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. 

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)

<ul><li>Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM respectively.</li><li>The domestic PV sales (Exhibit-2) degrew by 1-4% YoY (up 3% MoM), largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/ Kia/ MG.</li><li>The domestic CV industry sales degrew by ~11% YoY (marginally up 3% MoM) mainly due to lower MHCV truck volumes which were partly set off by high bus volumes). </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.

Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM respectively.The domestic PV sales (Exhibit-2) degrew by 1-4% YoY (up 3% MoM), largely due to weakness in MSIL/Tata Motors/Hyundai/ Honda partly offset by strong domestic SUV volumes by Toyota/ M&amp;M/ Kia/ MG.The domestic CV industry sales degrew by ~11% YoY (marginally up 3% MoM) mainly due to lower MHCV truck volumes which were partly set off by high bus volumes). 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.

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.</li><li>This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.</li><li>On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. 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.

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</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.

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.</li><li>The growth will be driven by i) Double-digit volume growth in 2Ws, ii) Mid to high single-digit growth for PVs/CVs partially, which will be offset by iii) Single-digit YoY decline in the tractor volumes respectively.</li><li>The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes undertaken over the last one year</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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.The growth will be driven by i) Double-digit volume growth in 2Ws, ii) Mid to high single-digit growth for PVs/CVs partially, which will be offset by iii) Single-digit YoY decline in the tractor volumes respectively.The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes undertaken over the last one yearContent 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.

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50 index (25.1% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included Cholamandalam Investment &amp; Finance Company (14.7%), Varun Beverages (14.2%), J.Kumar Infraprojects (9.9%), Federal Bank (9.4%) and TVS Motor Company (8.5%). </li><li>Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 85% in Jun’24.</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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50 index (25.1% return over the same period) by a wide margin.A few picks that reported excellent returns included Cholamandalam Investment &amp; Finance Company (14.7%), Varun Beverages (14.2%), J.Kumar Infraprojects (9.9%), Federal Bank (9.4%) and TVS Motor Company (8.5%). Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 85% in Jun’24.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.

Axis Research Scorecard Report for June 2024

India

TVS Motor Company is an Indian multinational manufacturer of two-wheelers and three-wheelers, including motorcycles, scooters, mopeds, and electric vehicles. The company also offers financial services, insurance, and vehicle repairs. It is headquartered in Chennai, Tamil Nadu, India, and was founded in 1978.

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TVS Motor Company (TVSL IN)

Auto Monthly Volume August 2024

Aug’24 Wholesale Volumes: The domestic 2W industry witnessed strong volume growth of ~9%/19% and total exports were up by 14%/2%% YoY/ MoM...

Axis Direct

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.

Axis Direct

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

Q1FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~10%/24%/21% YoY along with ~160bps improvement in EBITDA margin.

Axis Direct

Axis Research Scorecard Report for June 2024

We are proud to share that our Axis Top Picks basket delivered impressive returns of 47% over the last one year, beating the benchmark Nifty 50...

Axis Direct

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