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

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

<div><div><div><div><ul><li>After a gap of almost three years, MSIL’s product pipeline has just kick- started with an exciting line-up of launches over the next 2-2.5 years.</li><li>It has launched upgraded Celerio, and mid-cycle refresh of Baleno as well as XL6.</li><li>Going forward, MSIL would be launching: new models (four SUVs), platform upgrade (Alto) and mid-cycle refresh (Brezza).</li></ul></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>

After a gap of almost three years, MSIL’s product pipeline has just kick- started with an exciting line-up of launches over the next 2-2.5 years.It has launched upgraded Celerio, and mid-cycle refresh of Baleno as well as XL6.Going forward, MSIL would be launching: new models (four SUVs), platform upgrade (Alto) and mid-cycle refresh (Brezza).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.

Maruti Suzuki - Return of Product Lifecycle to Drive Market Share

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<div><div><div><div><ul><li>Demand Outlook: Demand momentum remains stable with a current order book of 320k units vs 264k units in Dec’21.</li></ul><div><div><div><div><ul><li>Semiconductor Shortages: The production during FY22 was constrained by a global shortage in the supply of electronic components because of which an estimated ~2.7 Lc units could not be produced.</li></ul><div><div><div><div><ul><li>Input costs: The management noted that while precious metal prices have cooled off, base metal prices have increased (steel in particular) and will lead to margin pressures in H1FY23E.</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>

Demand Outlook: Demand momentum remains stable with a current order book of 320k units vs 264k units in Dec’21.Semiconductor Shortages: The production during FY22 was constrained by a global shortage in the supply of electronic components because of which an estimated ~2.7 Lc units could not be produced.Input costs: The management noted that while precious metal prices have cooled off, base metal prices have increased (steel in particular) and will lead to margin pressures in H1FY23E.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.

Maruti Suzuki - Beat on EBITDA; Growth Outlook Remains Strong

<div><div><div><div><ul><li>PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply<br>side issues and higher monthly base.</li></ul><div><div><div><ul><li>2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.</li></ul><div><div><div><div><ul><li>Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.</li></ul></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>

PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply side issues and higher monthly base.2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.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.

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL 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

Maruti Suzuki - Beat on EBITDA; Growth Outlook Remains Strong

Maruti Suzuki India Ltd (MSIL) Q4FY22 performance came in ahead of our expectations on the margin front, aided by operating leverage benefits,...

Axis Direct

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Based on our channel checks, we saw some improvement in 2W demand in April’22 while demand in CV and PV segments continued to remain robust.

Nirmal Bang

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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

Maruti Suzuki - Return of Product Lifecycle to Drive Market Share

Maruti Suzuki (MSIL)’s product pipeline has just kick-started with upgrades of key models and it is on the cusp of launching new models.

Motilal Oswal

Maruti Suzuki - Beat on EBITDA; Growth Outlook Remains Strong

Maruti Suzuki India Ltd (MSIL) Q4FY22 performance came in ahead of our expectations on the margin front, aided by operating leverage benefits,...

Axis Direct

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Based on our channel checks, we saw some improvement in 2W demand in April’22 while demand in CV and PV segments continued to remain robust.

Nirmal Bang