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>Minda Corporation is one of the India's leading manufacturers of automotive components – Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRC’s, Components, Instrument Clusters, Sensors, Interior Plastics that caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, Off-road Vehicle &amp; Tier 1 Manufacturers in India with presence in Germany, Poland, Czech Republic, Mexico, China, Indonesia, Vietnam, Uzbekistan and Japan.</li><li>The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan &amp; China.</li><li>New order wins: The company has won lifetime orders of more than Rs 3,000 Cr during the quarter ended Mar’23, out of which 50% is for the EV business.</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.

Minda Corporation is one of the India's leading manufacturers of automotive components – Electronic &amp; Mechanical Security Systems, Die Casting, Key Solutions, Telematics, ITS &amp; IoT, Wiring Harnesses, SRC’s, Components, Instrument Clusters, Sensors, Interior Plastics that caters to the leading Passenger Vehicle, Commercial Vehicle, Motorcycle &amp; Scooter, Off-road Vehicle &amp; Tier 1 Manufacturers in India with presence in Germany, Poland, Czech Republic, Mexico, China, Indonesia, Vietnam, Uzbekistan and Japan.The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan &amp; China.New order wins: The company has won lifetime orders of more than Rs 3,000 Cr during the quarter ended Mar’23, out of which 50% is for the EV business.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 - Minda Corporation Ltd - 16 October 2023

<ul><li>Minda Corp. reported a mixed set of numbers in Q1FY24. Revenue grew by 6% YoY (flat QoQ, 8% miss), led by increased domestic demand in the PV/3W/2W segment but was partly offset by lower volumes in the CV/Tractor industry and weak exports.</li><li>It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).</li><li>The miss in margins was largely due to poor product mix (greater 2W mix in total sales), increased personnel expenses, and time taken to ramp up volumes at the new ICS plant in Pune. </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.

Minda Corp. reported a mixed set of numbers in Q1FY24. Revenue grew by 6% YoY (flat QoQ, 8% miss), led by increased domestic demand in the PV/3W/2W segment but was partly offset by lower volumes in the CV/Tractor industry and weak exports.It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).The miss in margins was largely due to poor product mix (greater 2W mix in total sales), increased personnel expenses, and time taken to ramp up volumes at the new ICS plant in Pune. 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.

Minda Corporation Ltd - Mixed Results; Orderbook Remains Strong

<ul><li>Minda Corp. results slightly missed our estimates.</li><li>Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7% YoY.</li><li>The company continued its outperformance against the industry, driven by the addition of new customers and products, and premiumization across products, leading to an increase in kit value.</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.

Minda Corp. results slightly missed our estimates.Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7% YoY.The company continued its outperformance against the industry, driven by the addition of new customers and products, and premiumization across products, leading to an increase in kit value.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.

Minda Corporation Ltd - Riding on the Premiumisation Wave; Maintain Buy

<ul><li>Pricol is a market leader in India with 50%/70%/50% market share in the 2W/CV and tractor segment respectively for Driver Information System and Sensors.</li><li>The company is the world’s 2nd largest producer of instrument clusters, which is also a focus area of Minda, and the potential acquisition of Pricol will help Minda consolidate its position as a market leader in the instrument cluster.</li><li>Pricol has zero long-term debt and its working capital debt stands at a comfortable Rs 95 Cr.</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.

Pricol is a market leader in India with 50%/70%/50% market share in the 2W/CV and tractor segment respectively for Driver Information System and Sensors.The company is the world’s 2nd largest producer of instrument clusters, which is also a focus area of Minda, and the potential acquisition of Pricol will help Minda consolidate its position as a market leader in the instrument cluster.Pricol has zero long-term debt and its working capital debt stands at a comfortable Rs 95 Cr.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.

Minda Corporation Ltd - Acquisition of a 15.7% Stake in Pricol Ltd

<ul><li>Minda Corp has been focusing on the premiumisation trend with products like Keyless Smart Lock, Dc-Dc Converter, Compressor Housing, Powertrain Sensors, and BMS. </li><li>Furthermore, incremental revenue share of CV, 4W to 30%/14% for 9MFY23 (earlier 22%/12% in 9MFY22) is expected to help the company increase its content value when compared to 2W whose present 9MFY23 revenue share has reduced to 44% (earlier 50% in 9MFY22).</li><li> The company’s Lifetime EV order book stood at 24% of the total order wins in 9MFY23 and potential EV kit value stood at ~Rs 16k-20k.</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.

Minda Corp has been focusing on the premiumisation trend with products like Keyless Smart Lock, Dc-Dc Converter, Compressor Housing, Powertrain Sensors, and BMS. Furthermore, incremental revenue share of CV, 4W to 30%/14% for 9MFY23 (earlier 22%/12% in 9MFY22) is expected to help the company increase its content value when compared to 2W whose present 9MFY23 revenue share has reduced to 44% (earlier 50% in 9MFY22). The company’s Lifetime EV order book stood at 24% of the total order wins in 9MFY23 and potential EV kit value stood at ~Rs 16k-20k.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.

Minda Corporation Ltd - Mostly Inline with Estimates; Maintain Buy

India

Minda Corporation Limited is a leading Indian automotive component manufacturer, specializing in advanced mechatronics, electronic, and mechanical solutions. The company supplies Original Equipment Manufacturers (OEMs) and the aftermarket across two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, and off-roaders. Its diverse product range includes vehicle access systems, wiring harnesses, die-casting parts, and information and connected systems. Headquartered in Noida, Uttar Pradesh, India, the company was incorporated in 1985.

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Minda Corporation (MDA IN)

Pick of the Week - Minda Corporation Ltd - 16 October 2023

The US $539 Million Group, with a workforce of more than 16,000 has several JVs with leading companies from USA, Japan, Italy, Uzbekistan & China.

Axis Direct

Minda Corporation Ltd - Mixed Results; Orderbook Remains Strong

It reported EBITDA of Rs 115 Cr, up 8% YoY (flat QoQ, 13% miss) and EBITDA margins grew by 12bps YoY (declined 21bps QoQ, 71 bps miss).

Axis Direct

Minda Corporation Ltd - Riding on the Premiumisation Wave; Maintain Buy

Minda Corp. results slightly missed our estimates. Revenue grew by 13% YoY (flat QoQ, 7% miss) beating the auto industry growth which grew by 1.7%...

Axis Direct

Minda Corporation Ltd - Acquisition of a 15.7% Stake in Pricol Ltd

Pricol is a market leader in India with 50%/70%/50% market share in the 2W/CV and tractor segment respectively for Driver Information System and...

Axis Direct

Minda Corporation Ltd - Mostly Inline with Estimates; Maintain Buy

Minda Corp has been focusing on the premiumisation trend with products like Keyless Smart Lock, Dc-Dc Converter, Compressor Housing, Powertrain...

Axis Direct

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