External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.</li><li>Margins were hit by higher ad spending and extended producer responsibility (EPR)-related provisions.</li><li>Management has provided high single-digit volume growth guidance for FY25. We cut our FY25E/FY26E EPS by 14%/8% to factor in higher RM and EPR costs.</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>

Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.Margins were hit by higher ad spending and extended producer responsibility (EPR)-related provisions.Management has provided high single-digit volume growth guidance for FY25. We cut our FY25E/FY26E EPS by 14%/8% to factor in higher RM and EPR costs.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.

Ceat -Earnings Below Estimate Due to EPR-Led Provisioning

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.</li><li>It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.</li><li>Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. </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>

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks &amp; buses tyres.It is a greenfield plant which has technological &amp; digital capabilities and has delivered ~200 SKUs over last 2 years. In PV it has ~17 products in its portfolio catering to domestic as well as international markets.Its current capacity for passenger car is at 20k per day and going ahead aims to increase capacity to ~28.5k per day. 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>Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.</li><li>Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).</li><li>The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. </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>

Motilal Oswal's research report onCEAT CEAT hosted the investing community, followed by a plant visit to its Chennai facility showcasing its factory, which is focused on digitization and advanced manufacturing processes.Following these practices, OEM approvals from this new plant have now dropped to 25 months (vs. five years from a new greenfield capacity).The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and increasing business in EVs. 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.

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

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

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.

<div><div><div><ul><li>Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.</li></ul><div><div><div><ul><li>Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.</li></ul></div></div></div></div></div></div><div><div><div><ul><li>Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.</li></ul></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>

Well-positioned to benefit from favourable industry dynamics - On the back of strong investments in R&amp;D and brand building and focus on ramping up distribution, especially in rural regions, Apollo has gained market share in key segments.Europe restructuring boosts operating performance - In the last couple of years, management earmarked a massive restructuring in Europe, which included: (1) shifting tyre production from Netherlands to new plant in Hungary and the balance to India; (2) converting the Netherlands plant into a specialty plant for producing high-end tyres; (3) right-sizing the Netherlands plant by giving VRS to 2/3rd of the employees.Initiate with an ADD and a target price of INR229/sh - Given a lean cost structure and its focus on sweating existing assets, we expect Apollo’s returns to improve from here on.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 (Initiating Coverage): Sharp Focus on Boosting Returns. ADD

India

Ceat Ltd. manufactures vehicle tires.  The Company produces cross-ply and radial tires for automobiles, construction equipment, scooters and motorcycles. Ceat also manufactures tubes and flaps.  The Company exports its products to many companies around the world.

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Ceat Ltd (CEAT IN)

Ceat -Earnings Below Estimate Due to EPR-Led Provisioning

Motilal Oswal's research report onCeat CEAT’s 4QFY24 results disappointed despite healthy volume growth in the replacement and exports segments.

Motilal Oswal

Ceat - Focus on Mix Improvement

We visited CEAT plant in Chennai that manufactures passenger vehicle (PV) tyres, motorcycle tyres and trucks & buses tyres.

Prabhudas Lilladhar

Ceat - Growth to Be Driven by Digitization/Advanced Manufacturing

The company continues to focus on key strategic areas such as PV/2W/OHT (to help margins), along with the expansion in international markets and...

Motilal Oswal

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

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

Apollo Tyres (Initiating Coverage): Sharp Focus on Boosting Returns. ADD

Over the last few years, Apollo has invested in R&D, brand building, and expanding its distribution network. This has in turn led to market share...

HDFC Securities

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