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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Thematic (Sector/Industry)

<ul><li>We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.</li><li>On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).</li><li>EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.</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>

We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.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.

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

Equity Bottom-Up

<ul>
<li>Export Outlook: The management is optimistic about achieving export revenue of Rs 600/1,000 Cr in FY24E/FY25E from the current Rs 300 Cr in FY23E.</li>
<li>As per the management, the company’s exports bottomed out in Q3FY23 and are expected to increase in subsequent quarters.</li>
<li>Exports demand in the US is expected to increase on account of lower inventory levels and energy prices.</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>


Export Outlook: The management is optimistic about achieving export revenue of Rs 600/1,000 Cr in FY24E/FY25E from the current Rs 300 Cr in FY23E.
As per the management, the company’s exports bottomed out in Q3FY23 and are expected to increase in subsequent quarters.
Exports demand in the US is expected to increase on account of lower inventory levels and energy prices.

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.

Steel Strip Wheels Ltd - Higher Exports to Drive Profitability

<div><div><div><div><ul><li>Steel Strips Wheels Ltd (SSWL) Q2FY23 numbers stood below our estimates. Revenues stood at Rs 1,081 Cr, (4% miss), up 13%/6% YoY/QoQ.</li><li>The company reported an EBITDA of Rs117 Cr (our estimate - Rs 138 Cr), down 15% YoY but up 7% QoQ.</li><li>While its EBITDA margins stood flat QoQ at 10.8%,they declined by ~350 bps YoY from 14.3% in Q2FY22 and missed our estimate of 12.3% by 144bps. </li></ul></div></div></div></div><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>

Steel Strips Wheels Ltd (SSWL) Q2FY23 numbers stood below our estimates. Revenues stood at Rs 1,081 Cr, (4% miss), up 13%/6% YoY/QoQ.The company reported an EBITDA of Rs117 Cr (our estimate - Rs 138 Cr), down 15% YoY but up 7% QoQ.While its EBITDA margins stood flat QoQ at 10.8%,they declined by ~350 bps YoY from 14.3% in Q2FY22 and missed our estimate of 12.3% by 144bps. 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.

Steel Strips Wheels Ltd - Exports Weak; Alloy Wheels to Drive Growth!

<ul><li>We retain our BUY rating on the stock valuing it at 5.5x FY24E EV/EBIDTA arriving at a target price of Rs 1,000/share, (Rs 1,075/ share earlier) implying an upside of 30% from CMP.</li><li>Steel Strip Wheels Ltd (SSWL) reported a mixed set of numbers in Q4FY22 supported by the improvement in alloy wheels and the PV segment.</li><li>Revenue for the quarter improved by 24% QoQ to Rs 1,063 Cr (our estimate – Rs 990 Cr). </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>

We retain our BUY rating on the stock valuing it at 5.5x FY24E EV/EBIDTA arriving at a target price of Rs 1,000/share, (Rs 1,075/ share earlier) implying an upside of 30% from CMP.Steel Strip Wheels Ltd (SSWL) reported a mixed set of numbers in Q4FY22 supported by the improvement in alloy wheels and the PV segment.Revenue for the quarter improved by 24% QoQ to Rs 1,063 Cr (our estimate – Rs 990 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.

Steel Strips Wheels: Well-Placed to Capitalize on Auto Revival; Outlook Remains Positive

<p>We retain a BUY rating on the stock and value the company at 6x FY23E EV/EBIDTA to arrive at a revised target price of Rs 2,122/share, giving an upside of 13% from CMP.</p><div class="content-highlight"><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></div>

We retain a BUY rating on the stock and value the company at 6x FY23E EV/EBIDTA to arrive at a revised target price of Rs 2,122/share, giving an upside of 13% from CMP.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.

Steel Strips Wheels: Exponential Growth On The Anvil

India

Steel Strips Wheels Limited manufactures single piece steel wheel rims for scooters, passenger cars, utility vehicles and tractors.

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Steel Strips Wheels (SSW IN)

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.

Axis Direct

Steel Strip Wheels Ltd - Higher Exports to Drive Profitability

Export Outlook: The management is optimistic about achieving export revenue of Rs 600/1,000 Cr in FY24E/FY25E from the current Rs 300 Cr in FY23E.

Axis Direct

Steel Strips Wheels Ltd - Exports Weak; Alloy Wheels to Drive Growth!

While its EBITDA margins stood flat QoQ at 10.8%,they declined by ~350 bps YoY from 14.3% in Q2FY22 and missed our estimate of 12.3% by 144bps.

Axis Direct

Steel Strips Wheels: Well-Placed to Capitalize on Auto Revival; Outlook Remains Positive

We retain our BUY rating on the stock valuing it at 5.5x FY24E EV/EBIDTA arriving at a target price of Rs 1,000/share, (Rs 1,075/ share earlier)...

Axis Direct

Steel Strips Wheels: Exponential Growth On The Anvil

We retain a BUY rating on the stock and value the company at 6x FY23E EV/EBIDTA to arrive at a revised target price of Rs 2,122/share, giving an...

Axis Direct

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