External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>JLR has maintained its full-year guidance despite subdued performance in Q2FY2025. Domestic business is expected to follow industry trends in the near term.</li><li>CV business is sustaining its double-digit EBITDA margin.</li><li>Outlook We retain our BUY rating on TML with a revised PT of Rs.</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.

JLR has maintained its full-year guidance despite subdued performance in Q2FY2025. Domestic business is expected to follow industry trends in the near term.CV business is sustaining its double-digit EBITDA margin.Outlook We retain our BUY rating on TML with a revised PT of Rs.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.

Tata Motors Ltd - Q2 Was a Blip, Hoping a Revival in H2FY2025

<ul><li>JLR reported a 10% y-o-y decline in volumes in Q2FY2025 due to production constraint.</li><li>JLR has already guided for a production constraint in Q2FY2025 in advance and further guided for a strong recovery in production in H2FY2025.</li><li>BMW has cut down EBIT margin guidance for CY2024, largely due to company-specific issues.</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.

JLR reported a 10% y-o-y decline in volumes in Q2FY2025 due to production constraint.JLR has already guided for a production constraint in Q2FY2025 in advance and further guided for a strong recovery in production in H2FY2025.BMW has cut down EBIT margin guidance for CY2024, largely due to company-specific issues.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.

Tata Motors Ltd - Gradual Recovery in H2FY2025

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>JLR wholesale volumes (excluding China JV) declined 10% YoY (-11% QoQ) to 87.3k units.</li><li>The breakup between Jaguar and LR has not been shared in the press release.</li><li>The production of Jaguar Land Rover (JLR) was restricted to 86k units (-7% YoY), mainly due to supply disruptions from high-grade aluminum suppliers, which affected multiple OEMs.</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.

JLR wholesale volumes (excluding China JV) declined 10% YoY (-11% QoQ) to 87.3k units.The breakup between Jaguar and LR has not been shared in the press release.The production of Jaguar Land Rover (JLR) was restricted to 86k units (-7% YoY), mainly due to supply disruptions from high-grade aluminum suppliers, which affected multiple OEMs.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.

Tata Motors - JLR 2Q Wholesales Down 10% YoY Due to Supply Constraints

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW (incl. due to muted China demand), and slowness in domestic CVs/PVs (incl. rising discounts/price cuts).</li><li>We highlight that: i) for JLR, China is a relatively smaller market (~24% vs ~32% for BMW), while profitability and debt outlook are largely intact; ii) India CV outlook is improving, with margins likely to see strong increase led by healthy fleet operator profitability, sustained pricing discipline; iii) new launches, lower inventory would help outperformance vs a weak PV industry.</li><li>TTMT’s B/S is healthier now, with valuations least demanding among OEMs.</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.

TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW (incl. due to muted China demand), and slowness in domestic CVs/PVs (incl. rising discounts/price cuts).We highlight that: i) for JLR, China is a relatively smaller market (~24% vs ~32% for BMW), while profitability and debt outlook are largely intact; ii) India CV outlook is improving, with margins likely to see strong increase led by healthy fleet operator profitability, sustained pricing discipline; iii) new launches, lower inventory would help outperformance vs a weak PV industry.TTMT’s B/S is healthier now, with valuations least demanding among OEMs.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.

Tata Motors - Upgrade to BUY; Healthy Profitability Outlook, Undemanding Valuation

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-12763'>Tata Motors ADR</a></li><li><a href='#lucror-entity-384'>Yankuang Energy Group</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Tata Motors ADRYankuang Energy Group

Morning Views Asia: Tata Motors ADR, Yankuang Energy Group

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.

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Tata Motors DVR (TTMT/A IN)

Tata Motors Ltd - Q2 Was a Blip, Hoping a Revival in H2FY2025

JLR has maintained its full-year guidance despite subdued performance in Q2FY2025. Domestic business is expected to follow industry trends in the...

Sharekhan

Tata Motors Ltd - Gradual Recovery in H2FY2025

JLR has already guided for a production constraint in Q2FY2025 in advance and further guided for a strong recovery in production in H2FY2025.

Sharekhan

Tata Motors - JLR 2Q Wholesales Down 10% YoY Due to Supply Constraints

JLR wholesale volumes (excluding China JV) declined 10% YoY (-11% QoQ) to 87.3k units. The breakup between Jaguar and LR has not been shared in the...

Motilal Oswal

Tata Motors - Upgrade to BUY; Healthy Profitability Outlook, Undemanding Valuation

TTMT stock price has corrected 16% from its peak, amid outlook downgrade at peer BMW (incl. due to muted China demand), and slowness in domestic...

Emkay

Morning Views Asia: Tata Motors ADR, Yankuang Energy Group

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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