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>Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.</li><li>We see more optimism by the dealers in the PV segment with robust demand for UVs.</li><li>In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.</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.

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.We see more optimism by the dealers in the PV segment with robust demand for UVs.In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.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.

Equity Bottom-Up

<ul><li>In the current fiscal, HMC’s motorcycle market share further slipped by 380 bps to 44.5%</li><li>This is despite its multiple launches in H1, which include Passion Plus, new Glamor, Xtreme160R 4V, X440, and Karizma</li><li>In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this fiscal has been no different</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.

In the current fiscal, HMC’s motorcycle market share further slipped by 380 bps to 44.5%This is despite its multiple launches in H1, which include Passion Plus, new Glamor, Xtreme160R 4V, X440, and KarizmaIn the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this fiscal has been no differentContent 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 -  Fails to Recover Back Share Despite New Launches.

Hero MotoCorp: Fails to Recover Back Share Despite New Launches.

<ul><li>Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in Q1FY23), beating our estimate by 4.5% and 85bps respectively, despite a miss on revenue.</li><li>This was mainly on account of lower other expenses.</li><li>The company stated that the underlying EBITDA margin for ICE Business stood at 14.5%, excluding the impact of EV business. </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 reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in Q1FY23), beating our estimate by 4.5% and 85bps respectively, despite a miss on revenue.This was mainly on account of lower other expenses.The company stated that the underlying EBITDA margin for ICE Business stood at 14.5%, excluding the impact of EV business. 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.

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)</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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps YoY/QoQ)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.

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

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)

Sector Update - Automotive Industry

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki...

Axis Direct

Hero Motocorp - EBITDA and Margin Beat

Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in...

Axis Direct

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

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52-week Range

Market Cap (USDm)

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Sector Update - Automotive Industry

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki...

Axis Direct

Hero MotoCorp - Fails to Recover Back Share Despite New Launches.

In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this...

HDFC Securities

Hero MotoCorp: Fails to Recover Back Share Despite New Launches.

In the 125cc segment, it has consistently lost market share to rival launches since FY20, despite multiple attempts to regain share, and this...

HDFC Securities

Hero Motocorp - EBITDA and Margin Beat

Hero reported a decent set of results with EBITDA (up 28%/11% YoY/QoQ) at Rs 1,206 Cr and EBITDA margins of 13.8% (vs. 13% in Q4FY23 and 11.2% in...

Axis Direct

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities