnings vs. Consensus and keep our bullish stance on the stock.


Suzuki (7269 JT) | Way Too Cheap Ahead of 2Q Earnings – India’s Maruti (MSIL IN) Shows the Way

<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

<ul>
<li>We are bullish on the share price of Suzuki given its exposure to secular growth in India</li>
<li>The ex-Maruti business is recovering as supply chain constraints ease.</li>
<li>We see at least 25% upside to the share price and believe the non-Maruti business is significantly undervalued</li>
</ul>


We are bullish on the share price of Suzuki given its exposure to secular growth in India
The ex-Maruti business is recovering as supply chain constraints ease.
We see at least 25% upside to the share price and believe the non-Maruti business is significantly undervalued


Suzuki (7269) | Small Cars at Tiny Valuations

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)

HSIE Results Daily: Maruti Suzuki, CDSL, V-Guard Industries

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher...

HDFC Securities

Suzuki (7269 JT) | Way Too Cheap Ahead of 2Q Earnings – India’s Maruti (MSIL IN) Shows the Way

Suzuki's is simply trading far too cheaply for a stock exposed to India - of the the best structural growth market for Auto, and extremely strong...

Mark Chadwick

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

Suzuki (7269) | Small Cars at Tiny Valuations

We are bullish on Suzuki as (1) India, is growing with auto buyers actively trading up to SUVs, and (2) Japan sales are recovering as parts supply...

Mark Chadwick

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