External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.</li><li>ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.</li><li>Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.</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.

Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.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.

Apollo Tyres Ltd - Continue to Focus on Operating Excellence!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Over the last few years, there has been a noticeable change at Apollo Tyres</li><li>From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basis</li><li>Some of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capex</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.

Over the last few years, there has been a noticeable change at Apollo TyresFrom a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basisSome of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capexContent 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.

Apollo Tyres - On Track to Achieve Vision 2026. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocks</li><li>We continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performance</li><li>Within 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.</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.

The auto sector has outperformed the Nifty Index in Q4, led largely by a sharp rally in some 2W and PV stocksWe continue to like Maruti Suzuki, and M&amp;M as we expect both of them to continue to outperform the UV segment, which would in turn help improve their performanceWithin 2Ws, we continue to like TVS Motors. We have rolled over the valuation to the year-ended Jun-26.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 (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

<ul><li>Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)</li><li>Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%</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.

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%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.

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

<ul><li>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

India

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.

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Apollo Tyres (APTY IN)

Apollo Tyres Ltd - Continue to Focus on Operating Excellence!

ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for...

Sharekhan

Apollo Tyres - On Track to Achieve Vision 2026. Maintain ADD

From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE...

HDFC Securities

Autos (Q1FY25 Results Preview): 2W to Drive Growth While PVs Ride Pillion

We continue to like Maruti Suzuki, and M&M as we expect both of them to continue to outperform the UV segment, which would in turn help improve...

HDFC Securities

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 6%/22%...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6%...

HDFC Securities

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