External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We met with Mahindra &amp; Mahindra’s (MM IN) management to understand the outlook for its Automotive and Farm divisions.</li><li>In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs over the next 2 years.</li><li>In Farm division, it aims to increase monthly dispatches in domestic as well as international markets, which shall aid in healthy growth in the upcoming years.</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.

We met with Mahindra &amp; Mahindra’s (MM IN) management to understand the outlook for its Automotive and Farm divisions.In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs over the next 2 years.In Farm division, it aims to increase monthly dispatches in domestic as well as international markets, which shall aid in healthy growth in the upcoming years.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.

Mahindra & Mahindra - Solidifying Its Position in Auto & Farm Business

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

Motilal Oswal

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.

<ul><li>Mahindra &amp; Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).</li><li>NII stood at INR17.8b (5% miss), up ~13% YoY.</li><li>Other income rose ~63% YoY to ~INR1.5b, driven by healthy fee income.</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.

Mahindra &amp; Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).NII stood at INR17.8b (5% miss), up ~13% YoY.Other income rose ~63% YoY to ~INR1.5b, driven by healthy fee income.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.

Mahindra and Mahindra - Operationally Weak; Earnings in Line Due to Low Credit Costs

<ul><li>We attended the annual analyst meet of M&amp;M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its subsidiary.</li><li>M&amp;M outlined a strong outlook for the Automotive and Farm divisions led by new launches.</li><li>With its new launches receiving healthy response, we believe it will deliver mid-high teens growth in the UVs in FY25. The launch of OJA series tractors has been well received in the domestic as well as international 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.

We attended the annual analyst meet of M&amp;M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its subsidiary.M&amp;M outlined a strong outlook for the Automotive and Farm divisions led by new launches.With its new launches receiving healthy response, we believe it will deliver mid-high teens growth in the UVs in FY25. The launch of OJA series tractors has been well received in the domestic as well as international 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.

Mahindra & Mahindra - Robust Auto & Farm Portfolios to Drive Growth

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

<ul>
<li>We challenge <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> 's narrative of strong demand and booking pipeline (140k+ open bookings, excl Scorpio N as of Q1 FY23) </li>
<li>There is a possibility of a monthly booking rate of 10.3k for XUV700 and 5K per month for Thar being overstated. </li>
<li>With increasing competition (MSIL + Toyota), cancellations will increase leading to even lower waiting periods and a reduced booking pipeline. </li>
</ul>


We challenge Mahindra &amp; Mahindra (MM IN) 's narrative of strong demand and booking pipeline (140k+ open bookings, excl Scorpio N as of Q1 FY23) 
There is a possibility of a monthly booking rate of 10.3k for XUV700 and 5K per month for Thar being overstated. 
With increasing competition (MSIL + Toyota), cancellations will increase leading to even lower waiting periods and a reduced booking pipeline. 


Mahindra & Mahindra (MM IN) | The Bookings Fallacy

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

India

Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive components. The Company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.

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Mahindra & Mahindra (MM IN)

Mahindra & Mahindra - Solidifying Its Position in Auto & Farm Business

In the Automotive business, it remains on track to delivering mid-teen volume growth for FY25 and is confident of outpacing industry growth in UVs...

Prabhudas Lilladhar

Mahindra and Mahindra - Operationally Weak; Earnings in Line Due to Low Credit Costs

Mahindra & Mahindra Financial’s (MMFS) 1QFY25 PAT grew ~45% YoY to ~INR5.1b (in line).NII stood at INR17.8b (5% miss), up ~13% YoY.

Motilal Oswal

Mahindra & Mahindra - Robust Auto & Farm Portfolios to Drive Growth

We attended the annual analyst meet of M&M where the company gave a detailed overview of its Automotive and Farm business verticals as well as its...

Prabhudas Lilladhar