External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><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>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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.

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul><li>Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR)</li><li>JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) &amp; Land Rover (models like Defender, Evoque, etc)</li><li>FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%</li></ul><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>

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR)JLR is a luxury car brand, which includes two prominent names i.e. Jaguar (models like I-pace, etc.) &amp; Land Rover (models like Defender, Evoque, etc)FY21 consolidated revenue mix – JLR 78%, India CV ~13%, India PV ~7%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.

Tata Motors: Investment Thesis Unchanged, Positive View Retained

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<p>strong recovery/ traction in JLR/India businesses from 3QFY22E onwards. We have lowered our FY22E/FY23E EPS estimate by PTL/8% to account for the lost sales due to the ongoing semiconductor shortage as well as higher competitive intensity in the CV business. We maintain our Buy rating with a TP of INR565/share (Sep'23E SoTP-based). Mix dilutes operating deleverage impact; working capital hurts cash flows Consolidated revenue/EBITDA grew by ~15%/-29% YoY in 2QFY22 to INR614b/INR40.5b (est. INR606b/INR42b).</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>

strong recovery/ traction in JLR/India businesses from 3QFY22E onwards. We have lowered our FY22E/FY23E EPS estimate by PTL/8% to account for the lost sales due to the ongoing semiconductor shortage as well as higher competitive intensity in the CV business. We maintain our Buy rating with a TP of INR565/share (Sep'23E SoTP-based). Mix dilutes operating deleverage impact; working capital hurts cash flows Consolidated revenue/EBITDA grew by ~15%/-29% YoY in 2QFY22 to INR614b/INR40.5b (est. INR606b/INR42b).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.

Below our estimate; JLR beat led by mix, India misses

<p>India PV business posted decade-high quarterly sales of ~84,000 units in Q2FY22 despite ongoing semiconductor supply shortages. Domestic EV sales were higher than 1,000 units for second successive month in September 2021 driven by Nexon EV; 1,078 units for the month &amp; 2,704...</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>

India PV business posted decade-high quarterly sales of ~84,000 units in Q2FY22 despite ongoing semiconductor supply shortages. Domestic EV sales were higher than 1,000 units for second successive month in September 2021 driven by Nexon EV; 1,078 units for the month &amp; 2,704...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.

Tata Motors: India Volumes Picking up Pace, EV Optimism Persists

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.</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>

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.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.

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

India

Tata Motors Passenger Vehicles Limited provides cars and commercial vehicles. The Company designs, manufactures, and sells fossil fuel and electric cars, as well as heavy, medium, and small commercial vehicles including trucks, tankers, vans, buses, ambulances, and mini-buses. Tata Motors Passenger Vehicles serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tata Motors Passenger Vehicles (TMPV IN)

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Tata Motors: Investment Thesis Unchanged, Positive View Retained

Tata Motors (TML) is an auto OEM from the house of Tatas, operating in domestic (PV, CV) as well as global markets (Jaguar Land Rover i.e. JLR)

ICICI Securities Limited

Below our estimate; JLR beat led by mix, India misses

strong recovery/ traction in JLR/India businesses from 3QFY22E onwards. We have lowered our FY22E/FY23E EPS estimate by PTL/8% to account for the...

Motilal Oswal

Tata Motors: India Volumes Picking up Pace, EV Optimism Persists

India PV business posted decade-high quarterly sales of ~84,000 units in Q2FY22 despite ongoing semiconductor supply shortages. Domestic EV sales...

ICICI Securities Limited

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)