External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimates</li><li>AL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in May</li><li>With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term</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.

Ashok Leyland: Ashok Leyland’s Q4 PAT at INR 9.7bn and margin at 14.1% were both higher than our estimatesAL does not foresee any slowdown in the M&amp;HCV segment, based on volumes reported in April and enquiries received in MayWith continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium termContent 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: Ashok Leyland, PNC Infratech

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.

<ul><li>Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).</li><li>The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.</li><li>The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.</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.

Apr’24 Wholesale Volumes: The domestic PV sales (Exhibit-2) grew by low single-digits YoY, largely led by strong SUV volumes across OEMs, which were partly offset by continued weakness in entry-level cars (in Maruti).The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.The domestic CV industry sales grew by ~14% YoY (down 26% MoM). The 3W domestic wholesales for Bajaj grew by 3% while TVS/M&amp;M de-grew by 21%/1% YoY respectively.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.

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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 premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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: Q4 preview - Premiumisation is the way to go

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.</li><li>The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.</li><li>The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken over the last one year.</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.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.The growth will be driven by i) Double-digit volume growth in 2Ws and ii) high single-digit growth for PVs, partially offset by Single/Mid-teen YoY decline in the CV and tractor volumes respectively.The YoY EBITDA margin expansion will be led by a richer product mix, RM softening and price hikes taken over the last one year.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.

<ul><li>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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.

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

Timken India Limited provides friction management solutions for a wide range of industry applications across the globe; from agriculture to construction, from heavy industrial applications to automobiles and from rail to related products. Timken provides a complete package solution for bearings and roll-shop maintenance.

Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses.  In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

Grindwell Norton Limited manufactures abrasive products, including bonded and coated abrasives. The Company also manufactures silicon carbide and aluminum oxide, as well as industrial ceramics. Grindwell Norton also operates through a joint venture which manufactures a wide range of centralized lubrication systems (CLS).

Carborundum Universal Ltd manufactures refractories and electromineral grains. The Company produces coated and bonded abrasives, super refractories, aluminum oxide grains, calcined bauxite, electrocast refractories, silicon carbide grains and industrial ceramic products.

AIA Engineering Ltd. manufactures high chromium wear, corrosion, and abrasion resistant parts used by the cement, mining, and thermal power generation industries.

BEML Limited produces and sells earthmoving equipment, including railway rolling stock, heavy duty vehicles, wheel loaders, trailers, excavators and heavy recovery vehicles.

Titagarh Wagons Ltd. manufactures railroad cars.  The Company produces railway wagons, Bailey bridges, earth moving and mining equipment, and steel and iron castings.

Commercial Engineers & Body Builders Company Ltd. builds truck and locomotive bodies.  The Company produces dump truck, tanker, cargo box, skip-loader, garbage, troop carrier, prison van, fire engine and ambulance bodies; and locomotive, boxcar and passenger coach bodies.

SKF India Ltd. manufactures a wide range of ball and roller bearings, such as deep groove, taper roller and other types.  Bearings are used by a number of industries, including the automotive, electrical, power generation, cement, steel, petrochemical and textile industries.

Samsung Heavy Industries Co., Ltd. manufactures crude oil tankers, container vessels, bulk carriers, cruisers, and passenger ferries.  The Company also produces steel and bridge structures, and material handling equipment.  In addition, Samsung Heavy Industries provides civil engineering, architectural, and plant construction services.

Yangzijiang Shipbuilding (Holdings) Limited builds a wide range of ships. The Company produces a wide range of commercial vessels, mini bulk carriers, multi-purpose cargo vessels, containerships, chemical tankers, offshore supply vessels, rescue and salvage vessels, and lifting vessels.

Donaldson Company, Inc. manufactures filtration systems and replacement parts. The Company's products include filters and emission control products for heavy duty mobile equipment, in-plant air cleaning systems, air intake systems for industrial gas turbines, and specialized filters for computer disk drives, aircraft cabins, and semiconductors. Donaldson operates around the world.

AGCO Corporation manufactures and distributes agricultural equipment throughout the world.  The Company sells a range of agricultural equipment and related replacement parts, including tractors, combines, hay tools, sprayers, and forage equipment.  AGCO markets its products under a variety of brand names, including Massey Ferguson, AGCO, Tye, GLEANER, and Hesston.

EBARA CORPORATION manufactures pneumatic and hydraulic pumps and related equipment.  The Company's products include fuel, oil, water, and firefighting pumps, as well as steam turbines and boilers.  Ebara Corporation also engineers garbage incinerators, smoke desulfurizers, and other products related to environmental technology.

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

Minebea Mitsumi manufactures and markets miniature and instrument ball bearings.  The Company also makes DC motors, servo motors, stepping motors, spindle motors, pivot assemblies, rod-end and spherical bearings, fasteners, and computer keyboards. Minebea Mitsumi has production facilities in Thailand and Singapore.

Watts Water Technologies, Inc. designs, manufactures, and sells a line of products to the water regulation and control markets.  The Company has manufacturing plants and distribution channels in the United States, Canada, and Europe, as well as a joint venture in The People's Republic of China.

Chart Industries, Inc. is a global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. The Company's products include vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components.

RBC Bearings Incorporated designs, manufactures, and markets bearing products. The Company offers precision plain, roller, cam followers, couplings, collars, locking, tool holders, shafts, pins, rods, tubes, and ball bearings. RBC Bearings serves industrial, aerospace, and defense markets worldwide.

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)

HSIE Results Daily: Ashok Leyland, PNC Infratech

With continued focus on cost saving, efficient sourcing, and better realization, AL aspires to have a mid-teen EBITDA margin in the medium term

HDFC Securities

Auto Monthly Volume April 2024

The 2W industry reported strong domestic volume growth of ~31%/19% YoY/MoM and export volume growth of 24% YoY (flat MoM) respectively.

Axis Direct

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

Auto - Q4FY24 - Earnings Preview

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~15%/35%/36% YoY along with ~218bps improvement in EBITDA margin.

Axis Direct

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

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