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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.</li><li>The company reported net revenues of Rs 7,883 Cr (our estimate: Rs 7,598 Cr), declining by 7% QoQ</li><li>We value the stock at 15x FY24E EPS, implying a 16% upside from the CMP.</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>

Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.The company reported net revenues of Rs 7,883 Cr (our estimate: Rs 7,598 Cr), declining by 7% QoQWe value the stock at 15x FY24E EPS, implying a 16% upside from the CMP.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: Superior Realization and Richer Mix Deliver Margin Beat

<ul><li>Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 37% as of FY21.</li><li>Its suite of popular models includes Splendor, Passion, Glamour, etc.</li><li>HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels in February 2017. We retain HOLD rating amid slower than anticipated volume recovery</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>

Hero MotoCorp (HMCL) is the world’s largest 2-W manufacturer by volume, with domestic market share at 37% as of FY21.Its suite of popular models includes Splendor, Passion, Glamour, etc.HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels in February 2017. We retain HOLD rating amid slower than anticipated volume recoveryContent 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: Steady Performance, EV Launch Awaited

<ul><li>Hero Motorcorp Ltd. (HMCL) Q2FY22 performance was better than expected and came ahead of our estimates</li><li>HMCL has been witnessing weak demand trends since Mar’21 due to Covid-19 led headwinds in 2Ws especially at entry-level motorcycles</li><li>We maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W industry. </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>

Hero Motorcorp Ltd. (HMCL) Q2FY22 performance was better than expected and came ahead of our estimatesHMCL has been witnessing weak demand trends since Mar’21 due to Covid-19 led headwinds in 2Ws especially at entry-level motorcyclesWe maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W industry. 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: Higher Realization; LEAP-2 Savings Drive Margin Beat

<p>We recommend a BUY with TP of Rs. 3,300/share.</p><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>

We recommend a BUY with TP of Rs. 3,300/share.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.

India

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in 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.

Maharashtra Scooters Ltd. manufactures and distributes two-wheeler scooters.

Atul Auto Ltd. manufactures three-wheeled commercial diesel vehicles.

MRF Limited manufactures and distributes tyres and tubes for automobiles, aircrafts, motorcycles and cycles. The Company also manufactures conveyor belts, paint and coats, and hoses. Every MRF tyre designed is the result of a special acid test on the race and rally tracks.

Bosch Limited manufactures a wide range of automotive parts. The Company'products includes fuel injection pumps, spark plugs, including nozzles and nozzle holders, elements, delivery valves, filters and filter inserts, glow plugs, starter motors, alternators and wipers. Bosch also manufactures hydraulics and pneumatic equipment and electric power tools and fixtures.

Hindustan Motors Limited manufactures cars, trucks, diesel engines, bulldozers, cranes, dumpers, compactors, shovels and scrapers. The Company also manufactures a wide range of steel products, axle assemblies, special purpose machine tools, hydraulic pumps and hydraulic valves.

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

Samvardhana Motherson International Limited manufactures and distributes automotive parts. The Company offers products such as HVAC systems, air intake manifolds, highway vehicle cabins, air compressors, and pedal box assembly. Samvardhana Motherson International markets its products worldwide.

Samvardhana Motherson International Ltd (MOTHERSO IN)

Balkrishna Industries Ltd. manufactures automobile tires and tubes. The Company also manufactures different varieties of paper & paper boards and processes synthetic textiles.

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

Renault SA designs, manufactures, markets, and repairs passenger cars and light commercial vehicles. The Company also provides financing and service solutions, including credit for new and used vehicles.

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)

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

Hero Motocorp: Superior Realization and Richer Mix Deliver Margin Beat

Hero Motorcorp Ltd. (HMCL) Q3FY22 performance was better than expected and came ahead of our estimates.. We value the stock at 15x FY24E EPS,...

Axis Direct

Hero MotoCorp: Steady Performance, EV Launch Awaited

What should investors do? HMCL's share price has lagged the Nifty Auto Index in the past five years, de-growing at 5.6% CAGR from ~Rs 3,266 levels...

ICICI Securities Limited

Hero Motocorp: Higher Realization; LEAP-2 Savings Drive Margin Beat

We maintain a BUY rating on the stock and revise our TP to Rs 3,200/share (Rs 3,400 earlier) to factor in the near-term headwinds for the 2W...

Axis Direct

Pick of the Week:28 JUN 2021

We recommend a BUY with TP of Rs. 3,300/share.

Axis Direct

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