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.

Thematic (Sector/Industry)

<ul><li>The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.</li><li>In light of this, we continue to believe in our thematic approach to Top Picks selection. </li></ul><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>

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.Over the last one year, the basket has gained 32%. Moreover, we are happy to inform you that our Top Picks Basket has delivered an impressive return of 202% since its inception (May’20), well above the 113% return that NIFTY 50 delivered over the same period.In light of this, we continue to believe in our thematic approach to Top Picks selection. 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.

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>DLF: DLF recorded decent presales of INR 20.4bn (+0/-76% YoY/QoQ), given there were no new launches during the quarter</li><li>It announced its re-entry into the MMR market with a slum rehabilitation project in Andheri</li><li>The total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+</li></ul><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>

DLF: DLF recorded decent presales of INR 20.4bn (+0/-76% YoY/QoQ), given there were no new launches during the quarterIt announced its re-entry into the MMR market with a slum rehabilitation project in AndheriThe total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+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: DLF, TVS Motor, Ashok Leyland, PNB Housing Finance

<div><div><div><div><div><div><div><div><ul><li>In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).</li><li>On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.</li><li>We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.</li></ul><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></div></div></div></div></div></div></div></div>

In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.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 style="list-style-type: disc;"><li><p>The companies under our coverage reported Revenue/EBITDA/PAT growth of +20%/+33%/+33% YoY against expectation of +19%/+29%/+29%.</p></li><li><p>Revenue/EBITDA/PAT growth of +8%/+15%/+14% QoQ, against expectation of +8%/+11%/+11% was driven by higher ASPs, sales volumes, and operating leverage.</p></li><li><p>EBITDA margins expanded by 130bps YoY and 80bps QoQ on account of higher ASP’s (led by product premiumisation) and higher operating leverage, led by higher sales volumes.</p></li></ul><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>

The companies under our coverage reported Revenue/EBITDA/PAT growth of +20%/+33%/+33% YoY against expectation of +19%/+29%/+29%.Revenue/EBITDA/PAT growth of +8%/+15%/+14% QoQ, against expectation of +8%/+11%/+11% was driven by higher ASPs, sales volumes, and operating leverage.EBITDA margins expanded by 130bps YoY and 80bps QoQ on account of higher ASP’s (led by product premiumisation) and higher operating leverage, led by higher sales volumes.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.

Top Sector Ideas - Auto and Auto Ancillaries

<div><div><div><div><ul><li>May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).</li><li>2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).</li><li>The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  </li></ul></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>

May’23 Wholesale Volumes: Domestic 2W dispatches stood strong, PV up YoY (flat MoM) while CV/Tractor sales were mixed: The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).2W exports remained weak YoY, but has improved MoM (Bajaj and TVS exports up by 6-7% MoM).The domestic PV industry reported a robust 16% YoY growth (flat MoM) despite a few OEMs having reported production constraints (M&amp;M and Maruti pointed towards chip shortages).  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.

Monthly Volume Update - Automotive Industry

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)

Axis Top Picks - Aug 2023

The Axis Top Picks Basket returned a solid return of 10% in July’23 against the 3% return posted by Nifty 50, beating the benchmark by a wide margin.

Axis Direct

HSIE Results Daily: DLF, TVS Motor, Ashok Leyland, PNB Housing Finance

The total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+

HDFC Securities

Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

Top Sector Ideas - Auto and Auto Ancillaries

The companies under our coverage reported Revenue/EBITDA/PAT growth of +20%/+33%/+33% YoY against expectation of +19%/+29%/+29%.

Axis Direct

Monthly Volume Update - Automotive Industry

The Domestic 2W industry reported strong growth of ~27% YoY (albeit on a low base), even with some recovery evident on an MoM basis (up 18% MoM).

Axis Direct

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