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>Demand Outlook: Hero Motocorp (Hero) experienced a 13% YoY increase in retail volumes during the 32-day festive season, driven by targeted marketing and effective inventory and product-mix planning.</li><li>In the EV segment, VIDA sales reached 11.6k units during the festive period, compared to 5,000 units in the prior period.</li><li>Management highlighted strong demand persisting post-festive season and anticipates medium-term volume growth to be supported by the upcoming marriage season, rural recovery, and heightened government spending.</li></ul>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.

Demand Outlook: Hero Motocorp (Hero) experienced a 13% YoY increase in retail volumes during the 32-day festive season, driven by targeted marketing and effective inventory and product-mix planning.In the EV segment, VIDA sales reached 11.6k units during the festive period, compared to 5,000 units in the prior period.Management highlighted strong demand persisting post-festive season and anticipates medium-term volume growth to be supported by the upcoming marriage season, rural recovery, and heightened government spending.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.

Hero Motocorp Ltd - Rural Recovery to Drive Topline Ahead

<ul><li>New Product Launches: With the launch of differentiated products (Exhibit - 2) in FY24, Hero has been successful in building a strong motorcycle product portfolio.</li><li>In FY25, the company plans to launch both ICE and EV models in the scooter space, as newer models in the premium motorcycle segment.</li><li>The company has a clear strategy to win market share in the premium category of 2W, grow the EV business, expand Premia stores (100+ stores targeted in FY25), upgrade existing stores to Hero 2.0 (500+ by Q1) and invest in marketing (via both traditional and digital routes).</li></ul>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.

New Product Launches: With the launch of differentiated products (Exhibit - 2) in FY24, Hero has been successful in building a strong motorcycle product portfolio.In FY25, the company plans to launch both ICE and EV models in the scooter space, as newer models in the premium motorcycle segment.The company has a clear strategy to win market share in the premium category of 2W, grow the EV business, expand Premia stores (100+ stores targeted in FY25), upgrade existing stores to Hero 2.0 (500+ by Q1) and invest in marketing (via both traditional and digital routes).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.

Hero Motocorp Ltd - Robust MS Gains in 125cc

<ul><li>Hero Motocorp Ltd (Hero) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).</li><li>Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.</li><li>Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. </li></ul>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.

Hero Motocorp Ltd (Hero) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22).Motorcycles constitute the primary source of its revenue, contributing ~94% of total volumes, while scooters contribute 6% to its total volumes.Hero is primarily focused on the domestic market, with ~94% of its volumes originating from India. 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.

Pick of the Week: Hero Motocorp Ltd - 8 July 2024

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report on Hero MotoCorp We reiterate BUY on HMCL as a defensive pick with strong growth and re-rating triggers; HMCL trades at ~20x FY26E PER vs. ~26-30x for other 2Ws (~4% FY26E dividend yield).</li><li>The 2W recovery continues to broaden, with the rural segment also making a return; we continue to expect 2-3 year growth visibility led by return of first-time buyers, with likely normal monsoons in CY24 acting as a near-term catalyst.</li><li>Importantly, HMCL’s positioning in the fast-growing 125cc motorcycle category has been uplifted by the recently-launched Xtreme 125R (over a month of waiting per channel checks despite strong competition; market share has improved to 17% in Apr-24 vs. the recent 9% low).</li></ul>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.

Emkay Global Financial's research report on Hero MotoCorp We reiterate BUY on HMCL as a defensive pick with strong growth and re-rating triggers; HMCL trades at ~20x FY26E PER vs. ~26-30x for other 2Ws (~4% FY26E dividend yield).The 2W recovery continues to broaden, with the rural segment also making a return; we continue to expect 2-3 year growth visibility led by return of first-time buyers, with likely normal monsoons in CY24 acting as a near-term catalyst.Importantly, HMCL’s positioning in the fast-growing 125cc motorcycle category has been uplifted by the recently-launched Xtreme 125R (over a month of waiting per channel checks despite strong competition; market share has improved to 17% in Apr-24 vs. the recent 9% low).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.

Hero MotoCorp - Defensive Bet with Strong Growth, Re-Rating Triggers

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>  &amp; <a href="https://www.smartkarma.com/entities/harley-davidson-inc" target="_blank" data-smartkarma-citation="entities:4386:1" rel="noopener">Harley Davidson (HOG US)</a> launched their collaborative creation, the Harley-Davidson X440, in India.</li>
<li>While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.</li>
<li>For HOG, there is more to lose than to gain from this development. Additionally, <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> moat around the brand and a strong riding culture is likely underrated.</li>
</ul>



Hero Motocorp (HMCL IN)  &amp; Harley Davidson (HOG US) launched their collaborative creation, the Harley-Davidson X440, in India.
While this is a step in the right and anticipated direction, there are potentially grave mistakes that need to be corrected.
For HOG, there is more to lose than to gain from this development. Additionally, Eicher Motors (EIM IN) moat around the brand and a strong riding culture is likely underrated.


India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Motocorp Ltd - Rural Recovery to Drive Topline Ahead

Hero Motocorp (Hero) experienced a 13% YoY increase in retail volumes during the 32-day festive season, driven by targeted marketing and effective...

Axis Direct

Hero Motocorp Ltd - Robust MS Gains in 125cc

New Product Launches: With the launch of differentiated products (Exhibit - 2) in FY24, Hero has been successful in building a strong motorcycle...

Axis Direct

Pick of the Week: Hero Motocorp Ltd - 8 July 2024

Hero Motocorp Ltd (Hero) holds the market leader position in the Indian 2W industry with a market share of ~34.6% (as of Mar’22). Motorcycles...

Axis Direct

Hero MotoCorp - Defensive Bet with Strong Growth, Re-Rating Triggers

We reiterate BUY on HMCL as a defensive pick with strong growth and re-rating triggers; HMCL trades at ~20x FY26E PER vs. ~26-30x for other 2Ws...

Emkay

Hero Motocorp (HMCL IN) | The "HOG" Wash

Hero MotoCorp (HMCL IN) & Harley-Davidson (HOG US) launched the Harley-Davidson X440 in India. Though a step in the right direction, there are...

Pranav Bhavsar

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