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. 

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 Motors Ltd (TVSL) reported a good set of numbers.</li><li>Revenue (inline) grew by 19%/1% YoY/QoQ led by higher ASP on account of price hikes taken in the quarter.</li><li>Despite a higher share of EVs and lower exports, EBITDA grew by 22%/3% YoY/QoQ beating ours and the street's estimates by 6% and 4% respectively.</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 Ltd (TVSL) reported a good set of numbers.Revenue (inline) grew by 19%/1% YoY/QoQ led by higher ASP on account of price hikes taken in the quarter.Despite a higher share of EVs and lower exports, EBITDA grew by 22%/3% YoY/QoQ beating ours and the street's estimates by 6% and 4% respectively.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 - Outpacing Peers in EV Product Portfolio Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Strong demand for <a href="https://www.smartkarma.com/entities/eicher-motors-ltd" target="_blank" data-smartkarma-citation="entities:18316:1" rel="noopener">Eicher Motors (EIM IN)</a> 's Royal Enfield bikes with returning customers.</li>
<li>The model "Hunter" is expanding the market and attracting a new set of customers.</li>
<li>Royal Enfield entering a new growth phase with new launches and customer service focus.</li>
</ul>


Strong demand for Eicher Motors (EIM IN) 's Royal Enfield bikes with returning customers.
The model "Hunter" is expanding the market and attracting a new set of customers.
Royal Enfield entering a new growth phase with new launches and customer service focus.


External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Two-wheelers continued their weak trend even for Q4 with 2W industry production declining by 5% QoQ in Q4</li><li>While domestic 2W sales declined 7% QoQ, 2W exports further declined by 17% QoQ in Q4</li><li>On the other hand, while PV production was up 12% QoQ, CV industry production was up 23% on a QoQ basis in Q4</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.

Two-wheelers continued their weak trend even for Q4 with 2W industry production declining by 5% QoQ in Q4While domestic 2W sales declined 7% QoQ, 2W exports further declined by 17% QoQ in Q4On the other hand, while PV production was up 12% QoQ, CV industry production was up 23% on a QoQ basis in Q4Content 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.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> (TT) is looking to raise around US$600m in its upcoming India IPO.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. </li>
<li>In this note we talk about the positive aspects of the deal.</li>
</ul>



Tata Technologies (TATATECH IN) (TT) is looking to raise around US$600m in its upcoming India IPO.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers. 
In this note we talk about the positive aspects of the deal.


Tata Technologies Pre-IPO - The Positives - A Tata Group Listing After a Long Lull

<ul><li>We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.</li><li>On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).</li><li>EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.</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.

We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 19%/29%/29% YoY in Q4FY23.On a sequential basis, too, we expect Auto OEMs to register a growth of 8%/11%/11%, which would be led by double-digit volume growth in the PV/CV segment (though this will be partially offset by lower 2W sales on account of lower exports).EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.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.

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

India

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

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.

MRF Limited manufactures and distributes tyres and tubes for automobiles, aircrafts, motorcycles and cycles. The Company also manufactures conveyor belts, paint and coats, and hoses. Every MRF tyre designed is the result of a special acid test on the race and rally tracks.

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.

Hindustan Motors Limited manufactures cars, trucks, diesel engines, bulldozers, cranes, dumpers, compactors, shovels and scrapers. The Company also manufactures a wide range of steel products, axle assemblies, special purpose machine tools, hydraulic pumps and hydraulic valves.

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

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)

Balkrishna Industries Ltd. manufactures automobile tires and tubes. The Company also manufactures different varieties of paper & paper boards and processes synthetic textiles.

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.

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.

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

BAIC BluePark New Energy Technology Co.,Ltd. operates as a passenger car manufacturer. The Company engages in research, development, and marketing of new energy vehicles and power battery system. BAIC BluePark New Energy Technology conducts businesses in China.

BAIC BluePark New Energy Techn (600733 CH)

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services automobiles. The Company is also involved in automobile parts and components, and auto finance and related services for both overseas and domestic markets.

Chongqing Changan Automobile Company Limited develops, manufactures, and markets mini cars, mini sedans, full size sedans, and engines.

Chongqing Changan Automobile Company (200625 CH)

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

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 Motors - Outpacing Peers in EV Product Portfolio Maintain BUY

TVS Motors Ltd (TVSL) reported a good set of numbers. Revenue (inline) grew by 19%/1% YoY/QoQ led by higher ASP on account of price hikes taken in...

Axis Direct

Eicher Motors (EIM IN) | Ramping Up

Our dealer interaction indicates strong demand for Royal Enfield bikes with returning customers, Hunter is expanding the market, and focus on...

Pranav Bhavsar

Autos: Growth rates set to normalise

Two-wheelers continued their weak trend even for Q4 with 2W industry production declining by 5% QoQ in Q4. While domestic 2W sales declined 7% QoQ

HDFC Securities

Tata Technologies Pre-IPO - The Positives - A Tata Group Listing After a Long Lull

Tata Technologies (TATATECH IN) is looking to raise around US$600m in its upcoming India IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Auto Q4fy23 Preview - Improved Product Mix, Moderation in Rm Costs to Drive Margin Growth

EBITDA margins are expected to expand both YoY/QoQ due to a richer product mix, absorption of price hikes, and marginally lower RM costs.

Axis Direct

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