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. 

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Equity Bottom-Up

Mahindra Cie Automotive / Equity Bottom-Up

<ul><li>CIEAUTO posted consolidated revenue of ~Rs 2,279 Cr in Q3CY23 (up 2.2% YoY but down 1.8% QoQ).</li><li>It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU and the US market.</li><li>(ii) In India (flat YoY but up ~7% QoQ) on account of slowdown in Tractor/2W segments and underperformance compared to &lt;6ton (PV+LCV) production volumes on a YoY/QoQ basis.</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.

CIEAUTO posted consolidated revenue of ~Rs 2,279 Cr in Q3CY23 (up 2.2% YoY but down 1.8% QoQ).It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU and the US market.(ii) In India (flat YoY but up ~7% QoQ) on account of slowdown in Tractor/2W segments and underperformance compared to &lt;6ton (PV+LCV) production volumes on a YoY/QoQ basis.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.

CIE Automotive India Ltd - Buoyant Indian Operations & Gradual Recovery In EU Expected.

<ul><li>European Operations: MCIE’s business from continuing operations in Europe grew by a robust 29% YoY to Rs 3,165 Cr (despite the light vehicle industry (&lt;6Tons) declining by 1.3%YoY and flat growth in MHCV segment in CY22).</li><li>The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.</li><li>Transition to EV: EVs have become mainstream in both Europe and India.</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.

European Operations: MCIE’s business from continuing operations in Europe grew by a robust 29% YoY to Rs 3,165 Cr (despite the light vehicle industry (&lt;6Tons) declining by 1.3%YoY and flat growth in MHCV segment in CY22).The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.Transition to EV: EVs have become mainstream in both Europe and India.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.

CIE Automotive Ltd - Demand-Led Capacity Expansion to Drive Growth

<ul><li>We initiated our coverage of the company on April 12, 2023.</li><li>MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).</li><li>Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. </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 initiated our coverage of the company on April 12, 2023.MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5% vs. a 13-15% portfolio in CY22).Following the spinoff, the EBITDA margins of the European business are expected to improve and accelerate the company's consolidated EBITDA towards the targeted 17-18%, which would be in line with the parent company’s CIE global operations. 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.

CIE Automotive - Announced Sale of CIE Automotive's German Forging Operations

Thematic (Sector/Industry)

<ul><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.</li><li>The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.</li><li>Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. </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 are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. 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 - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

<ul><li>Top Sector Ideas: We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports; Retail, Pharma, BFSI, FMCG, Metals &amp; Mining, Infra Road, Cement, Auto &amp; Auto Ancillaries, IT Services.</li><li>The reports contain carefully curated companies from each sector that we believe are best placed to deliver excellent performance moving forward.</li><li>Axis Alpha: Axis Alpha reported an astounding monthly strike rate of 75% in Aug’23. </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.

Top Sector Ideas: We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports; Retail, Pharma, BFSI, FMCG, Metals &amp; Mining, Infra Road, Cement, Auto &amp; Auto Ancillaries, IT Services.The reports contain carefully curated companies from each sector that we believe are best placed to deliver excellent performance moving forward.Axis Alpha: Axis Alpha reported an astounding monthly strike rate of 75% in Aug’23. 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 - August 2023

India

Sundaram-Clayton Limited and its subsidiaries manufacture automotive products, motor cycles, two-wheeler scooters and computer peripherals. The Group's automotive products include air driers, actuators, automatic slack adjusters and wedge brake chambers. Sundaram-Clayton also has a financial services subsidiary.

Cholamandalam Financial Holdings Limited operates in India.

Cholamandalam Financial Holdings (CHOLAHLD IN)

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

JK Tyre and Industries Limited manufactures a wide range of automobile tires, tubes and flaps. The Company also operates a chain of tire outlets across India which sell the Company's tires in addition to providing a range of automotive services, including wheel alignment and tire changing.

Sundram Fasteners Limited manufactures a wide range of nuts, bolts and related fastener equipment.  Products include high-tensile fasteners and equipment for the automotive industry, such as cold extruded parts, radiator caps and gear shifters.  The Company also manufactures water pumps and fuel pumps.

Minda Corporation Limited was founded in 1985. The Company's line of business includes the manufacturing of electrical equipment and supplies.

