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>Hyundai Motor India's proposed IPO is an offer for sale by its parent, Hyundai Motor Company, Korea, and reported to raise USD3 billion, potentially making it India's largest IPO ever.  </li>
<li>Hyundai Motor India's sales growth has been driven by strong domestic and export sales, both in volume and unit realisation.</li>
<li>With SUVs now making up 62% of Hyundai Motor India's domestic volumes, up from 45% in FY2021, the shift towards premium models has boosted profit margins.</li>
</ul>


Hyundai Motor India's proposed IPO is an offer for sale by its parent, Hyundai Motor Company, Korea, and reported to raise USD3 billion, potentially making it India's largest IPO ever.  
Hyundai Motor India's sales growth has been driven by strong domestic and export sales, both in volume and unit realisation.
With SUVs now making up 62% of Hyundai Motor India's domestic volumes, up from 45% in FY2021, the shift towards premium models has boosted profit margins.


Hyundai Motor India IPO: Key Facts and Financials at a Glance

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

Tata Motors Passenger Vehicles / Equity Bottom-Up

<ul><li>Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis.</li><li>It aims for an EBITDA breakeven in EV business in FY26.</li><li>It expects a gradual improvement in market share in CV segment, while it plans to follow a product launch strategy to gain market share in PV segment.</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.

Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis.It aims for an EBITDA breakeven in EV business in FY26.It expects a gradual improvement in market share in CV segment, while it plans to follow a product launch strategy to gain market share in PV segment.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.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We attended Tata Motors' annual analyst meet where the company gave a detailed overview of its Commercial Vehicle (CV), Passenger Vehicle (PV) and Electric Vehicle (EV) businesses and its growth outlook.</li><li>It aims to be net automotive debt free for the consolidated business by FY25E.</li><li>The company believes the proposed demerger of CV business will help improve its management and focus.</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 attended Tata Motors' annual analyst meet where the company gave a detailed overview of its Commercial Vehicle (CV), Passenger Vehicle (PV) and Electric Vehicle (EV) businesses and its growth outlook.It aims to be net automotive debt free for the consolidated business by FY25E.The company believes the proposed demerger of CV business will help improve its management and focus.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 (TTMT IN) - Steady Growth Outlook Across Business Verticals

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024. </li>
<li>Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.</li>
<li>If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC's market cap. </li>
</ul>


Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024. 
Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.
If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC's market cap. 


Initial Thoughts on Hyundai Motor India IPO

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-2312'>Alam Sutera Realty</a></li><li><a href='#lucror-entity-1909'>China Hongqiao</a></li><li><a href='#lucror-entity-3121'>Lippo Karawaci</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Alam Sutera RealtyChina HongqiaoLippo KarawaciTata Motors ADR

Morning Views Asia: Alam Sutera Realty, China Hongqiao, Lippo Karawaci, Tata Motors ADR

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.

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Tata Motors Passenger Vehicles (TMPV IN)

Hyundai Motor India IPO: Key Facts and Financials at a Glance

Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...

Devi Subhakesan

Tata Motors Ltd - Eyeing a Steady Ride

Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis. It aims for an EBITDA...

Sharekhan

Tata Motors (TTMT IN) - Steady Growth Outlook Across Business Verticals

Hence, we keep our estimates unchanged and maintain our ‘ACCUMULATE’ rating with a TP of Rs1,089 based on SoTP valuation.

Prabhudas Lilladhar

Initial Thoughts on Hyundai Motor India IPO

Hyundai Motor plans to sell a stake of up to 17.5% in the IPO of Hyundai Motor India Ltd. This IPO is expected to raise between US$2.5 billion to...

Douglas Kim

Morning Views Asia: Alam Sutera Realty, China Hongqiao, Lippo Karawaci, Tata Motors ADR

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor India IPO: Key Facts and Financials at a Glance

​Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...

Devi Subhakesan

Tata Motors Ltd - Eyeing a Steady Ride

Tata Motors Ltd (TML) continues to target for a double-digit EBITDA margin in both PV and CV business on sustainable basis. It aims for an EBITDA...

Sharekhan

Tata Motors (TTMT IN) - Steady Growth Outlook Across Business Verticals

Hence, we keep our estimates unchanged and maintain our ‘ACCUMULATE’ rating with a TP of Rs1,089 based on SoTP valuation.

Prabhudas Lilladhar

Initial Thoughts on Hyundai Motor India IPO

Hyundai Motor plans to sell a stake of up to 17.5% in the IPO of Hyundai Motor India Ltd. This IPO is expected to raise between US$2.5 billion to...

Douglas Kim

Morning Views Asia: Alam Sutera Realty, China Hongqiao, Lippo Karawaci, Tata Motors ADR

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...