External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) space</li><li>Market leader in each sub-segment - cars (62.2%), UV (21.6%), vans (96.6%)</li><li>Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value MSIL at Rs 8,760 i.e., 30x P/E on FY24E EPS (previous target Rs 6,000)</li></ul><div class="content-highlight"><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></div>

Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) spaceMarket leader in each sub-segment - cars (62.2%), UV (21.6%), vans (96.6%)Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value MSIL at Rs 8,760 i.e., 30x P/E on FY24E EPS (previous target Rs 6,000)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 India: Margins Surprises Positively, Demand Outlook Robust

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.

<p>We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS, implying an upside of 16% from CMP.</p><div class="content-highlight"><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></div>

We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS, implying an upside of 16% from CMP.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: Growth Prospects Improving Despite Weak Q2

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's FY21 annual report highlights the initiatives (digitization, online financing, subscription service, etc.) it took to emerge stronger from the COVID-19 pandemic. The management has shared its thought process on the path to attaining net zero emissions....</p><div class="content-highlight"><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></div>

Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's FY21 annual report highlights the initiatives (digitization, online financing, subscription service, etc.) it took to emerge stronger from the COVID-19 pandemic. The management has shared its thought process on the path to attaining net zero emissions....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.

Strategy for net zero emissions needs to be India focused

<p>We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an upside of 5% from CMP.</p><div class="content-highlight"><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></div>

We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an upside of 5% from CMP.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: Weak Q1, Volume Outlook Positive

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E EPS).</p><div class="content-highlight"><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></div>

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E EPS).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.

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

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)

Maruti Suzuki India: Margins Surprises Positively, Demand Outlook Robust

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

Maruti Suzuki: Growth Prospects Improving Despite Weak Q2

We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS,...

Axis Direct

Strategy for net zero emissions needs to be India focused

Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's...

Motilal Oswal

Maruti Suzuki: Weak Q1, Volume Outlook Positive

We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an...

Axis Direct

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that...

HDFC Securities

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