External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here on</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: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here onContent 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: Mahindra & Mahindra, Infoedge, City Union Bank, NOCIL

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.</li><li>Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.</li><li>The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.</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 domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure spending and replacement demand by fleet operators.Tractors demand continues to surprise positively with 29% YoY growth, primarily led by positive agri-sentiments.The domestic PV wholesale volumes grew 21% YoY and 30% MoM; we believe demand momentum to continue, especially for the SUV segment where multiple new launches from OEMs such as Maruti (Fronx, Jimny), M&amp;M (Thar RWD, XUV400), and Tata Motors (Tiago EV), is expected in the next few months.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.

Automotive Industry - CVs, PVs Outperform

<ul><li>The domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in infrastructure spending and replacement demand by fleet operators.</li><li>Tractors demand continues to surprise positively with 28% YoY growth, primarily led by positive agri-sentiments.</li><li>The domestic PV wholesale volumes grew 8% YoY but declined 15% MoM on maintenance shutdown by most OEMs, non availability of semi-conductors for some models, and lower demand for entry-level segment vehicles.</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 domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in infrastructure spending and replacement demand by fleet operators.Tractors demand continues to surprise positively with 28% YoY growth, primarily led by positive agri-sentiments.The domestic PV wholesale volumes grew 8% YoY but declined 15% MoM on maintenance shutdown by most OEMs, non availability of semi-conductors for some models, and lower demand for entry-level segment vehicles.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.

Automotive Industry - Robust CVs & Tractor Demand

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

Equity Bottom-Up

<ul>
<li>One of our routine channels is suggesting the possibility of some of <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 Scorpio-N bookings being fake.</li>
<li>This channel (an online auto forum) has been a trusted source of information followed by various industry veterans including the company's chairman.</li>
<li>While the rationalisation of fake bookings as a recent industry practice could solace some, the fallacy of the bookings narrative only gets stronger. </li>
</ul>


One of our routine channels is suggesting the possibility of some of Mahindra &amp; Mahindra (MM IN) 's Scorpio-N bookings being fake.
This channel (an online auto forum) has been a trusted source of information followed by various industry veterans including the company's chairman.
While the rationalisation of fake bookings as a recent industry practice could solace some, the fallacy of the bookings narrative only gets stronger. 


Mahindra & Mahindra (MM IN) | Scorpio-N Fake Bookings

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>In our final weekly for the year, we look back at 2022 to see which stocks, countries, and currencies out and underperformed in the Global Emerging Markets.</li>
<li>We also look forward to 2023F to see what’s expected for the major GEM economies next year.  </li>
</ul>


The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
In our final weekly for the year, we look back at 2022 to see which stocks, countries, and currencies out and underperformed in the Global Emerging Markets.
We also look forward to 2023F to see what’s expected for the major GEM economies next year.  


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)

HSIE Results Daily: Mahindra & Mahindra, Infoedge, City Union Bank, NOCIL

M&M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its...

HDFC Securities

Automotive Industry - CVs, PVs Outperform

The domestic CV wholesale volumes registered positive momentum with 9% YoY growth in Jan’23, which was driven by the pick-up in infrastructure...

Axis Direct

Automotive Industry - Robust CVs & Tractor Demand

The domestic CV wholesales registered positive sales momentum as it posted growth of 21%/18% YoY/MoM in Dec’22, driven by the pick-up in...

Axis Direct

Mahindra & Mahindra (MM IN) | Scorpio-N Fake Bookings

One of our routine channels is suggesting the possibility of some of the Mahindra & Mahindra (MM IN) 's Scorpio-N bookings being fake.

Pranav Bhavsar

GEM Weekly: 2022 Yearend Edition

In our final weekly for the year, we look back at 2022 to see which GEM stocks, countries, and currencies out and underperformed, and look forward...

Wium Malan, CFA

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