External broker reports(aggregated public sources), Ashika Research

Ashika Research

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>The season has begun well, with rainfall since June 1 to June 26 being 20% above normal. The India Meteorological Department (IMD) and private forecaster Skymet have forecast normal rainfall this year, which bodes well for the rural economy. Demand for consumer goods, two wheelers...</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>

The season has begun well, with rainfall since June 1 to June 26 being 20% above normal. The India Meteorological Department (IMD) and private forecaster Skymet have forecast normal rainfall this year, which bodes well for the rural economy. Demand for consumer goods, two wheelers...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.

Ashika - Stock Picks - Hero Motocorp Ltd. - July 2021

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

<p>In this insight, we present an on-ground narrative based on the channel interactions with dealers of <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> (two-wheelers) and <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> . </p>
<p>The channels we interacted with were based out of Maharashtra, Bihar, Gujarat. </p>
<h3>
<br>About India Channel Insight</h3>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>

In this insight, we present an on-ground narrative based on the channel interactions with dealers of Bajaj Auto Ltd (BJAUT IN), Honda Motor (7267 JP) (two-wheelers) and Hero Motocorp (HMCL IN) . 
The channels we interacted with were based out of Maharashtra, Bihar, Gujarat. 

 About India Channel Insight

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


India Channel Insight | Bajaj, Honda, Hero Motocorp

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<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.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Sona Blw Precision Forgings Lt / Equity Capital Markets

<p>Sona Comstar (Sona) aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.</p><p>Sona is an automotive technology company, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments.</p><p>Sona delivered a steady performance in 2019 with revenue up 16.6% and PAT up 24.1%. However, its revenue fell by 14.5% in FY20, although it still managed to grow its PAT by 4%. It registered a strong bounce bank in FY21 with 28.4% revenue growth but PAT was flat.</p><p>While the company enjoys a long customer relationship, its largest customers haven’t consistently grown their contribution to revenue over the past few years.</p><p>We have covered the deal background in our earlier note, <a href="https://www.smartkarma.com/insights/sona-comstar-pre-ipo-inconsistent-growth-patchy-disclosures" target="_blank" rel="noopener">Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures. </a></p><p>In this note, we will talk about the recent updates and run the deal through our ECM framework.</p>

Sona Comstar (Sona) aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.Sona is an automotive technology company, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments.Sona delivered a steady performance in 2019 with revenue up 16.6% and PAT up 24.1%. However, its revenue fell by 14.5% in FY20, although it still managed to grow its PAT by 4%. It registered a strong bounce bank in FY21 with 28.4% revenue growth but PAT was flat.While the company enjoys a long customer relationship, its largest customers haven’t consistently grown their contribution to revenue over the past few years.We have covered the deal background in our earlier note, Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures. In this note, we will talk about the recent updates and run the deal through our ECM framework.

Sona Comstar - Has Its Positives, but We Remain Unconvinced

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)

Ashika - Stock Picks - Hero Motocorp Ltd. - July 2021

The season has begun well, with rainfall since June 1 to June 26 being 20% above normal. The India Meteorological Department (IMD) and private...

Ashika Research

Ashika - Stock Picks - Hero Motocorp Ltd. - July 2021

The season has begun well, with rainfall since June 1 to June 26 being 20% above normal. The India Meteorological Department (IMD) and private...

Ashika Research

India Channel Insight | Bajaj, Honda, Hero Motocorp

In this Insight, We present an on-ground narrative based on channel interactions with dealers of Bajaj Auto Ltd (BJAUT IN), Honda Motor (7267 JP)...

Pranav Bhavsar

Pick of the Week:28 JUN 2021

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

Axis Direct

Sona Comstar - Has Its Positives, but We Remain Unconvinced

Sona Comstar aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.

Sumeet Singh

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