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 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.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

<div><div><div><div><ul><li>Demand Outlook: The management expects the tractor industry volume to grow by ~20% in Q1FY23E on account of normal monsoon expectations and higher food grain prices.</li></ul><div><div><div><div><ul><li>Margin outlook: To mitigate the impact of higher input cost, company took a price hike of ~2% in Apr’22 and would further take a price hike of ~2% in Q2FY23 as well.</li></ul><div><div><div><div><ul><li>Railway Equipment Division (RED): The segment revenue stood at Rs 173 Cr for the quarter as against Rs 146 Cr in Q4FY21.</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: The management expects the tractor industry volume to grow by ~20% in Q1FY23E on account of normal monsoon expectations and higher food grain prices.Margin outlook: To mitigate the impact of higher input cost, company took a price hike of ~2% in Apr’22 and would further take a price hike of ~2% in Q2FY23 as well.Railway Equipment Division (RED): The segment revenue stood at Rs 173 Cr for the quarter as against Rs 146 Cr in Q4FY21.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), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply<br>side issues and higher monthly base.</li></ul><div><div><div><ul><li>2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.</li></ul><div><div><div><div><ul><li>Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.</li></ul></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>

PVs – supply chain constraints to persist; demand holding strong: We expect PV volume to be slightly lower on MoM basis due to supply side issues and higher monthly base.2Ws – demand revival remains muted: Domestic 2W dispatches are expected to improve on MoM basis, albeit at a slower pace, led by opening up of schools &amp; offices, beginning of marriage season and improving rural economics.Tractors – moderating growth on a high base: We expect tractor demand to ease due to a high base.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.

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

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.

<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>Escorts Q3FY22 results were broadly in line with our expectations, driven by a richer Tractor mix and a recovery in the Railway business in Q3FY22</li><li>The company reported total revenue of Rs 1,957 Cr (our estimate – Rs 1,911 Cr) against Rs 2,017 Cr in Q3FY21, a marginal de-growth of 3% YoY</li><li>We maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/E</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>

Escorts Q3FY22 results were broadly in line with our expectations, driven by a richer Tractor mix and a recovery in the Railway business in Q3FY22The company reported total revenue of Rs 1,957 Cr (our estimate – Rs 1,911 Cr) against Rs 2,017 Cr in Q3FY21, a marginal de-growth of 3% YoYWe maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/EContent 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.

Escorts: Results In Line with Expectations; Muted Outlook On Tractor Industry

India

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

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Escorts Kubota Limited (ESCORTS IN)

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

Result Update- Escorts

Escorts posted good set of numbers in Q4FY22 driven by a richer Tractor mix and a recovery in the Construction Equipment business. The company...

Axis Direct

Automobile Sales Estimates – 2Ws Rising from Dust; Demand Outlook for PVs and CVs Positive

Based on our channel checks, we saw some improvement in 2W demand in April’22 while demand in CV and PV segments continued to remain robust.

Nirmal Bang

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

Escorts: Results In Line with Expectations; Muted Outlook On Tractor Industry

We maintain our HOLD rating on the stock keeping our target price unchanged at Rs 1,900, valuing the company at 19x FY24E P/E.

Axis Direct

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