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>FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership</li>
<li>In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability</li>
<li>The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last year</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>


FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost of ownership
In Mar’22, wholesale volumes for the PV industry remained flat but it continued its sequential recovery (up 6% MoM), led by improvement in chip availability
The 2W and tractor segments declined by 21% and 10% respectively on a YoY basis on account of muted demand and the high base of the last 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.

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and flattish demand outlook in key export markets.</li>
<li>Though we keep our FY23E revenue estimates largely unchanged, we trim FY23E EBITDA margin by ~300bps to ~14.5% due to surge in RM costs, resulting in 2% cut in FY24E earnings.</li>
<li>Though recent cost inflation would get partially reflected in Q4FY22, bulk of it would come Q1FY23E onward.</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>


Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and flattish demand outlook in key export markets.
Though we keep our FY23E revenue estimates largely unchanged, we trim FY23E EBITDA margin by ~300bps to ~14.5% due to surge in RM costs, resulting in 2% cut in FY24E earnings.
Though recent cost inflation would get partially reflected in Q4FY22, bulk of it would come Q1FY23E onward.

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.

Bajaj Auto: Since Its Q3FY22 Result, Bajaj Auto (BJAUT) Has Outperformed NIFTY50 by ~15%

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</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>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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>Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.</li><li>Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.</li><li>Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.</li></ul><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>

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal palladium, which is used in manufacturing of semiconductor.Further Ukraine is the largest producer of neon gas, which is another important component for semiconductor (chip) manufacturing.Therefore, any supply chain disruption of these critical raw materials in this space would impact the availability of chips, resulting in an adverse impact on OEM volumes and associated productivity.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.

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

<ul><li>Bajaj Auto (BAL) Q3FY22 results stood slightly ahead of our expectations, particularly on the margin front.</li><li>The company reported net revenues of Rs 9,022 Cr (our estimate – Rs 8,928 Cr) v/s Rs 8,910 Cr in Q3FY21, posting a flattish growth YoY</li><li>We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's stake in PMAG) as we value the stock at 17x its FY24E EPS.</li></ul><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>

Bajaj Auto (BAL) Q3FY22 results stood slightly ahead of our expectations, particularly on the margin front.The company reported net revenues of Rs 9,022 Cr (our estimate – Rs 8,928 Cr) v/s Rs 8,910 Cr in Q3FY21, posting a flattish growth YoYWe maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's stake in PMAG) as we value the stock at 17x its FY24E EPS.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.

Bajaj Auto: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

India

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

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Bajaj Auto Ltd (BJAUT IN)

Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Bajaj Auto: Since Its Q3FY22 Result, Bajaj Auto (BJAUT) Has Outperformed NIFTY50 by ~15%

Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and...

ICICI Securities Limited

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Bajaj Auto: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's...

Axis Direct

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52-week Range

Market Cap (USDm)

P/E

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Auto Monthly Volume Update - Mar 2022 - Easing Supply Chain Issues Improve PV & CV Traction

FY22 was a difficult year for the auto industry on account of supply-chain challenges as well as RM headwinds, resulting in an increased total cost...

Axis Direct

Bajaj Auto: Since Its Q3FY22 Result, Bajaj Auto (BJAUT) Has Outperformed NIFTY50 by ~15%

Since its Q3FY22 result, Bajaj Auto (BJAUT) has outperformed NIFTY50 by ~15% amid worsening outlook on profitability, rising fuel prices and...

ICICI Securities Limited

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Growth, Margin Concerns Resurface for Auto Sector Amid Prevailing Geopolitical Crises

Resurfaced chip availability concerns amid geopolitical issues Russia is the largest producer (~40% share in global production) of rare earth metal...

ICICI Securities Limited

Bajaj Auto: Strong Exports, Premiumisation & EVs to Drive Growth; Outlook Stable

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company&#x27;s...

Axis Direct

We maintain our BUY rating on the stock with a revised TP of Rs 4,250/share (Rs 4,500 earlier) (which includes Rs 320/share for the company's...