External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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

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>
<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> 's volumes recovered in FY22 thanks to a much milder than expected omicron wave and market share gains.</li>
<li>Discounting lead gains, the absence of retail fleet owners in the market, and little excitement around the scrappage policy all warrant caution. </li>
<li>While the stock is currently outperforming, channel feedback and valuations point to caution. </li>
</ul>



Ashok Leyland (AL IN) 's volumes recovered in FY22 thanks to a much milder than expected omicron wave and market share gains.
Discounting lead gains, the absence of retail fleet owners in the market, and little excitement around the scrappage policy all warrant caution. 
While the stock is currently outperforming, channel feedback and valuations point to caution. 


Ashok Leyland (AL IN) | Outperforming but Warrants Caution

<ul>
<li>Infrastructure and E-commerce are core drivers of the MHCV recovery </li>
<li>The market for Retail fleet operators (1-5 trucks) has shrunk. </li>
<li>
<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> 's market share gain has been on the back of discounting and is unlikely to sustain. </li>
</ul>


Infrastructure and E-commerce are core drivers of the MHCV recovery 
The market for Retail fleet operators (1-5 trucks) has shrunk. 

Ashok Leyland (AL IN) 's market share gain has been on the back of discounting and is unlikely to sustain. 


India Channel Insight #38 | Ashok Leyland, Tata Motors (MHCV)

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: The management remains positive on MHCV demand going ahead led by (1) Recovery in core economic sectors such as Construction &amp; Mining, Steel, Cement, and Infrastructure spending</li></ul><div><div><div><div><ul><li>Margins: The management highlighted that it has taken a 2% price hike in Jan’22 and an additional 2-2.5% hike in Apr’22 to offset the impact of elevated steel prices.</li></ul><div><div><div><div><ul><li>Hinduja Leyland Finance (HLFL): Around 35% of HLFL’s portfolio comprises CVs while the balance is divided between 2W, 3W, and OHV, among others.</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: The management remains positive on MHCV demand going ahead led by (1) Recovery in core economic sectors such as Construction &amp; Mining, Steel, Cement, and Infrastructure spendingMargins: The management highlighted that it has taken a 2% price hike in Jan’22 and an additional 2-2.5% hike in Apr’22 to offset the impact of elevated steel prices.Hinduja Leyland Finance (HLFL): Around 35% of HLFL’s portfolio comprises CVs while the balance is divided between 2W, 3W, and OHV, among others.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.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

India

Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles, including buses, tractors, dumpsters, haulage trucks, fire engines, and defense sector vehicles. The Company also manufactures industrial & marine engines, ferrous castings and spare parts for automobiles. Ashok Leyland sells its products in India and abroad.

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Ashok Leyland (AL IN)

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