Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>We interact with six dealers of <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> and Royal Enfield (<a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a>)</li>
<li>The demand environment for <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a> remains weak.</li>
<li>The supply situation and demand environment for Royal Enfield is improving. </li>
</ul>


We interact with six dealers of Hero Motocorp (HMCL IN) and Royal Enfield (Eicher Motors (EIM IN))
The demand environment for Hero Motocorp (HMCL IN) remains weak.
The supply situation and demand environment for Royal Enfield is improving. 


India Channel Insight #21 | Hero Motocorp, Royal Enfield (Eicher Motors)

Thematic (Sector/Industry)

<h3>About The Narrative</h3>
<p>Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. </p>
<p>The edition focuses on key quotes from the earnings transcripts of <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> / <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> / <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> / <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> / <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a>.</p>
<p>We have separated the quotes to highlight<em><strong> Business Performance and Demand Environment, Consumer Behaviour and Profile, Commodity Inflation, Discounts &amp; Margins, Inventory, New Products / EV / Hybrid,  Exports, Outlook.</strong></em></p>

About The Narrative
Earnings conference calls are important sources that aid us in the identification of potential catalysts and drivers of stock returns. Every quarter we go through these transcripts and connect them with primary research with the objective of assessing on-ground reality against management commentary. 
The edition focuses on key quotes from the earnings transcripts of Maruti Suzuki India (MSIL IN) / Eicher Motors (EIM IN) / Tata Motors Ltd (TTMT IN) / Mahindra &amp; Mahindra (MM IN) / Ashok Leyland (AL IN).
We have separated the quotes to highlight Business Performance and Demand Environment, Consumer Behaviour and Profile, Commodity Inflation, Discounts &amp; Margins, Inventory, New Products / EV / Hybrid,  Exports, Outlook.

The Narrative | Q2 FY22 | India 4Ws - Maruti, Eicher, Tata Motors, Mahindra, Ashok Leyland

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.

<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

<div>
<p>The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns.</p>
<p>For the narrative, we will be covering commentary on Demand Environment &amp; Business performance; Margins &amp; Inventory; Supply Chain, price increases and discounting; Competition and market share; New launches; Electric vehicles (EVs); Outlook and Strategy</p>
</div>
<p>Companies covered included <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> / <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> (Primarily Standalone India Business) / <a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> /  <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></p>


The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns.
For the narrative, we will be covering commentary on Demand Environment &amp; Business performance; Margins &amp; Inventory; Supply Chain, price increases and discounting; Competition and market share; New launches; Electric vehicles (EVs); Outlook and Strategy

Companies covered included Mahindra &amp; Mahindra (MM IN) / Tata Motors Ltd (TTMT IN) (Primarily Standalone India Business) / Ashok Leyland (AL IN) /  Maruti Suzuki India (MSIL IN)

The Narrative | Q1 FY22 | India 4Ws - MM, TTMT, AL, MSIL

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

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)

India Channel Insight #21 | Hero Motocorp, Royal Enfield (Eicher Motors)

For this India Channel Insight, we interact with six dealers of Hero Motocorp (HMCL IN) and Royal Enfield (Eicher Motors (EIM IN)) to understand...

Pranav Bhavsar

The Narrative | Q2 FY22 | India 4Ws - Maruti, Eicher, Tata Motors, Mahindra, Ashok Leyland

The edition focuses on key quotes from the earnings transcripts of Maruti Suzuki / Eicher Motors / Tata Motors Ltd / Mahindra & Mahindra / Ashok...

Pranav Bhavsar

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

The Narrative | Q1 FY22 | India 4Ws - MM, TTMT, AL, MSIL

For the narrative, we will be covering commentary from Companies covered included Mahindra & Mahindra (MM IN) / Tata Motors Ltd (TTMT IN) / Ashok...

Pranav Bhavsar

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)