External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin contraction to 12.8%.</li><li>While the PV industry’s demand remains moderate, we expect HMI to post steady growth given its favorable SUV mix and strong export opportunities going forward.</li><li>Outlook We broadly retain our FY25E/26E EPS.</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.

Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin contraction to 12.8%.While the PV industry’s demand remains moderate, we expect HMI to post steady growth given its favorable SUV mix and strong export opportunities going forward.Outlook We broadly retain our FY25E/26E EPS.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.

Hyundai Motor - Weak Demand & High Discounts Dent 2Q Performance

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.</li>
<li>The recently-listed <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a> could see some index inflows during the March 2025 rebal. <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> and <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial (JIOFIN IN)</a> could also get involved.</li>
</ul>


NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.
The recently-listed Hyundai Motor India (1342Z IN) could see some index inflows during the March 2025 rebal. Zomato (ZOMATO IN) and Jio Financial (JIOFIN IN) could also get involved.


Quiddity Leaderboard NIFTY Mar 25: Thoughts on Hyundai Motor, Zomato, and Jiofin

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>October saw a sharp USD10.2 billion foreign outflow from Indian equities, driven by a shift to China and Hong Kong as stimulus measures and appealing valuations improved market sentiment there.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> 's IPO surged on strong investor optimism last week, while Hyundai Motor India's debut was subdued as institutional investors held back and retail investors exited.</li>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)'s</a> IPO, set to open next week, faces headwinds from weak market sentiment, rising U.S. election uncertainty, and Zomato's USD1 billion QIP.</li>
</ul>


October saw a sharp USD10.2 billion foreign outflow from Indian equities, driven by a shift to China and Hong Kong as stimulus measures and appealing valuations improved market sentiment there.

China Resources Beverage (2460 HK) 's IPO surged on strong investor optimism last week, while Hyundai Motor India's debut was subdued as institutional investors held back and retail investors exited.

Swiggy (1255298D IN)'s IPO, set to open next week, faces headwinds from weak market sentiment, rising U.S. election uncertainty, and Zomato's USD1 billion QIP.


Weekly Consumer: Market Timing Makes a Difference. CR Beverage Pops in HK, Hyundai Slumps in India

<ul><li>Hyundai Motors India (HMI) holds a diverse portfolio mix that covers almost 87% of India’s passenger vehicle (PV) market.</li><li>HMI boasts a healthy domestic market share in several fast-growing segments, with 34%/20%/18% share in the mid-size SUVs/compact SUVs/premium compact car segments.</li><li>HMI is well-aligned with the domestic PV industry trends, as 63% of its mix comes from utility vehicles (UVs).</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.

Hyundai Motors India (HMI) holds a diverse portfolio mix that covers almost 87% of India’s passenger vehicle (PV) market.HMI boasts a healthy domestic market share in several fast-growing segments, with 34%/20%/18% share in the mid-size SUVs/compact SUVs/premium compact car segments.HMI is well-aligned with the domestic PV industry trends, as 63% of its mix comes from utility vehicles (UVs).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.

Hyundai Motor  - In Tune with Industry Trends

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India </a>  is expected to close flat or slightly positive today, as low retail participation and modest expectations for gains on listing day could limit selling pressure.</li>
<li>Many retail investors skipped the IPO, influenced by 'finfluencers' who had largely advised against it based on misinterpreted valuation comparison with <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> .</li>
<li>Hyundai Motor India's meaningful discount to Maruti Suzuki on operating profit based valuation multiples suggest room for outperformance in the medium term.</li>
</ul>



Hyundai Motor India   is expected to close flat or slightly positive today, as low retail participation and modest expectations for gains on listing day could limit selling pressure.
Many retail investors skipped the IPO, influenced by 'finfluencers' who had largely advised against it based on misinterpreted valuation comparison with Maruti Suzuki India (MSIL IN) .
Hyundai Motor India's meaningful discount to Maruti Suzuki on operating profit based valuation multiples suggest room for outperformance in the medium term.


Hyundai Motor India IPO: Little Downside. Low Retail Interest-Myopia, Misguidance, Misinterpretation

South Korea

Hyundai Motor India Limited (HMIL) manufactures automobiles. The Company offers new and used cars, vans, trucks, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (1342Z IN)

Hyundai Motor - Weak Demand & High Discounts Dent 2Q Performance

Hyundai Motor (HMI)’s 2QFY25 performance was hit by ~9% YoY volume decline and higher discounts, leading to a 30bp YoY/70bp QoQ EBITDA margin...

Motilal Oswal

Quiddity Leaderboard NIFTY Mar 25: Thoughts on Hyundai Motor, Zomato, and Jiofin

There are no changes for NIFTY 50 but there could be five changes for NIFTY Next 50 according to current rankings. Only 54% of the reference period...

Janaghan Jeyakumar, CFA

Weekly Consumer: Market Timing Makes a Difference. CR Beverage Pops in HK, Hyundai Slumps in India

Market sentiment continues to be weak in India with steady outflow of foreign funds. This weighed on HMIL's lack lustre listing last week and led...

Devi Subhakesan

Hyundai Motor - In Tune with Industry Trends

Hyundai Motors India (HMI) holds a diverse portfolio mix that covers almost 87% of India’s passenger vehicle (PV) market.

Motilal Oswal

Hyundai Motor India IPO: Little Downside. Low Retail Interest-Myopia, Misguidance, Misinterpretation

Listing day Outlook - Retail selling pressure could be muted. Institutional investors are expected to buy on any price dips, and the stock is...

Devi Subhakesan

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