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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>TVS Motor (TVSL) posted an in-line result, with margin at 11.7% (est. 11.1%) despite an adverse mix.</li><li>On the back of better monsoons and higher reservoir levels, domestic 2W rural demand has been ahead of urban demand in 1HFY25, which is anticipated to sustain in FY25.</li><li>However, the export outlook continues to be uncertain due to weak demand in Africa.</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.

TVS Motor (TVSL) posted an in-line result, with margin at 11.7% (est. 11.1%) despite an adverse mix.On the back of better monsoons and higher reservoir levels, domestic 2W rural demand has been ahead of urban demand in 1HFY25, which is anticipated to sustain in FY25.However, the export outlook continues to be uncertain due to weak demand in Africa.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.

TVS Motor Company - In-Line Results; Positives Appear Priced-In

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>Robust Demand Momentum: In Q2FY25, TVS Motor Co Ltd (TVS) saw two-wheeler (2W) domestic volumes grow by 15% YoY, outperforming the industry’s 11% YoY growth.</li><li>The 2W export volume also increased by 16% YoY. We anticipate TVS's total volumes to rise by 13% YoY in FY25E, driven by factors such as a favourable festive season, a recovery in rural demand (boosted by high water reservoir levels), and an expanded international presence in regions like the Middle East, LATAM, and ASEAN.</li><li>The African taxi market (particularly Nigeria), is expected to gradually rebound from the macroeconomic currency shocks experienced in earlier years</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.

Robust Demand Momentum: In Q2FY25, TVS Motor Co Ltd (TVS) saw two-wheeler (2W) domestic volumes grow by 15% YoY, outperforming the industry’s 11% YoY growth.The 2W export volume also increased by 16% YoY. We anticipate TVS's total volumes to rise by 13% YoY in FY25E, driven by factors such as a favourable festive season, a recovery in rural demand (boosted by high water reservoir levels), and an expanded international presence in regions like the Middle East, LATAM, and ASEAN.The African taxi market (particularly Nigeria), is expected to gradually rebound from the macroeconomic currency shocks experienced in earlier yearsContent 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.

TVS Motor Co Ltd - EBITDA/ PAT Miss Estimates; Rural and Exports Recovery Monitorable

<ul><li>TVS Motors Q1FY25 results were in line with our Revenue and EBITDA estimates while beating on PAT.</li><li>Revenue (inline) grew by ~16%/2.5% YoY/QoQ, mainly led by ~14% YoY growth in volumes.</li><li>EBITDA, also in line with forecasts, demonstrated a growth of ~26%/4% YoY/QoQ, primarily attributable to gross margin expansion (resulting from softening commodity prices and better product mix) and sustained cost reduction efforts throughout the year. </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.

TVS Motors Q1FY25 results were in line with our Revenue and EBITDA estimates while beating on PAT.Revenue (inline) grew by ~16%/2.5% YoY/QoQ, mainly led by ~14% YoY growth in volumes.EBITDA, also in line with forecasts, demonstrated a growth of ~26%/4% YoY/QoQ, primarily attributable to gross margin expansion (resulting from softening commodity prices and better product mix) and sustained cost reduction efforts throughout the year. 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.

TVS Motor Co Ltd - Strong Q1FY25; Rural and Exports Recovery to Drive Growth

Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>After two challenging months, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.</li>
<li>The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.</li>
</ul>


After two challenging months, Ola Electric (OLAELEC IN) ’s October sales rebounded strongly, driven by strong festive demand and deep discounts.
The company appears to have effectively managed its after-sales complaints crisis, easing  investor concerns ahead its 90-day lock-up expiry on November 5th.

Ola Electric (OLAELEC IN)'s upside and path to profitability relies on increasing electric bike adoption, improving margins through in-house cell manufacturing, and leveraging PLI incentives.


Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

<ul><li>TVS Q4FY24 numbers were largely in line with our Revenue and EBITDA estimates while missing on PAT.</li><li>Revenue (inline) grew by ~24% YoY (down ~1% QoQ), mainly led by ~22.4% YoY growth in volumes.</li><li>EBITDA, also in line with forecasts, demonstrated a growth of ~36% YoY (remaining flat QoQ), primarily attributable to gross margin expansion resulting from softening commodity prices and price adjustments implemented throughout the year. </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.

TVS Q4FY24 numbers were largely in line with our Revenue and EBITDA estimates while missing on PAT.Revenue (inline) grew by ~24% YoY (down ~1% QoQ), mainly led by ~22.4% YoY growth in volumes.EBITDA, also in line with forecasts, demonstrated a growth of ~36% YoY (remaining flat QoQ), primarily attributable to gross margin expansion resulting from softening commodity prices and price adjustments implemented throughout the year. 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.

TVS Motor Co Ltd - Strong Q4FY24; New Product Launches to Drive Growth

India

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.

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TVS Motor (TVSL IN)

TVS Motor Company - In-Line Results; Positives Appear Priced-In

On the back of better monsoons and higher reservoir levels, domestic 2W rural demand has been ahead of urban demand in 1HFY25, which is anticipated...

Motilal Oswal

TVS Motor Co Ltd - EBITDA/ PAT Miss Estimates; Rural and Exports Recovery Monitorable

Robust Demand Momentum: In Q2FY25, TVS Motor Co Ltd (TVS) saw two-wheeler (2W) domestic volumes grow by 15% YoY, outperforming the industry’s 11%...

Axis Direct

TVS Motor Co Ltd - Strong Q1FY25; Rural and Exports Recovery to Drive Growth

TVS Motors Q1FY25 results were in line with our Revenue and EBITDA estimates while beating on PAT. Revenue (inline) grew by ~16%/2.5% YoY/QoQ,...

Axis Direct

Ola Electric's Volume Recovery: Eases Investor Concerns Ahead of Lock up Expiry on Nov 5th

Expect the stock to stay range bound with near term valuations in line with well-established two wheeler peers TVS Motors and Bajaj Auto.

Devi Subhakesan

TVS Motor Co Ltd - Strong Q4FY24; New Product Launches to Drive Growth

TVS Q4FY24 numbers were largely in line with our Revenue and EBITDA estimates while missing on PAT. Revenue (inline) grew by ~24% YoY (down ~1% QoQ)

Axis Direct

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