External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)</li><li>Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%</li></ul><p><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></p>

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%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.

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

<ul><li>Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division</li><li>PAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETR</li><li>Our faith in the company is undeterred given its well-diversified presence across components, geographies and customers</li></ul><p><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></p>

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products divisionPAT at INR 13.7bn was higher than our estimates (INR 7.2bn) due to lower finance costs and ETROur faith in the company is undeterred given its well-diversified presence across components, geographies and customersContent 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: Samvardhana Motherson International

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</li></ul><p><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></p>

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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.

Autos: Q4 preview - Premiumisation is the way to go

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

ICICI Securities Limited

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

Samvardhana Motherson International Ltd / Equity Bottom-Up

<ul><li>Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) &amp; plastic body parts as key product lines.</li><li>History of successful turnarounds in acquisitions and inorganic-led growth</li><li>We value the combined entity post-merger of erstwhile SAMIL into MSSL at | 255/share on SOTP basis</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>

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) &amp; plastic body parts as key product lines.History of successful turnarounds in acquisitions and inorganic-led growthWe value the combined entity post-merger of erstwhile SAMIL into MSSL at | 255/share on SOTP basisContent 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.

Motherson Sumi Systems: Gradual Recovery on the Cards

<ul><li>Motherson Sumi (MSSL) primarily serves global PV &amp; CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.</li><li>MSSL’s stock price has grown at ~13% CAGR from ~Rs 145 levels in January 2017, widely outperforming the Nifty Auto index</li><li>We value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 270/share on SOTP basis</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>

Motherson Sumi (MSSL) primarily serves global PV &amp; CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.MSSL’s stock price has grown at ~13% CAGR from ~Rs 145 levels in January 2017, widely outperforming the Nifty Auto indexWe value the combined entity post-merger of erstwhile SAMIL into MSSL at Rs 270/share on SOTP basisContent 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.

Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives

India

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)

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Samvardhana Motherson International Ltd (MOTHERSO IN)

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 6%/22%...

HDFC Securities

HSIE Results Daily: Samvardhana Motherson International

Samvardhana Motherson International: SAMIL’s Q4 revenue was marginally above our estimate, led by the modules and polymer products division

HDFC Securities

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

Motherson Sumi Systems: Gradual Recovery on the Cards

Motherson Sumi (MSS) primarily serves global PV industry with wiring harnesses, vision systems (mirrors) & plastic body parts as key product lines.

ICICI Securities Limited

Motherson Sumi Systems: Mega-Restructuring to Materialise, New SAMIL Arrives

Motherson Sumi (MSSL) primarily serves global PV & CV industry with a history of successful turnarounds in acquisitions and inorganic-led growth.

ICICI Securities Limited

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