External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

Thematic (Sector/Industry)

<div><ul><li>Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.</li><li><p>Outliers expected within our coverage universe in Q1 - <span style="font-size: var(--content-font-size);">We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.</span></p></li><li><p><span style="font-size: var(--content-font-size);">Q1 estimates for ancillaries - </span><span style="font-size: var(--content-font-size);">At the moment, we only have two ancillary companies under coverage.</span></p></li></ul></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>

Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.Outliers expected within our coverage universe in Q1 - We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.Q1 estimates for ancillaries - At the moment, we only have two ancillary companies under coverage.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.

Autos - Margin Pressure to Be Lower than Earlier Envisaged

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><ul><li>Maruti: We expect Maruti’s earnings to be relatively strong on YoY basis due to a lower base, but we expect a slight decline of 4% QoQ due to muted volume (hit by chip shortages) and pressure on profitability</li><li><p>Mahindra &amp; Mahindra (M&amp;M): M&amp;M’s reported Auto segment volume increased by ~46% YoY, driven by a good response to XUV 700 (new Launch), good CV volume and good recovery in tractor volume.</p></li><li><p><span style="font-size: var(--content-font-size);">Hero MotoCorp: We expect Hero MotoCorp’s revenue to grow by 15% QoQ, led by 17% rise in volume.</span></p></li></ul></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>

Maruti: We expect Maruti’s earnings to be relatively strong on YoY basis due to a lower base, but we expect a slight decline of 4% QoQ due to muted volume (hit by chip shortages) and pressure on profitabilityMahindra &amp; Mahindra (M&amp;M): M&amp;M’s reported Auto segment volume increased by ~46% YoY, driven by a good response to XUV 700 (new Launch), good CV volume and good recovery in tractor volume.Hero MotoCorp: We expect Hero MotoCorp’s revenue to grow by 15% QoQ, led by 17% rise in volume.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/Auto-Ancillary Sector - Spillover of RM Inflation to Impact Margins

<div><ul><li>Two-wheeler demand trends: A consistent feedback that we received from most of the dealers is that 2W demand is picking up QoQ in Q1, although, it is still well below pre-COVID levels</li><li><p>Segmental trends: While 2W demand is seeing an uptick QoQ in Q1, the sense we got is that motorcycle demand is stronger than scooters</p></li><li><p><span style="font-size: var(--content-font-size);">Player-wise performance trends: As per our dealer feedback, Hero MotoCorp is doing better than peers</span></p></li></ul></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>

Two-wheeler demand trends: A consistent feedback that we received from most of the dealers is that 2W demand is picking up QoQ in Q1, although, it is still well below pre-COVID levelsSegmental trends: While 2W demand is seeing an uptick QoQ in Q1, the sense we got is that motorcycle demand is stronger than scootersPlayer-wise performance trends: As per our dealer feedback, Hero MotoCorp is doing better than peersContent 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 - Two Wheelers: Some Green-Shoots Visible

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.

Equity Bottom-Up

<ul><li>Invests ~INR14.2b in FY22 on acquisitions, subsidiaries, and associates</li></ul><div><ul><li>Strong mix drives realization and margin -<span style="font-size: var(--content-font-size);">Revenue/EBITDA/adjusted PAT grew 4%/4%/-5% YoY to INR55.3b/INR5.6b/ INR2.75b in 4QFY22. The same grew 24%/36%/47% YoY in FY22.</span></li></ul><div><ul><li>Key takeaways from the management interaction - <span style="font-size: var(--content-font-size);">Its positive FY23 outlook is driven by a normal monsoon and low impact of further COVID waves.</span></li></ul></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>

Invests ~INR14.2b in FY22 on acquisitions, subsidiaries, and associatesStrong mix drives realization and margin -Revenue/EBITDA/adjusted PAT grew 4%/4%/-5% YoY to INR55.3b/INR5.6b/ INR2.75b in 4QFY22. The same grew 24%/36%/47% YoY in FY22.Key takeaways from the management interaction - Its positive FY23 outlook is driven by a normal monsoon and low impact of further COVID waves.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.

TVS Motor Company - Lower RM Cost Drives Beat in Operating Performance

<div><div><div><div><ul><li>Srong results; margin beat driven by tight cost controls: TVS reported revenue of Rs55bn, which was below our estimate (-3%), due to flattish ASP QoQ.</li></ul><div><div><div><div><ul><li>Encouraging outlook on demand and profitability: TVS expects the demand momentum to hold reasonably well in the export markets.</li></ul><div><div><div><div><ul><li>Expect premium valuation to sustain on continued volume and earnings outperformance</li></ul></div></div></div></div></div></div></div></div></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>

Srong results; margin beat driven by tight cost controls: TVS reported revenue of Rs55bn, which was below our estimate (-3%), due to flattish ASP QoQ.Encouraging outlook on demand and profitability: TVS expects the demand momentum to hold reasonably well in the export markets.Expect premium valuation to sustain on continued volume and earnings outperformanceContent 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.

TVS Motor Company - Margin Beat; Supportive Outlook; EV Strategy Gathers Pace

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in India.

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TVS Motor (TVSL IN)

Autos - Margin Pressure to Be Lower than Earlier Envisaged

We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.

HDFC Securities

Auto/Auto-Ancillary Sector - Spillover of RM Inflation to Impact Margins

We expect 1QFY23 earnings of Auto & Auto Ancillary companies in our coverage universe to grow significantly over a lower base of 1QFY22.

Nirmal Bang

Autos - Two Wheelers: Some Green-Shoots Visible

We interacted with 22 two-wheeler (2W) dealers’ pan-India to get a sense of demand trends in June. One common feedback we got is that 2W demand is...

HDFC Securities

TVS Motor Company - Lower RM Cost Drives Beat in Operating Performance

TVSL’s operating performance was above our estimate, driven by lower RM cost. However, higher interest and tax led to an inline PAT.

Motilal Oswal

TVS Motor Company - Margin Beat; Supportive Outlook; EV Strategy Gathers Pace

TVS Motor reported revenue of Rs55bn, which was below our estimate by ~3% due to lower-than- expected ASP. Realization was affected by an inferior...

Nirmal Bang

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