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. 

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Equity Bottom-Up

Mahindra Cie Automotive / Equity Bottom-Up

<ul><li>Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.</li><li>However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.</li><li>CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)</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.

Our BUY recommendation is based on long-term growth potential in Indian and Mexican operations, led by increased capacities, further headroom for operational efficiencies and a healthy balance sheet.However, due to the near-term headwinds such as a) Weakness in European/US business and b) Slower-than-expected ramp-up in Indian Operations, we lower our earnings estimate for CY24/25E.CIEAUTO reported a weak set of numbers. Q4CY23 consolidated  Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below consensus estimates)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.

CIE Automotive India Ltd - Q4CY23 Misses Estimates; Robust Growth Story Remains Intact

Thematic (Sector/Industry)

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.</li><li>This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.</li><li>On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.This performance was driven by higher ASPs, better sales volumes, the premiumization trend, cost optimization efforts, and operating leverage.On a QoQ basis, aggregate Revenue/EBITDA/PAT declined by 4.5%/4.2%/2.2%, against expectations of ~6%/9%/7% declines due to seasonality. 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.

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

<ul><li>The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.</li><li>This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.</li><li>Moreover, the basket inched up by 5.8% in the last one month.</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.

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same period.This implies that the Axis Top Picks Basket beat the benchmark by a wide margin of 4.3%.Moreover, the basket inched up by 5.8% in the last one month.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.

Axis Top Picks for the month of July 2024

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

<ul><li>The Axis Top Picks Basket delivered an excellent return of 5.4% in the last three months against the 2.5% return posted by Nifty 50, thereby beating the benchmark by a wide margin of 2.9%.</li><li>Over the last one year, the basket has gained 43.2%.</li><li>Moreover, it gives us immense joy to inform you that our Top Picks Basket has delivered an impressive return of 284% since its inception (May’20), which stands well above the 143% return delivered by the NIFTY 50 index over the same period. </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.

The Axis Top Picks Basket delivered an excellent return of 5.4% in the last three months against the 2.5% return posted by Nifty 50, thereby beating the benchmark by a wide margin of 2.9%.Over the last one year, the basket has gained 43.2%.Moreover, it gives us immense joy to inform you that our Top Picks Basket has delivered an impressive return of 284% since its inception (May’20), which stands well above the 143% return delivered by the NIFTY 50 index over the same period. 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.

Axis Top Picks for the Month of June 2024

India

Mahindra CIE Automotive Limited designs, manufactures, installs, and repairs automotive components. The Company manufactures automotive components including engine and steering components as well as various other forged metal products.

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Mahindra Cie Automotive (MACA IN)

CIE Automotive India Ltd - Q4CY23 Misses Estimates; Robust Growth Story Remains Intact

CIEAUTO reported a weak set of numbers. Q4CY23 consolidated Revenue/EBITDA/PAT was 4.8%/11.6%/ 8.9% below our estimates (5.2%/10.9%/14.8% below...

Axis Direct

Top Sector Ideas - Auto and Auto Ancillaries - (Q1FY25)

The companies under our coverage reported Revenue/EBITDA/PAT growth of 11%/30%/28% YoY, surpassing expectations of 10%/24%/21%.

Axis Direct

Axis Top Picks for the month of July 2024

The Axis Top Picks Basket delivered an excellent return of 11.8% in the last three months against the 7.5% return posted by Nifty 50 over the same...

Axis Direct

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

Axis Top Picks for the Month of June 2024

The Axis Top Picks Basket delivered an excellent return of 5.4% in the last three months against the 2.5% return posted by Nifty 50, thereby...

Axis Direct

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