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>Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates.</li><li>Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate), as benefits from lower commodity prices were passed on to customers and PV volume growth in the quarter was offset by the drop in 2W volumes.</li><li>The company’s EBITDA grew by 16% YoY, but it declined 6% on a QoQ basis and missed our estimates by 14%.</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 numbers missed our Revenue/EBITDA/PAT estimates.Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate), as benefits from lower commodity prices were passed on to customers and PV volume growth in the quarter was offset by the drop in 2W volumes.The company’s EBITDA grew by 16% YoY, but it declined 6% on a QoQ basis and missed our estimates by 14%.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 - Growth Drivers in Place; Maintain BUY

Thematic (Sector/Industry)

<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

<ul><li>In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.</li><li>The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.</li><li>New Orders: During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated grips</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.

In Q3FY23, the company reported robust numbers and the momentum is expected to continue going forward in Q4FY23.The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.New Orders: During the quarter, the company has won (1) Incremental orders with an annual peak value of ~Rs 300 Cr comprising of Off-board chargers, Motor controllers, BMS and DC- DC Converters, (2) New orders from a Korean customer for 4W switches, with an annual value of ~Rs 40 Cr, (3) Incremental orders from an American 2W OEM for switches as well as heated gripsContent 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 -Strong Show Across Numbers; Valuations Attractive

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>We interacted with Chairman Nirmal Minda and visited Minda company plants.</li><li>Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.</li><li>Minda expects to do well in both, core segments and new products, supported by a strong order-book.</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 interacted with Chairman Nirmal Minda and visited Minda company plants.Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market-share gains and EV adoption.Minda expects to do well in both, core segments and new products, supported by a strong order-book.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 Outlook; Wallet-Share Gain to Drive Outperformance

<ul><li>Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.</li><li>The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).</li><li>The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 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.

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of strong YoY/QoQ growth across all the divisions.The EBITDA grew by 40%/20% YoY/QoQ to ~Rs 318 Cr (inline) due to operating leverage driven by strong volumes (which were only partially offset by high energy and administrative expenses).The company’s EBITDA margin expanded to 11.1% (43bps below estimates), up from 10.4%/10.8% in Q1FY23/Q2FY22 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.

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

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 - Growth Drivers in Place; Maintain BUY

Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates. Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate)

Axis Direct

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

Uno Minda -Strong Show Across Numbers; Valuations Attractive

The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.

Axis Direct

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct

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Uno Minda - Growth Drivers in Place; Maintain BUY

Uno Minda’s numbers missed our Revenue/EBITDA/PAT estimates. Revenue grew by 20% YoY but stood flat QoQ, a 5% miss (vs. our estimate)

Axis Direct

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

Uno Minda -Strong Show Across Numbers; Valuations Attractive

The revenue grew across all segments in Q3FY23 led by 63%/32%/28%/24%/11%/36% YoY in LMT/ Lighting/ Switches/ Acoustic/Seatings/ Others.

Axis Direct

UNO Minda - Robust Outlook; Wallet-Share Gain to Drive Outperformance

Management reiterated that Minda is well-placed to outpace the underlying industry, thanks to the increasing content per vehicle (CPV), market...

Emkay

Uno Minda -JVs and Capacity Expansions to Drive Growth; Outlook Positive

Uno Minda, (Erstwhile Minda Industries Ltd) reported consolidated revenue of ~Rs 2,877 Cr, which grew by 36%/13% YoY/QoQ (3% beat) on account of...

Axis Direct