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.

Equity Bottom-Up

<ul><li>RE domestic sales contracted by 13% CAGR over FY19-22 led by multiple headwinds.</li><li>Covid-led lockdowns and higher vehicle prices on account of commodity inflation, weak consumer sentiments, and supply-chain constraints led to lower sales.</li><li>However, both demand and supply constraints are easing now and lowering commodity prices coupled with vehicle prices that are expected to remain stable would drive an uptick in sales moving forward. </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>

RE domestic sales contracted by 13% CAGR over FY19-22 led by multiple headwinds.Covid-led lockdowns and higher vehicle prices on account of commodity inflation, weak consumer sentiments, and supply-chain constraints led to lower sales.However, both demand and supply constraints are easing now and lowering commodity prices coupled with vehicle prices that are expected to remain stable would drive an uptick in sales moving forward. 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.

Eicher Motors - Transitioning Towards Growth Phase

Thematic (Sector/Industry)

<ul><li>The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.</li><li>The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.</li><li>Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.</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 wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the festive season.The easing chip shortage also aided in the broad-based growth in auto supply as against previous quarters.Based on the Aug’22 domestic wholesale volume numbers, the CV segment supply growth stood ahead followed by the PV and 2W segments.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>Given its dominant position in the &gt;250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in India</li><li>It targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customers</li><li>Also, given the sharp price increase in RE over the last few years, it now targets to secure a balance between growth and profitability</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>

Given its dominant position in the &gt;250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in IndiaIt targets to launch multiple new products over the next 18-24 months, which would provide an upgrade option to its existing customersAlso, given the sharp price increase in RE over the last few years, it now targets to secure a balance between growth and profitabilityContent 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.

Eicher Motors: New Launches and Exports to Be Growth Drivers. Maintain ADD

<div><div><div><div><ul><li><strong>Demand Outlook in RE</strong>: The Management believes that the newly launched Hunter 350 at attractive pricing will aid volume growth in future, attracting price sensitive customers who like RE brand and also those who want a bike with ease in maneuverability.</li></ul><div><div><div><div><ul><li><strong>Margin Outlook</strong>: With softening commodity prices and ease in chip supply, margins are likely to improve and the management believes no further price hikes shall be required in the near term.</li></ul><div><div><div><div><ul><li><strong>VECV Business</strong>: VECV’s total volumes stood at 17.5K units up 3x YoY on a low base, but dropped by 13% QoQ in Q1FY23.</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 in RE: The Management believes that the newly launched Hunter 350 at attractive pricing will aid volume growth in future, attracting price sensitive customers who like RE brand and also those who want a bike with ease in maneuverability.Margin Outlook: With softening commodity prices and ease in chip supply, margins are likely to improve and the management believes no further price hikes shall be required in the near term.VECV Business: VECV’s total volumes stood at 17.5K units up 3x YoY on a low base, but dropped by 13% QoQ in Q1FY23.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.

Eicher Motors - Fairly Valued, Rerating Needs Volume Growth Outperformance

<ul><li>With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+ CAGR over the next 4 years</li><li>New PV financing (US$ 20bn; +17% CAGR) is benefitting from rising premiumisation; yet remains thin on profitability due to elevated competitive intensity, especially in salaried class</li><li>Used car financing (US$ 4bn; +32% CAGR) is emerging as a sunrise sector, offering potential for high growth as well as high profitability (&gt;2% ROA), benefitting from rising formalisation and increasing finance penetration</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>

With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+ CAGR over the next 4 yearsNew PV financing (US$ 20bn; +17% CAGR) is benefitting from rising premiumisation; yet remains thin on profitability due to elevated competitive intensity, especially in salaried classUsed car financing (US$ 4bn; +32% CAGR) is emerging as a sunrise sector, offering potential for high growth as well as high profitability (&gt;2% ROA), benefitting from rising formalisation and increasing finance penetrationContent 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.

Vehicle Financing - Secular Opportunity Meets Cyclical Tailwinds

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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Eicher Motors (EIM IN)

Eicher Motors - Transitioning Towards Growth Phase

Covid-led lockdowns and higher vehicle prices on account of commodity inflation, weak consumer sentiments, and supply-chain constraints led to...

Axis Direct

Auto Monthly Volume Update - Aug 2022

The wholesale volumes in Aug’22 picked up in line with our expectations as the OEMs ramped up supply to fill in the inventories ahead of the...

Axis Direct

Eicher Motors: New Launches and Exports to Be Growth Drivers. Maintain ADD

Given its dominant position in the >250cc market in India, RE is likely to be a key beneficiary of the premiumisation trend in India

HDFC Securities

Eicher Motors - Fairly Valued, Rerating Needs Volume Growth Outperformance

Eicher Motors Ltd (Eicher) Q1FY23 performance was broadly in line with our estimates with outperformance on the margin front

Axis Direct

Vehicle Financing - Secular Opportunity Meets Cyclical Tailwinds

With green shoots in the underlying PV and CV segments, the Indian vehicle financing disbursals (FY22: ~US$ 42bn) is poised to ride a secular 15%+...

HDFC Securities

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