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.

Equity Bottom-Up

<ul><li>Outperformance across all verticals: Uno Minda is likely to witness outperformance across all segments predominantly led by the Lightning, Switches, Casting and Other divisions (sensors, motors-controllers), which grew 26%/25%/26%/16% YoY respectively in Q4FY24.</li><li>It is focused on achieving and maintaining an ROCE of 20+% in the long run.</li><li>EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.</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.

Outperformance across all verticals: Uno Minda is likely to witness outperformance across all segments predominantly led by the Lightning, Switches, Casting and Other divisions (sensors, motors-controllers), which grew 26%/25%/26%/16% YoY respectively in Q4FY24.It is focused on achieving and maintaining an ROCE of 20+% in the long run.EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.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.

Uno Minda - Q4 Results Beats Estimates; Outperformance Likely To Continue

<ul><li>Uno Minda's Q3FY24 revenue grew by 21% YoY (flat QoQ), beating our estimates by 4%.</li><li>This growth was led by a 5%/19% YoY increase in PV/2W industry volumes respectively, along with strong performances from EV products, lighting switch sensor controllers, and the alloy wheel business, which pushed revenues higher.</li><li>The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ). </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.

Uno Minda's Q3FY24 revenue grew by 21% YoY (flat QoQ), beating our estimates by 4%.This growth was led by a 5%/19% YoY increase in PV/2W industry volumes respectively, along with strong performances from EV products, lighting switch sensor controllers, and the alloy wheel business, which pushed revenues higher.The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ). 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.

Uno Minda - Q3: Reports Mixed Nos; Outperformance Likely To Continue

<ul><li>Uno Minda Q2FY2 beat our and consensus estimates on all fronts.</li><li>Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth in Alloy Wheel division and Others (Sensors and Controllers).</li><li>The company’s EBITDA grew by 26%/22% YoY/QoQ and EBITDA Margins (inline) stood at 11.1% up 2/42bps YoY/QoQ. </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.

Uno Minda Q2FY2 beat our and consensus estimates on all fronts.Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth in Alloy Wheel division and Others (Sensors and Controllers).The company’s EBITDA grew by 26%/22% YoY/QoQ and EBITDA Margins (inline) stood at 11.1% up 2/42bps YoY/QoQ. 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.

Uno Minda - Outperformance Across All Divisions; Sustainable Business Model

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ask-automotive" target="_blank" data-smartkarma-citation="entities:39866:1" rel="noopener">Ask Automotive (7175293Z IN)</a> is looking to raise around US$145m in its upcoming India IPO. </li>
<li>ASK Automotive (ASKA) is the largest manufacturer of brake-shoe and advanced braking (AB) systems for 2Ws in India, in terms of FY23 production volume for OEMs and the branded IAM.</li>
<li>As per CRISIL, it had an approximate 50% market share in said market. The IPO is expected to consist of 100% secondary shares, with promoters trimming their stakes.</li>
</ul>



Ask Automotive (7175293Z IN) is looking to raise around US$145m in its upcoming India IPO. 
ASK Automotive (ASKA) is the largest manufacturer of brake-shoe and advanced braking (AB) systems for 2Ws in India, in terms of FY23 production volume for OEMs and the branded IAM.
As per CRISIL, it had an approximate 50% market share in said market. The IPO is expected to consist of 100% secondary shares, with promoters trimming their stakes.


ASK Automotive Pre-IPO - Business Has Been Resilient, Although Concentration Risk Remains Elevated

<ul><li>With the introduction of new products, premiumization trends (higher kit value) and continuous capacity building to meet industry demand, UNO Minda has been outpacing the industry growth in both 2W/4W segments.</li><li>We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits of which are expected in FY25 and beyond.</li><li>We now forecast Revenue/EBITDA/ PAT CAGR of 15%/16%/18% over FY23-26E.</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.

With the introduction of new products, premiumization trends (higher kit value) and continuous capacity building to meet industry demand, UNO Minda has been outpacing the industry growth in both 2W/4W segments.We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits of which are expected in FY25 and beyond.We now forecast Revenue/EBITDA/ PAT CAGR of 15%/16%/18% over FY23-26E.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.

Uno Minda - Estimates Largely Inline; Valuations Full at CMP

India

Uno Minda is a leading Indian manufacturer and global supplier of innovative automotive components and systems for original equipment manufacturers (OEMs). The company specializes in products such as lighting systems, alloy wheels, switches, seating systems, and acoustic products, serving passenger cars, commercial vehicles, and two- and three-wheelers, including electric and hybrid platforms. Uno Minda is headquartered in Gurugram, Haryana, India, and was founded in 1958.

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Uno Minda (UNOMINDA IN)

Uno Minda - Q4 Results Beats Estimates; Outperformance Likely To Continue

EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.

Axis Direct

Uno Minda - Q3: Reports Mixed Nos; Outperformance Likely To Continue

The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ).

Axis Direct

Uno Minda - Outperformance Across All Divisions; Sustainable Business Model

Revenue grew by 26%/17% YoY/QoQ with growth across all key product segments, led by the ramp-up of Lighting plant and higher-than-expected growth...

Axis Direct

ASK Automotive Pre-IPO - Business Has Been Resilient, Although Concentration Risk Remains Elevated

Ask Automotive (7175293Z IN) is looking to raise around US$145m in its upcoming India IPO. ASK Automotive (ASKA) manufactures brake-shoe and...

Clarence Chu

Uno Minda - Estimates Largely Inline; Valuations Full at CMP

We like UNO Minda as a play on Auto, especially with a strong EV product portfolio, robust order book and capacity expansion projects, the benefits...

Axis Direct

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