External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) space</li><li>Market leader in each sub-segment - cars (62.2%), UV (21.6%), vans (96.6%)</li><li>Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value MSIL at Rs 8,760 i.e., 30x P/E on FY24E EPS (previous target Rs 6,000)</li></ul><div class="content-highlight"><em>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.</em></div>

Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) spaceMarket leader in each sub-segment - cars (62.2%), UV (21.6%), vans (96.6%)Target Price and Valuation: Introducing FY24E, we roll over our valuations and now value MSIL at Rs 8,760 i.e., 30x P/E on FY24E EPS (previous target Rs 6,000)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.

Maruti Suzuki India: Margins Surprises Positively, Demand Outlook Robust

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.

<p>We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS, implying an upside of 16% from CMP.</p><div class="content-highlight"><em>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.</em></div>

We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS, implying an upside of 16% from CMP.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.

Maruti Suzuki: Growth Prospects Improving Despite Weak Q2

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

Motilal Oswal

<p>Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's FY21 annual report highlights the initiatives (digitization, online financing, subscription service, etc.) it took to emerge stronger from the COVID-19 pandemic. The management has shared its thought process on the path to attaining net zero emissions....</p><div class="content-highlight"><em>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.</em></div>

Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's FY21 annual report highlights the initiatives (digitization, online financing, subscription service, etc.) it took to emerge stronger from the COVID-19 pandemic. The management has shared its thought process on the path to attaining net zero emissions....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.

Strategy for net zero emissions needs to be India focused

<p>We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an upside of 5% from CMP.</p><div class="content-highlight"><em>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.</em></div>

We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an upside of 5% from CMP.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.

Maruti Suzuki: Weak Q1, Volume Outlook Positive

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E EPS).</p><div class="content-highlight"><em>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.</em></div>

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that demand will improve from here on, as supplies for the high demand CNG variant resumes (this segment now accounts for over 10% of volumes). The OEM has an order backlog of 170,000 units. Further, Maruti is addressing white spaces in its SUV portfolio (new model launches are expected in this segment over the next 12 months). We reiterate BUY with a target price of INR 8,190 (at 27x Jun-23E 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.

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

Bajaj Auto Limited manufactures and distributes motorized two-wheeled and three-wheeled scooters, motorcycles and mopeds.

TVS Motor Company Limited manufactures motorcycles, mopeds, and scooters. The Company provides spark ignition operated outboard motors, combustion spark ignition engines, critical engines, and transmission parts. TVS Motor Company serves customers in 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.

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

Maharashtra Scooters Ltd. manufactures and distributes two-wheeler scooters.

Atul Auto Ltd. manufactures three-wheeled commercial diesel vehicles.

Bosch Limited manufactures a wide range of automotive parts. The Company'products includes fuel injection pumps, spark plugs, including nozzles and nozzle holders, elements, delivery valves, filters and filter inserts, glow plugs, starter motors, alternators and wipers. Bosch also manufactures hydraulics and pneumatic equipment and electric power tools and fixtures.

Samvardhana Motherson International Limited manufactures and distributes automotive parts. The Company offers products such as HVAC systems, air intake manifolds, highway vehicle cabins, air compressors, and pedal box assembly. Samvardhana Motherson International markets its products worldwide.

Samvardhana Motherson International Ltd (MOTHERSO IN)

PT Astra International Tbk assembles and distributes automobiles, motorcycles, and their related spare parts.  Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

Great Wall Motor Company Limited, through its subsidiaries, manufactures and sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded names. The Company also researches and develops, and manufactures principal automotive parts and components for use in the assembly of pick-up trucks and SUVs.

Honda Motor Co., Ltd. develops, manufactures, and distributes motorcycles, automobiles, and power products such as generators and farm machinery. The Company also operates a financial credit business. Honda Motor has manufacturing facilities in the US, Canada, the UK, France, Italy, Spain, Brazil, Mexico, India, and Thailand.

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

Stellantis NV manufactures and markets automobiles and commercial vehicles. The Company also produces metallurgical products and production systems for the automobile industry, as well as owns publishing and insurance companies. Stellantis serves customers worldwide.

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Maruti Suzuki India: Margins Surprises Positively, Demand Outlook Robust

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

Maruti Suzuki: Growth Prospects Improving Despite Weak Q2

We upgrade our rating from HOLD to BUY and revise our TP upwards to Rs 8,500 (from Rs 7,500 earlier) and value the stock at 25x its FY24E EPS,...

Axis Direct

Strategy for net zero emissions needs to be India focused

Strategy for net zero emissions needs to be India focused CAF-2 compliance strategy in place Rs Car subscription service for easy access MSIL's...

Motilal Oswal

Maruti Suzuki: Weak Q1, Volume Outlook Positive

We maintain our HOLD rating while revising our TP upwards to Rs 7,500(from Rs 6,950 earlier) and value the stock at 25x its FY23E EPS, implying an...

Axis Direct

HSIE Results Daily: Maruti Suzuk, Nestle India, Dalmia Bharat, Teamlease Services

HSIE Results Daily Maruti Suzuki: Marutis Q1FY22 PAT, at INR 4.4bn (-62% QoQ), was adversely impacted by the second wave of COVID. We believe that...

HDFC Securities

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