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

<ul><li>Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.</li><li>(2) TRMN and TG Minda's Neemrana plant commenced operations for producing seat belts and smart keys.</li><li>(3) Minda Onkyo signed a TLA with Mobis for the manufacturing of speakers in India. </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.

Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.(2) TRMN and TG Minda's Neemrana plant commenced operations for producing seat belts and smart keys.(3) Minda Onkyo signed a TLA with Mobis for the manufacturing of speakers in India. 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.

Uno Minda - Robust EBITDA Margins in Q2FY25

<ul><li>Outperformance across all verticals: Uno Minda is likely to witness outperformance across all segments predominantly led by the Lightning, Switches, Casting and Other divisions (sensors, motors-controllers), which grew 26%/25%/26%/16% YoY respectively in Q4FY24.</li><li>It is focused on achieving and maintaining an ROCE of 20+% in the long run.</li><li>EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.</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.

Outperformance across all verticals: Uno Minda is likely to witness outperformance across all segments predominantly led by the Lightning, Switches, Casting and Other divisions (sensors, motors-controllers), which grew 26%/25%/26%/16% YoY respectively in Q4FY24.It is focused on achieving and maintaining an ROCE of 20+% in the long run.EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.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.

Uno Minda - Q4 Results Beats Estimates; Outperformance Likely To Continue

<ul><li>Uno Minda's Q3FY24 revenue grew by 21% YoY (flat QoQ), beating our estimates by 4%.</li><li>This growth was led by a 5%/19% YoY increase in PV/2W industry volumes respectively, along with strong performances from EV products, lighting switch sensor controllers, and the alloy wheel business, which pushed revenues higher.</li><li>The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ). </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.

Uno Minda's Q3FY24 revenue grew by 21% YoY (flat QoQ), beating our estimates by 4%.This growth was led by a 5%/19% YoY increase in PV/2W industry volumes respectively, along with strong performances from EV products, lighting switch sensor controllers, and the alloy wheel business, which pushed revenues higher.The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ). 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.

Uno Minda - Q3: Reports Mixed Nos; Outperformance Likely To Continue

Thematic (Sector/Industry)

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.</li><li>This lacklustre performance was due to weakness in passenger vehicles (while SUVs continue to grow) and Commercial vehicles.</li><li>The pressure on margins was majorly due to lower operational inefficiencies, higher discounting and lower domestic wholesale sales volumes. </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 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.This lacklustre performance was due to weakness in passenger vehicles (while SUVs continue to grow) and Commercial vehicles.The pressure on margins was majorly due to lower operational inefficiencies, higher discounting and lower domestic wholesale sales volumes. 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 Conviction Ideas – “Auto and Auto Ancillaries”

<ul><li>Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.</li><li>Notably, our benchmark index, the Nifty 50, reached the historic milestone of 26,216 on September 26, 2024, for the first time ever.</li><li>This achievement has propelled the Indian market capitalization to surpass the $5 Trillion mark, positioning it as the fourth largest market globally. </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.

Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.Notably, our benchmark index, the Nifty 50, reached the historic milestone of 26,216 on September 26, 2024, for the first time ever.This achievement has propelled the Indian market capitalization to surpass the $5 Trillion mark, positioning it as the fourth largest market globally. 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.

India

UNO Minda Limited designs, develops, and manufactures sales diverse auto components. The Company offers alternate fuel and air filtration systems, canisters, brake and fuel hoses, noise suppressor caps, alloy wheels, seat belts, air brakes, air ducts and washer bottle, and body sealing products. UNO Minda serves customers worldwide.

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UNO Minda (UNOMINDA IN)

Uno Minda - Robust EBITDA Margins in Q2FY25

Operational Highlights in Q2FY25: (1) Expanded into ASEAN markets through PTMA for the manufacturing of long tail lamps for PVs.

Axis Direct

Uno Minda - Q4 Results Beats Estimates; Outperformance Likely To Continue

EV capabilities: The peak annual order value from OEMs stood at Rs 3,755 Cr, of which Rs 1,918 Cr is for EV-specific components.

Axis Direct

Uno Minda - Q3: Reports Mixed Nos; Outperformance Likely To Continue

The company’s EBITDA (inline) grew by 12% YoY (flat QoQ), and EBITDA margins (missing by 20 bps) stood at 10.8%, down 83 bps YoY (flat QoQ).

Axis Direct

Top Conviction Ideas – “Auto and Auto Ancillaries”

The companies under our coverage reported Revenue/EBITDA/PAT growth of 4.7%/4%/2.2% YoY, below expectations of 5.5%/8.9%/10.6%.

Axis Direct

Diamonds In The Dust - Samvat 2081

Samvat 2080 has proven to be a remarkable period for the Indian equity market, marked by the continuous achievement of new milestones each quarter.

Axis Direct

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