Asahi India Glass Limited manufactures automotive safety glass and float glass. The Company's product range includes laminated windshields, tempered glass, silver printed defogger glass, black ceramic printed flush fitting glass and PVC-encapsulated fixed glass.

ZF Commercial Vehicle Control Systems India Limited manufactures automotive parts.  The Company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.

ZF Commercial Vehicle Control Systems India Limited (WIL IN)

ZF Commercial Vehicle Control Systems India Limited

Ceat Ltd. manufactures vehicle tires.  The Company produces cross-ply and radial tires for automobiles, construction equipment, scooters and motorcycles. Ceat also manufactures tubes and flaps.  The Company exports its products to many companies around the world.

Kesoram Industries Limited manufactures tires, cement, cast iron spun pipes and fittings and cellophane paper.  The Company also manufactures fire bricks, sulfuric acid, sodium sulphate and carbon-disulphide.

Stanley Electric Co., Ltd. manufactures lighting equipment including head lights, HID (High Intensity Discharge) assist lamps, and rear combination lamps for automobiles.  The Company also produces LCD (Liquid Cristal Display) and LED (Light Emitted Diode) lamps for communication equipment, office automation equipment, and information displays.

NIFCO INC. manufactures synthetic resinous fasteners and plastic components for automobiles and home electronic appliances.  The Company has its subsidiaries in Korea, Hong Kong, Australia, Malaysia, Singapore, and the US.

NOK CORPORATION manufactures oil seals and industrial rubber products for automobiles.  The Company also produces electronic equipment used for cellular phones and PCs.  NOK has production facilities in Taiwan and Thailand.

Zhejiang Century Huatong Group Co., Ltd. develops, manufactures and sells automotive plastic parts and molds.

Ningbo Joyson Electronic Corp manufactures automotive accessories. The Company produces drive control systems, climate control systems, sensor systems, air intake systems, electronic control systems, automated production lines, vehicle air management systems, windscreen washer systems, rearview mirror systems, and other related products. Ningbo Joyson offers its products to around the world.

Visteon Corporation supplies automotive systems, modules, and components to vehicle manufacturers and the aftermarket on a worldwide basis.  The Company manufactures products such as climate control systems, electronics, interiors, and lighting.

Zhejiang Yinlun Machinery Co.,Ltd. develops, manufactures and markets steel plate oil cooler, concentric oil cooler, shell and tube oil cooler. The company's products are used in automobile engine systems and automatic transmission systems.

Zhejiang Yinlun Machinery Co,Ltd. (002126 CH)

PT Multistrada Arah Sarana Tbk manufactures vehicle tires. The Company markets its tires worldwide.

The Yokohama Rubber Company Limited produces rubber products including automobile tires, tubes, and conveyor belt for industrial use.  The Company also produces golf clubs and passenger aircraft parts such as restroom units and tanks for drinking water.

Sumitomo Rubber Industries, Ltd. manufactures automobile and motorcycle tires, industrial rubber products and sports equipment.  The Company's products include golf balls, tennis rackets, rubber gloves, and artificial turf. Sumitomo Rubber sells its products under Dunlop brand around the world.

Mahindra CIE Automotive Limited designs, manufactures, installs, and repairs automotive components. The Company manufactures automotive components including engine and steering components as well as various other forged metal products.

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Mahindra Cie Automotive (MACA IN)

CIE Automotive India Ltd - Buoyant Indian Operations & Gradual Recovery In EU Expected.

It missed our estimates by 5% due to weaker-than-expected revenue (i) In Europe (up ~6.5%YoY but down ~16% QoQ) led by continued slowdown in the EU...

Axis Direct

CIE Automotive Ltd - Demand-Led Capacity Expansion to Drive Growth

The outperformance was mainly driven by market share gains (40% YoY in CY22) due to the consolidation of the supply chain network.

Axis Direct

CIE Automotive - Announced Sale of CIE Automotive's German Forging Operations

MCIE’s decision to hive off German Trucking is seen as a positive step, as this division has been weighing on the company’s EBITDA margins (3-5%...

Axis Direct

Axis Top Picks - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index

Axis Direct

Axis Research Scorecard Report - August 2023

We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports

Axis Direct

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