Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The virtuous cycle of shareholder return commences as <strong><a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a></strong> starts buying its H-shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener"><strong>Suzuki (7269 JP)</strong></a>'s implied stub is currently around its all-time low, as is the simple ratio. <strong><a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki (MSIL IN)</a></strong> remains steadfast in its support for hybrid vehicles. That's a liability.</li>
<li>Quarz's intervention in <strong><a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial (MAGIC SP)</a></strong> is NOT surprising. They have some past experience complaining about Singaporean REIT mergers and other takeovers. But their analysis is surprising.</li>
</ul>


The virtuous cycle of shareholder return commences as China Mobile (941 HK) starts buying its H-shares.

Suzuki (7269 JP)'s implied stub is currently around its all-time low, as is the simple ratio. Maruti Suzuki (MSIL IN) remains steadfast in its support for hybrid vehicles. That's a liability.
Quarz's intervention in Mapletree North Asia Commercial (MAGIC SP) is NOT surprising. They have some past experience complaining about Singaporean REIT mergers and other takeovers. But their analysis is surprising.


Last Week in Event SPACE: China Mobile, Suzuki, Mapletree Merger, Bapcor, Toyota Industries/Motor

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener"><strong>Suzuki Motor (7269 JP)</strong></a>'s implied stub is currently around its all-time low, as is the simple ratio (Suzuki/<strong><a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a></strong>).</li>
<li>The global transition to electric vehicles is underway, spurred on by environmental concerns, government legislation, and financial incentives.</li>
<li>Maruti remains steadfast in its support for hybrid vehicles. In the long run, that's a liability.</li>
</ul>



Suzuki Motor (7269 JP)'s implied stub is currently around its all-time low, as is the simple ratio (Suzuki/Maruti Suzuki India (MSIL IN)).
The global transition to electric vehicles is underway, spurred on by environmental concerns, government legislation, and financial incentives.
Maruti remains steadfast in its support for hybrid vehicles. In the long run, that's a liability.


Suzuki's All-Time Low Stub As Maruti Faces Electric Vehicle Crossroad

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>Maruti Suzuki India Ltd’s (MSIL) performance came in ahead of our expectations on the margin front, driven by operating leverage benefits, lower sales promotion, and price hikes</li><li>Improvement in the average realization by 14% YoY helped MSIL report flat revenue growth despite a decline in volume by 13.2%</li><li>We maintain our BUY rating on the stock and revise our TP upwards to Rs 9,800 (from Rs 8,500 earlier) and value the stock at 27x its FY24E EPS. TP implies an upside of 14% from CMP.</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 India Ltd’s (MSIL) performance came in ahead of our expectations on the margin front, driven by operating leverage benefits, lower sales promotion, and price hikesImprovement in the average realization by 14% YoY helped MSIL report flat revenue growth despite a decline in volume by 13.2%We maintain our BUY rating on the stock and revise our TP upwards to Rs 9,800 (from Rs 8,500 earlier) and value the stock at 27x its FY24E EPS. TP implies an upside of 14% 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: Beat On EBITDA; Growth Outlook Remains Strong

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

ICICI Securities Limited

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.

<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

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Suzuki reported its 3QFY22 results on Tuesday with revenue of INR236bn (+15.0% QoQ, -0.2% YoY) and OP of INR12.5bn implying an OPM of 5.3% compared to 0.5% in 2QFY22. </li>
<li>The reported revenue was 1.1% lower than the consensus estimates, while OP was 165.9% higher (INR7.8bn). </li>
<li>That reads positive overall but we are concerned that margins are still not on track to achieve consensus estimates for next FY.</li>
</ul>


Suzuki reported its 3QFY22 results on Tuesday with revenue of INR236bn (+15.0% QoQ, -0.2% YoY) and OP of INR12.5bn implying an OPM of 5.3% compared to 0.5% in 2QFY22. 
The reported revenue was 1.1% lower than the consensus estimates, while OP was 165.9% higher (INR7.8bn). 
That reads positive overall but we are concerned that margins are still not on track to achieve consensus estimates for next FY.


Maruti Suzuki – Are Profitability Improvements Enough?

India

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Maruti Suzuki India (MSIL IN)

Last Week in Event SPACE: China Mobile, Suzuki, Mapletree Merger, Bapcor, Toyota Industries/Motor

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Suzuki's All-Time Low Stub As Maruti Faces Electric Vehicle Crossroad

Suzuki Motor's implied stub is currently around its all-time low, as is the simple ratio. Maruti remains steadfast in its support for hybrid...

David Blennerhassett

Maruti Suzuki: Beat On EBITDA; Growth Outlook Remains Strong

We maintain our BUY rating on the stock and revise our TP upwards to Rs 9,800 (from Rs 8,500 earlier) and value the stock at 27x its FY24E EPS. TP...

Axis Direct

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 – Are Profitability Improvements Enough?

Maruti Suzuki posted positive overall results but we are concerned that margins are still not on track to achieve consensus estimates for next FY.

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)